Starting and raising a family can be expensive, with costs rising to well over $300,000 just to raise one child to the age of 18. That, in conjunction with the rising cost of homeownership, makes it imperative for families to find states where the cost of living is more affordable.
Fortunately, there are several areas in the United States where raising a family is most favorable. That is according to a new report by WalletHub, which ranks states based on a number of factors, including median annual family income, housing affordability, school and health care quality, and crime rate.
The report grades each state on a 100-point scale. The higher the number, the more favorable the conditions are for raising a family.
Read on for the top 10 states to raise a family.
Three Best States for Raising a Family
1. Massachusetts
Massachusetts came out on top as the best state to raise a family, with a total score of 68.88. The report noted that its position is in large part due to the economic opportunities and safe conditions for children in the state. Massachusetts also has the best job security in the US and the 10th lowest poverty rate.
Furthermore, the state is home to some of the best public school systems in the US as well as well-known institutions such as Harvard and MIT.
That said, homes in the state are one of the most expensive in the country, with the median listing price at $623,582, according to the Zillow Home Value Index.
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2. Minnesota
Following second is Minnesota, with a total score of 63.36. The state has the second-highest median family income in the US at over $104,000. It also has the ninth-lowest wealth gap between the lowest and highest earners.
In addition, the state has the third-highest life expectancy at birth and the fifth-highest percentage of children living in areas near a park or a playground.
3. North Dakota
Third on the list is North Dakota, with a score of 61.87. The state has an average annual rent of $990, which is 50.5% cheaper than the median national rent of $2,000. It also has one of the cheapest median home prices in the US.
The state also has great options for child care and education and is the second-most daycare per capita in the US.
Top 10 States To Raise a Family
1. Massachusetts: 68.8
2. Minnesota: 63.36
3. North Dakota: 61.87
4. Nebraska: 61.03
5. New Hampshire: 60.03
6. New York: 59.97
7. Illinois: 59.17
8. Wisconsin: 58.85
9. Maine: 58.62
10. Connecticut: 58.15