WalletHub Ranks Minnesota Second-Best State in the Nation to Raise a Family

(KNSI) – Minnesota has earned the silver medal as the second-best state to raise a family in the nation, according to a new study released by WalletHub.

The group analyzed all 50 states in 50 categories of family-friendliness, median annual family income, housing affordability, health care quality, crime rates, strong job opportunities, and access to quality education, healthcare, and entertainment.

The state ranks first in the nation for its unemployment rate. The Land of 10,000 Lakes excels in economic opportunities for families. The study shows that Minnesota has the second-highest median family income in the country, at over $109,000, and the second-lowest poverty rate for families.

Families in Minnesota tend to stay together, with the state ranking fifth-lowest nationwide for separation and divorce rates. The state also earned strong marks for child care costs, ranking seventh when adjusted for median family income.

The state ranks fifth-highest in life expectancy at birth and sixth-best in public hospitals nationwide. The state ranked seventh for the percentage of families with young children and has the eighth-lowest wealth gap.

Analysts say Minnesota also encourages children to stay active, with the eighth-highest percentage of children living in neighborhoods with a park or playground.

Minnesota was 13th in the country for employer-based retirement plan access and participation. Another plus is that Minnesota has the 15th-best infant mortality rate in the nation.

However, some challenges remain. Minnesota ranked 19th for violent crimes per capita and 17th for housing affordability, both above the national average.

While Minnesota’s harsh winters may give some pause, the state’s overall family-friendly environment clearly outweighs weather concerns for many residents.

Beating out the North Star State for the top spot was Massachusetts, followed by North Dakota in third, Wisconsin in fourth, and Nebraska in fifth.

The bottom five states were New Mexico, West Virginia, Mississippi, Nevada and Alabama.

The personal financial website reports that the cost of raising a child to age 18 is now more than $320,000.

Check out the rankings for yourself by clicking here.

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