Madison in working parents’ Top Ten
MADISON – In its national review, NerdWallet has rated Madison in eighth place for the “Top 10 Small Cities for Working Parents.”
NerdWallet analyzed income potential, affordability, childcare costs and school quality in almost 1,000 cities to determine the best places for working parents. According to the U.S. Census, 63 percent of families with children now have two parents in the labor force.
NerdWallet examined small cities, often the environments that middle-class families most enjoy. Sites in their Top Ten list are locations that have the best blend of income, cost of living and top-notch schools.
NerdWallet stated that Madison families have the second-lowest monthly homeowner costs of all top 10 cities. Families earn a median income of $104,217.
A Nashville suburb, Brentwood, Tenn. was rated number one for working families. The median income is $150,557. Nearby Franklin, Tenn. ranked as fourth.
Vestavia Hills was the only other Alabama city to make NerdWallet’s list. Other cities in the Top Ten were Los Altos and Saratoga, Calif.; Bentonville, Ark.; Germantown, Tenn.; Dublin, Ohio; and Wildwood, Mo.
For its methodology in ranking, NerdWallet using census data to assign 30 percent of a city’s score to the median income for families with children. Monthly homeowner costs and child care expenses accounted for another 30 percent.
Ratings of schools and the percentage of households with children each were given 15 percent. Finally, the average commute time was given 10 percent of the score.
NerdWallet analyzed 961 cities with populations from 25,000 to 100,000 residents
NerdWallet provides online tools and research to help consumer make wise decisions about credit cards, insurance, loans or expenses like hospital costs. The company focuses on helping people lead better lives through with financial education and empowerment.
For more information, visit nerdwallet.com/blog/cities/best-small-cities-for-working-parents-2015.