Top 10 large U.S. metro areas for families

This month LendingTree released a report on the U.S. metro areas where families are thriving.

The 50 largest metros were scored and ranked based on seven metrics:

1. Median income for families with children
2. The percentage of children living in owned homes (rather than rented)
3. The rate of children living below the poverty line
4. The share of older teens (ages 16 to 19) neither currently enrolled in school nor graduated from high school (or equivalent)
5. Average round-trip commute times
6. The percentage of households with kids
7. The average cost of child care for a 4-year-old and infant (combined)

“There’s no perfect city, so what really matters when you’re looking for a place to live is that you think about the things that matter most to you,” Matt Schulz, LendingTree’s Chief Credit Analyst, tells CNBC Make It.

“Very different cities can be very good for different parents. It’s worth your time to take a look at some of these details about a city if you’re looking to move there.”

LendingTree researchers used data from the U.S. Census Bureau 2023 American Community Survey to rank each metro and give them all a score of 1-100.

Final score: 75.4

Salt Lake City ranked as the best big metro for families for a number of reasons.

The median income for families with children was $112,342 and the average monthly childcare costs for an infant and 4-year-old is $1,646, according to the report.

Schulz says the Utah capital took the top spot because it ranked highly across the several different metrics, like average commute time, which can be important when you have kids: “Any parent can tell you, the longer your commute, the more complicated things can get when you have to take kids to doctor’s appointments and things like that.”

Salt Lake City also has one of the least expensive childcare costs in the country.

“It’s not all about that but it certainly is a big deal,” he says.

Salt Lake City is nestled along Utah’s Wasatch Mountains. It has several national parks and world-class ski resorts. Utah’s capital offers residents a mix of urban and suburban living while still accommodating families and young professionals.

The public schools in Salt Lake City are above average, with an overall score of B+, according to Niche.

In 2024, Salt Lake City ranked as one U.S. News and World Report’s best places to live.

1. Salt Lake City, Utah
2. Minneapolis, Minn.
3. Cincinnati, Ohio
4. Kansas City, Miss.
5. Raleigh, N.C.
6. Austin, Texas
7. St. Louis, Miss.
8. Indianapolis, Ind. and San Jose, Calif. (tie)
9. Louisville, Ky.

Minneapolis is the No. 2 best large metro area for families, with a final score of 71.8.

The median income for families with children there is $132,055 and the average monthly childcare costs for an infant and 4-year-old is $3,131.

Schulz says if it weren’t for the fact that Minneapolis had one of the highest childcare costs in the country, it probably would have ranked No. 1. It got high scores for median income and children living in owned homes rather than rented.

The cost of living in Minneapolis is just 1% lower than the national average, with housing costing 8% less and transportation costing 4% more, according to U.S. News and World Report.

Minnesota, as a state, one of WalletHub’s best places to raise a family.

The North Star state has the second-lowest poverty rate for families and the ninth-lowest wealth gap between the lowest and highest earners.

Minnesota also has the sixth-best public hospitals in the country and the fifth-lowest separation and divorce rate in the U.S.

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