MoneyRates Reveals the Best States to Raise a Family in 2021; New Jersey Tops the List

Rhea-AI Summary

MoneyRates has released its 2021 rankings of the best states for raising families, with New Jersey taking the top spot for the second consecutive year. The rankings were determined by analyzing nine factors, including academic performance, safety from violent crime, and daycare availability. Massachusetts and Utah are tied for second place, while Connecticut and New Hampshire round out the top five. The report highlights the importance of broadband access and daycare in the context of the pandemic, influencing where families may choose to live.

Positive

• New Jersey ranks first for the second consecutive year, excelling in six of nine evaluation categories.
• Massachusetts and Utah tie for second place, with strong performance in academic metrics and broadband access.
• The study's methodology emphasizes critical factors like daycare availability and safety, which are increasingly relevant during the pandemic.

Negative

• New Hampshire is noted as the second-most expensive state for public college tuition, potentially discouraging families considering education costs.
• Hawaii has the highest cost of living among analyzed states, presenting financial challenges for families.

FOSTER CITY, Calif., Dec. 16, 2020 /PRNewswire/ -- Raising a family this year has been more challenging than in years past. From parents becoming teachers and remote workers – or worse, unemployed – the pandemic has forced many American families to adapt. New analysis from MoneyRates examines where parents can expect the most help from their home state or where the odds are stacked against them.

The Best States to Raise a Family in 2021 study considers nine factors to determine the ranking of all 50 states. It breaks down every state by each category, some of which have taken on special significance due to the pandemic. The availability of daycare is even more important with in-person learning being curtailed in many areas. That also means broadband connectivity is essential to educate students remotely.

Top 5 States to Raise a Family

1. New Jersey – For the second consecutive year, the Garden State is first overall. It ranks in the top ten for six of nine categories: academic performance, access to youth checking accounts, safety from violent crime, availability of daycare, child health and access to broadband.

2. (tie) Massachusetts – This state is first for academic performance and is in the top ten for access to broadband, availability of daycare, neighborhood amenities and access to youth checking accounts.

2. (tie) Utah – Not only is Utah first in broadband access, it ranks in the top ten for academic performance, college affordability and neighborhood amenities.

4. Connecticut – The Constitution State ranks in the top ten for academic performance, access to youth checking, safety from violent crime and availability of daycare.

5. New Hampshire – This state is second-best in the nation for academic performance and safety from violent crime. It also made the top ten for availability of daycare and broadband connectivity. On the downside, it is the second-most expensive state for public college tuition.

Wyoming, Florida, Wisconsin, Ohio and New York round out the rest of the top ten in the list. While these states rank high in several categories, they do come with an expensive price tag for the cost of living.

"The pandemic has made Americans rethink how they raise their kids," says Richard Barrington, Senior Financial Analyst for MoneyRates. "That may also lead them to reconsider how much help they get from their home state to raise their families. Many parents will likely pay more attention now to things like the quality of healthcare in the area and the accessibility of public parks."

There are sharp contrasts between the best and worst states for individual conditions:

• The cost of living in Hawaii is more than twice as high as in 20 other states
• Households in Utah and Washington State are over 20% more likely to have broadband than those in Mississippi and five other states
• The best state for college affordability is Wyoming, where the cost of college is a third as much as in Vermont, which has the most expensive average public college tuition
• Relative to the number of children in the state under 10 years old, Delaware has more than four times as many daycare workers as Utah
• Neighborhoods in Colorado are over three times more likely as those in Mississippi to have amenities such as parks, sidewalks, libraries and recreation centers
• The violent crime rate in Maine is less than one-seventh that of Alaska and New Mexico

"We don't create this list to tell people where to live," says Barrington. "Rather, the idea is to make people aware of how their state may be making it easier or harder for them to raise a family."

Methodology
The data across all nine factors, listed below, are averaged with each being weighted equally.

1. Cost of living
2. Academic performance
3. Youth banking options
4. College affordability
5. Safety from violent crime
6. Availability of daycare
7. Children's health
8. Neighborhood amenities
9. Broadband connectivity

About MoneyRates
MoneyRates is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. MoneyRates is a member of QuinStreet's expert Research and Publishing Division.

Since 1998, MoneyRates has served as a personal finance resource designed to help readers make the most of their money. In addition to a variety of financial calculators, MoneyRates researches and tracks CD, savings, and money market rates offered from over 400 financial institutions across the country to offer expert advice on banking, investing and retirement planning.
Twitter: @MoneyRates
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Media contact
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SOURCE MoneyRates.com

FAQ

What are the best states to raise a family in 2021 according to MoneyRates?

MoneyRates lists New Jersey, Massachusetts, Utah, Connecticut, and New Hampshire as the top five states for raising families in 2021.

What factors were considered in identifying the best states for families?

The rankings considered nine factors including academic performance, daycare availability, safety from violent crime, and broadband connectivity.

Why is broadband access important for families according to the report?

Broadband access is crucial for remote education, which has become more significant due to the pandemic's impact on in-person learning.

How does New Jersey rank on the list of best states for raising a family?

New Jersey ranks first overall for the second year, performing well in multiple important categories for families.

What are the implications of the study for families considering moving?

The study highlights how state resources and support can impact family decisions, particularly in light of pandemic-related challenges.