The Best Cities with a Thriving Economy for a Family of Four
Written by
Laura Bogart
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From the pioneers enduring hardships to find their fortune across the country to young professionals who flocked to the suburbs when having number three (and then four), parents have been willing to travel far and wide to find where their children can thrive. Fortunately, today, we don’t have to yoke up the oxen, just gas up the minivan. But the dilemma of finding the right place for a family of four to flourish remains. While deciding where to set our roots involves a myriad of factors — including the industries we work in, the cultural heritage we share with our families, and our general lifestyles — the economic vitality of a city also matters greatly.
When compiling its list of Best Places for Families to Live in the U.S. for 2023-2024, U.S. News and World Report factored in “the cost of living and average annual salary … quality of high school education, average commute time, crime rate, the area’s overall well-being and access to top-notch health care.” Ultimately, Huntsville, Alabama, came out on top, recognized as one of the most affordable metro areas, with a higher median average salary than the national average–even as residents spend less than 20 percent of the median household income on the cost of living. Families anxious about natural disasters or inclement weather should also know that Huntsville is relatively immune from extreme climate. The top four are San Jose, California; Green Bay, Wisconsin; and Fayetteville, Arkansas.
As Fortune created its own rankings of 50 Best Places to Live for Families, the publication also considered the well-being of seniors. The magazine zeroed in on the cultural opportunities and safe outdoor areas available to families in Cambridge, Massachusetts, making the home of elite global universities its top choice. In addition to high median household incomes, Cambridge has low crime rates and a reputable public school system. Notably, the Fortune List — which looks at everything from median household income to racial diversity, median sale price for a single home, to high school graduation rates — includes the top location in all 50 states.
Parents and caregivers looking to economic opportunities as the North Star guiding them to their next home would do well to review Barron’s assessment of the fastest-growing cities in the U.S. The report drills into four “power centers” rivaling the traditional metropolitan hubs of finance, politics, media, and tech in New York City, Washington, DC, Los Angeles, and San Francisco. Dallas, Texas, ranked among the new power centers with its massive population and expanding economy. The volume of Fortune 500 companies now located in Houston, Texas, also makes the city attractive to caregivers eager to give their families the highest quality of life possible.
Miami, Florida, is notable for its beautiful beaches and housing the Latin American operations for over 1,000 multinational companies. Families with careers in the healthcare industry should consider Nashville, Tennessee, since there are now about 500 healthcare companies in Nashville, including companies that are a part of the massive hospital and healthcare facilities operator HCA Healthcare.
The days of worrying about our covered wagon breaking down on the Oregon Trail may be well over, but the challenge of finding a home where our families can thrive remains.
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