Photo: Robert Clark
Of the 150 most populous US cities, NYC ranks 57th in terms of overall “family-friendliness.”
While the Big Apple certainly has a lot to offer family-centric homebuyers, the lack of affordable housing is its Achilles’ heel, according to a new report released yesterday by the personal finance site WalletHub.
In order to determine the best and the worst cities for families, WalletHub used five metrics: family-fun opportunities, health and safety, education, affordability and socio-economics. Each metric was given equal weight, and each of the 150 largest cities were then ranked accordingly.
NYC earned a total score of 55.65 out of a possible 100. It ranked third overall in terms of family fun, which is unsurprising given the number of parks and recreational opportunities available city-wide. Per capita, NYC had the most playgrounds and attractions of all the cities in the report, says WalletHub.
The Big Apple also earned high scores for the quality of its schools and hospitals.
However, NYC tanked in terms of overall affordability, landing squarely in 146th place. WalletHub’s affordability metric considered housing affordability, cost of living and overall economic health.
Although NYC is one of the most expensive housing markets in the country, it was deemed less family-friendly than some of its equally expensive brethren.
Seattle, WA, San Jose, CA and San Francisco, CA all fared better in WalletHub’s analysis, ranking 4th, 13th and 39th, respectively — although San Francisco did have the lowest score for overall affordability.
“It’s important to note that all these cities have expensive housing markets, but New York’s affordability is the lowest because it has the lowest median family income adjusted for cost of living at just $29,510,” WalletHub Analyst Jill Gonzalez tells BuzzBuzzNews.
Meantime, Overland Park, KS claimed top honors with an overall score of 74.46. It was also the most affordable city on the list.
Madison, WI and Plano, TX rounded out the top three family-friendly cities.
“While obviously not perfect — given the intrinsic value of each city, personal preferences and the limitations of publicly available data — our findings will hopefully give prospective movers a sense of the areas that offer the greatest opportunity to achieve financial stability and, of course, live a long and happy life,” WalletHub says in the report.
Click here to read the entire report.