16 Best States to Live in for Families
In this article, we will take a look at the 16 best states to live in for families. If you would like to read about more states, you can go to the 5 Best States to Live in for Families.
Your place of residence significantly influences your life quality and relationships. Individuals living independently experience greater freedom in decision-making, considering only themselves. In contrast, those with families must factor in multiple perspectives for each decision. One of the biggest decisions to make as a family is choosing a suitable place to live. Choosing a place to live for families in the US involves considering several key factors that contribute to the overall quality of life, financial stability, and satisfaction with the community. Some important factors can be affordability, employment opportunities, walkability, good schools and colleges, climate, and healthcare.
Some of the best states for healthcare in the US include New Hampshire and Minnesota. These states are known for offering comprehensive healthcare facilities and have a low percentage of uninsured adults. Meanwhile, Mississippi and Kansas rank highly among the most affordable states in the US. If we look at the global picture, European countries make up the top 5 best places to raise a family. These include Sweden, Netherlands, Denmark, Finland, and Norway. Meanwhile, according to the US News, the United States ranks 23rd in the list of best places to live for families worldwide.
One of the best things about being in a family-friendly state is that it invites business and creates better employment opportunities. Companies play a significant role in making states and cities more appealing to families by providing benefits catering to the entire family's well-being. One such company is Medtronic plc (NYSE:MDT). This global medical technology company has been recognized for its commitment to improving patient outcomes in healthcare, which contributes to family well-being. Another example of a company contributing to a better family life is Accenture Plc (NYSE:ACN), an international professional services company. Accenture Plc (NYSE:ACN) is known for its dedication to employee satisfaction, which includes providing flexible work options and parental leave policies. These benefits allow families to spend more quality time together and take care of their responsibilities outside of work.
Similarly, Hilton Grand Vacations (NYSE:HGV) has also been a step ahead with its perks and benefits for families. As a division of Hilton, Hilton Grand Vacations (NYSE:HGV) offers family-oriented services, including shared-ownership properties in vacation destinations, which cater to family travel needs. Here’s what Laughing Water Capital said about Hilton Grand Vacations (NYSE:HGV) in its Q4 2023 investor letter:
“Hilton Grand Vacations Inc. (NYSE:HGV) – HGV, the Hilton branded time share business, had a year that came with undeniable improvements to normalized earnings power, and undeniable short-term problems. On the problem side, as mentioned previously the Company was forced to cut guidance following the well-publicized wild fires in Hawaii. Additionally, part of HGV’s business is tied to financing purchases by new owners, and this is a spread business where the Company borrows at one rate, and then lends at a higher rate. Rising interest rates put pressure on this spread.
On the undeniable improvements to normalized earnings power side, HGV announced they would be acquiring Bluegreen Vacations (BVH), an un-branded player that has partnerships with Bass Pro Shops and NASCAR. I admit I was initially not thrilled with this acquisition as HGV is still integrating the 2021 acquisition of Diamond Resorts, and has only recently returned to their pre-Covid pattern of aggressively repurchasing shares. However, these are scarce assets that must be bought when they are available, the price paid after easily achievable synergies is very reasonable, HGV was NOT the high bidder (BVH preferred to sell at a lower price in order to partner with HGV), and these assets open up HGV’s customer acquisition funnel to the lower end of the Hilton Honors loyalty network. Importantly, there is a demonstrated history of branded players being able to realize more revenue out of unbranded assets in the time share industry. Lastly, management has indicated they would continue to repurchase shares…” (Click here to read the full text)
A successful female real estate broker show a happy family their new home's keys.
Our Methodology
To shortlist the best states to live in for families in 2024, we consulted various high-authority sources such as WalletHub and DataPandas. WalletHub conducted an assessment of 50 states, assigning rankings based on five primary categories, namely Family Fun, Health & Safety, Education & Child Care, Affordability, and Socio-economics. To provide more context to readers, we've shared the state rankings in these categories as well. The evaluation also considered key metrics, such as the per capita presence of pediatricians and the availability and quality of daycare service. Each metric was graded on a 100-point scale, enabling the identification of states with the most advantageous conditions for family life. Similarly, DataPandas 'Raising a Family Index' analyzed 50 states across 52 key indicators spread across areas like education, affordability, healthcare, and safety. By averaging the scores from these databases, we have ranked the states in ascending order of their cumulative scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
16 Best States to Live in for Families
16. Wisconsin
Total Score = 55.63
With a score of 55.63, Wisconsin is home to a strong manufacturing sector, which provides stable employment opportunities. The state also offers a high standard of living, excellent public schools, and a strong sense of community. Wisconsin ranked among the top 10 states for education and childcare metrics.
15. Illinois
Total Score = 55.77
Illinois is home to major cities like Chicago, which offers an active arts scene and diverse cultural experiences. The state has a strong economy and is a hub for technology and biotechnology sectors, offering a wide range of career opportunities. Illinois ranks fourth in the family fun category and has the third-highest median family income across the country.
14. Washington
Total Score = 56.0
Washington State is known for its beautiful scenery, including mountains, forests, and coastal areas. It also has a strong economy with a high concentration of tech companies, providing good job opportunities for families. Washington made it to the top 10 states for family fun and ranked fourth in terms of affordability, making it an attractive choice for families.
13. South Dakota
Total Score 56.64
South Dakota offers a rural lifestyle with small towns and close-knit communities. The state has a strong agricultural economy, which can provide stability for families in the farming sector. South Dakota achieved the 9th position in Health & Safety and Education & Childcare categories and a 2nd rank in Socio-economic affairs.
12. Maine
Total Score 56.68
Maine is famous for its outdoor activities, including fishing, hiking, and skiing. The state also offers a high quality of life, with a clean environment and a strong emphasis on education. With a score of 56.68, Maine is the 12th best state to live in for families. Maine ranked within the top 5 states in Health & Safety and Education & Childcare categories and bagged the 6th position in the Socio-economic category. However, Maine has one of the lowest median family incomes in the US.
11. New Jersey
Total Score = 56.90
New Jersey is home to many Fortune 500 companies. The state provides excellent public schools and a high standard of living, making it a good choice for families. New Jersey ranked 3rd and 6th in the Education & Childcare and Affordability categories, respectively. It has the fourth-highest median family income in the US.
10. Connecticut
Total Score = 57.06
Connecticut offers a high standard of living, decent public schools, and a strong economy. The state is known for its cultural attractions and historical sites, providing a rich environment for families. Connecticut ranked 2nd in Affordability and 6th in Education & Childcare categories. It is among the top 10 states to live in for families.
9. Iowa
Total Score = 57.13
Iowa is a state with a strong agricultural economy, offering stable employment opportunities. The state also prides itself on its educational system and community values. Iowa is known for having the most affordable housing in the country. Consequently, it ranked within the top 10 states for Education & Childcare and Affordability categories.
8. Rhode Island
Total Score = 57.24
Rhode Island is known for its small-town charm and strong public school system. The state also has a strong economy, with a focus on the technology and biotechnology sectors. Rhode Island is among the top 5 most affordable states in the US, making it one of the best states to live in for families. It also ranks at the 6th position in the Health & Safety category, according to WalletHub.
7. New Hampshire
Total Score = 58.04
New Hampshire offers a mix of urban and rural living, with easy access to outdoor recreational activities. The state has a strong economy and offers a high quality of life. Hampshire secured the 2nd position in the Health & Safety category and ranked within the top 10 for both Education & Childcare and Socioeconomics.
6. Vermont
Total Score = 58.25
Vermont is known for its natural beauty and outdoor activities. The state also offers a high standard of living and places a strong emphasis on education and community. Vermont ranks first in the Health & Safety category and 3rd in Socio-economics, making it an ideal choice for families.
Click to continue reading and see the 5 Best States to Live in for Families. Suggested Articles:
13 Overlooked Tax Deductions for Retirees That Could Save Them Money
20 Most Dangerous Countries that American Tourists Usually Visit
Disclosure: None. 16 Best States to Live in for Families is published on Insider Monkey.