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08/23/2017

Wyoming Ranked No. 2 in best states to raise a family

Wyoming Ranked # 2 in best states to raise a family 

A study by the personal finance website GoBankingRates saw Wyoming move up to the second-best place in the nation to raise a family, after New Hampshire which repeated last year's No. 1 position.

To identify locations that offer the best quality of life for families, GOBankingRates evaluated all 50 states. The rankings were determined by analyzing 12 key factors grouped into the following five categories:

  • Jobs and Income: Median household income and state unemployment rate
  • Housing: Median home listing price and state property tax rate
  • Lifestyle: State tax rate, annual child care costs, cost of groceries and school district grade 
  • Healthcare: Average family health insurance premium and percentage of employer contribution to employee health insurance
  • Safety: Annual Violent crime rates and property crime rates

Income and home price received double the weight of other factors because they play a more important role in people’s ability to have a good quality of life.

Best States to Live Richer

1. New Hampshire

  • Median Household Income: $66,779
  • Median Home List Price: $278,000
  • Violent Crimes Per 1,000 People: 1.99

2. Wyoming

  • Median Household Income: $58,840
  • Median Home List Price: $238,125
  • Violent Crimes Per 1,000 People: 2.22

A relatively high median household income and affordable housing (editor's note: Jackson Hole prices have probably skewed the average housing price upwards) helps Wyoming claim the No. 2 spot in the rankings. It has the fourth-lowest property tax rate. Plus, Wyoming has the seventh-highest average school grades on the list.

Wyoming also ranks among the top 10 states for safety because of its low violent and property crime rates. However, grocery costs are higher here than the national average, as are childcare costs and healthcare premiums.

3. Virginia

  • Median Household Income: $65,015
  • Median Home List Price: $299,950
  • Violent Crimes Per 1,000 People: 1.96

4. North Dakota

  • Median Household Income: $57,181
  • Median Home List Price: $201,500
  • Violent Crimes Per 1,000 People: 2.39

5. Delaware

  • Median Household Income: $60,509
  • Median Home List Price: $260,000
  • Violent Crimes Per 1,000 People: 4.99

Worst States to Live Richer

1. New Mexico

  • Median Household Income: $44,963
  • Median Home List Price: $219,000
  • Violent Crimes Per 1,000 People: 6.56

2. Louisiana

  • Median Household Income: $45,047
  • Median Home List Price: $204,400
  • Violent Crimes Per 1,000 People: 5.4

3. California

  • Median Household Income: $61,818
  • Median Home List Price: $499,000
  • Violent Crimes Per 1,000 People: 4.26

4. Texas

  • Median Household Income: $53,207
  • Median Home List Price: $270,000
  • Violent Crimes Per 1,000 People: 4.12

5. Washington

  • Median Household Income: $51,062
  • Median Home List Price: $344,950
  • Violent Crimes Per 1,000 People: 2.84

Additional Study Insights

  • New Mexico has the highest rate of violent crimes at 6.56 per 1,000 residents and its schools have the third-lowest grade in the U.S.
  • Vermont is the safest place to live on the list with the lowest property crime and violent crime rates.
  • Massachusetts has the highest-rated schools out of the 50 states on the list.
Source: Wyoming Business Report

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