Study finds best and worst states to raise a family in 2023 (2024)

FAQs

What is the best state to live in financially in 2023? ›

1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

Massachusetts was crowned the top state to raise a family in, followed by Minnesota, New York, North Dakota, and Vermont. New Hampshire checked in at sixth on the list, while Connecticut ranked 10th, Rhode Island ranked 11th and Maine ranked 16th. Mississippi was ranked the worst state to raise a family in.

Topping the 2023-24 list: Green Bay, Wisconsin. The magazine called Green Bay "The perfect mix of big-city amenities complemented with a Midwestern, small-town feel."

Massachusetts is the best place to raise a family in the U.S.—see which other states made the top 10 list. In a January report, WalletHub ranked the best states to raise a family in. A January report from WalletHub compared the 50 U.S. states across five key aspects to find the best states to raise a family: Family Fun.

Based on migration data from the U.S. Census Bureau, Americans are moving to Austin, Texas; Raleigh, North Carolina; Orlando, Florida; Dallas, Texas; and Phoenix, Arizona. The most moved-to cities are based on percentage increases in population since 2010.

Georgia. With Atlanta voted as the best place to move in 2023, The Peach State is expecting to see a lot of growth. This Southern state boasts an unemployment rate significantly lower than the national average at only 2.9%.

Rather, Alabama is the most affordable state to retire in, according to WalletHub's “2023 Best States to Retire.” The analysis compared all 50 states across three key categories: health care, quality of life and affordability.

Utah earned the top spot in financial stability and economy and made it to the top 10 in education, health care, and infrastructure.

Which state has the happiest kids? ›

1. Minnesota - 7.07 Family Score. Minnesota, the 12th largest US state, ranks the happiest state to raise a family on our list, with a combined family score of 7.07.

The three U.S. states with the highest GDPs were California ($3.6 Trillion), Texas ($2.356 Trillion), and New York ($2.053 Trillion). The three U.S. states with the lowest GDPs were Vermont ($40.6 Billion), Wyoming ($47.4 Billion), and Alaska ($63.6 Billion).

In the top five states overall to raise a family, WalletHub ranked Massachusetts as the best state to raise a family, followed by Minnesota, New York, North Dakota and Vermont. In the bottom five, the study ranked South Carolina, Louisiana, West Virginia, New Mexico and, as the lowest ranked state, Mississippi.

The best place to live in the U.S. earned the top spot on U.S. News & World Report's list for a number of reasons. Good weather isn't one of them. Green Bay, Wisconsin, jumped two spots to become the best city to live in for 2023, according to the publication's annual ranking.

The HomeSnacks list of Best States to Raise a Family in America for 2022 is topped by Vermont, Maine, New Hampshire, Nebraska, and Iowa. It was Vermont's health and safety index and Maine's clean air and water, schools, and safety that gained each one its top spot.

Massachusetts topped the list, receiving high marks for quality of healthcare and family-friendliness. Aug. 10, 2022, at 2:04 p.m.

The Washington D.C.-based organization's latest Parent Power Index ranked the performance of all 50 states in 2022, and it offers a glimpse into which are fostering the most productive educational environments. Florida topped the list during the same year the Parental Rights in Education law went into effect.

Top states residents are leaving

The annual 2022 United Van Lines National Movers study is out! But it wasn't good news for New Jersey or New York. A similar report from United Van Lines showed New Jersey as the top outbound state, followed by Illinois, New York, Michigan, and Wyoming.

What is the fastest-growing city 2023? ›

Georgetown, Texas: The Fastest-Growing City in the Nation

With an impressive growth rate, Georgetown leads all cities and towns with a population of at least 50,000.

The top three countries for American expats are Mexico, Canada, and the United Kingdom, which are all popular for their proximity to the States and lower cost of living.

The states that attracted the most new residents in 2022 are Florida, Texas, North Carolina and South Carolina, followed by other states in the South and West.

The paper is reporting that Floridians and others are migrating to Alabama's Gulf Coast, prompted by high prices in the Sunshine State and its transient lifestyle. That's one of the reasons why Baldwin County grew faster than any other Alabama county from 2010 to 2020.

Florida is the fastest-growing state in America for the first time since 1957, according to the U.S. Census Bureau. The population in the southeastern state, which is known for its warm weather and sandy beaches, now tops 22 million.

The best state to retire: Vermont

Vermont quietly has a lot going for it, including very good scores in public health, crime, quality of life, and cost of living. It also has lower-than-average housing costs as well as reasonable taxes for retirees.

Move over, Florida, a new locale ranks as the best state to retire in. Although in 2022 the Sunshine State was named the No. 1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's “2023′s Best States to Retire” study.

Fortunately, there are some states that don't charge taxes on retirement income of any kind: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming.

Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills. Some millionaires keep their cash in Treasury bills. They keep rolling them over to reinvest them and liquidate them when they need the cash.

Should I pull my money from the bank 2023? ›

Do no withdraw cash. Despite the recent uncertainty, experts don't recommend withdrawing cash from your account. Keeping your money in financial institutions rather than in your home is safer, especially when the amount is insured. "It's not a time to pull your money out of the bank," Silver said.

According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.

1. Massachusetts. Massachusetts has the best-ranked public schools in the United States and is the second-most educated state, just behind the District of Columbia. About 90.40% of Massachusetts adults have a high school diploma, and 42.90% have a Bachelor's degree or higher.

Raising a Child Can Cost More Than $30K Per Year in the U.S. – 2023 Study | SmartAsset.com.

By Tom Shea and Marc Fortier • Published January 10, 2023 • Updated on January 10, 2023 at 8:43 am. In fact, Massachusetts was named the best state in the U.S. to raise a family, according to a WalletHub study.

And secondly, they are also states where housing is more affordable and available than in parts of the country that lost residents. The states that attracted the most new residents in 2022 are Florida, Texas, North Carolina and South Carolina, followed by other states in the South and West.

How much is a dependent worth in 2023? ›

The Child Tax Credit is worth a maximum of $2,000 per qualifying child.

For newborns, the cost is higher. Some studies show numbers ranging from $20,000 to $50,000 for the child's first year of life, depending on location and household income. Beyond the general items, like a stroller, crib, or car seat, here are some estimates of what you can expect to shell out in your baby's first year.

The cost of raising a child exceeds a quarter million dollars, on average. Here's a breakdown of expected costs for new parents.

The HomeSnacks list of Best States to Raise a Family in America for 2022 is topped by Vermont, Maine, New Hampshire, Nebraska, and Iowa. It was Vermont's health and safety index and Maine's clean air and water, schools, and safety that gained each one its top spot.

Mississippi is the state with the lowest cost of living in the US, with a cost of living index of 85. This means that the cost of living in Mississippi is 15% lower than the national average. The state has a low cost of housing, groceries, and utilities.

The 10 least expensive states

Of the 10 states with the lowest annual costs to raise a child, seven are in the South, including the three least expensive states—Mississippi, Alabama, and Kentucky. Low daycare costs help make raising children more affordable in these states.