LendingTree has ranked the top 10 large U.S. metro areas for families, with Salt Lake City taking the top spot. The study considered various factors like median income, childcare costs, and the percentage of children living in owned homes. Minneapolis came in second, despite having one of the highest childcare costs in the country. The report emphasizes that the best city for a family depends on individual priorities.
The 10 best large U.S. metro areas for families: 'Think about the things that matter most to you,' expert says LendingTree researchers used data from the U.S. Census Bureau 2023 American Community Survey to rank each metro and give them all a score of 1-100. The median income for families with children was $112,342 and the average monthly childcare costs for an infant and 4-year-old is $1,646, according to the report.
Matt Schulz, LendingTree's Chief Credit Analyst, tells CNBC Make It, 'There's no perfect city, so what really matters when you're looking for a place to live is that you think about the things that matter most to you. Very different cities can be very good for different parents. It's worth your time to take a look at some of these details about a city if you're looking to move there.' Schulz says the Utah capital took the top spot because it ranked highly across the several different metrics, like average commute time, which can be important when you have kids: 'Any parent can tell you, the longer your commute, the more complicated things can get when you have to take kids to doctor's appointments and things like that. It's not all about that but it certainly is a big deal,' he says. Salt Lake City is nestled along Utah's Wasatch Mountains. It has several national parks and world-class ski resorts. Utah's capital offers residents a mix of urban and suburban living while still accommodating families and young professionals. The median income for families with children there is $132,055 and the average monthly childcare costs for an infant and 4-year-old is $3,131. Schulz says if it weren't for the fact that Minneapolis had one of the highest childcare costs in the country, it probably would have ranked No. 1. It got high scores for median income and children living in owned homes rather than rented. The cost of living in Minneapolis is just 1% lower than the national average, with housing costing 8% less and transportation costing 4% more, according to The North Star state has the second-lowest poverty rate for families and the ninth-lowest wealth gap between the lowest and highest earners. Minnesota also has the sixth-best public hospitals in the country and the fifth-lowest separation and divorce rate in the U.S.
FAMILY LIFE METRO AREAS CHILDCARE COSTS MEDIAN INCOME HOUSING TRANSPORTATION POVERTY RATE WEALTH GAP PUBLIC HEALTHCARE MARRIAGE RATES
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