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Old 04-17-2018, 10:45 AM
 
Location: Tega Cay, SC
537 posts, read 547,948 times
Reputation: 894

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According to a recent study, Charlotte is one of the 10 best cities in the country for those looking to live cheap and hold down a high-paying job.

Average annual income: $86,922
Median monthly rent: $1,344

wcnc.com | Study ranks Charlotte as one of 10 best cities with high-paying jobs, low cost of living
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Old 04-18-2018, 10:11 PM
 
Location: Noth Caccalacca
5,554 posts, read 6,670,208 times
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The median income is a lot more revealing than the average income in determining affordability in metro areas. Median income is the level where 50% make more than that figure and 50% make less. The median income of Charlotte is $53,274. Average income tends to skew higher than median income. For instance, a Wells-Fargo upper-level manager making $250,000 an IT guy there making $75,000, a mortgage broker there making $50,000 and 2 Walmart workers making $25,000 each, are all standing in the lobby of the Wells-Fargo building. In this little group of 5, the average income is $85,000 the median income is $50,000 and the modal income (most common) is $25,000. Needless to say, all 5 don't live in Myers Park!

As Mark Twain said ...(quoting Benjamin Disraeli), "There are lies, damn lies, and statistics! Averages may paint a "rosier" picture than reality does!

Last edited by TheEmissary; 04-18-2018 at 10:21 PM..
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Old 04-19-2018, 03:50 AM
 
Location: Tega Cay, SC
537 posts, read 547,948 times
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Median is the middle value not the half make more half make less value.
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Old 04-19-2018, 06:09 AM
 
Location: Union County
5,783 posts, read 8,412,612 times
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Quote:
Originally Posted by Proud Father View Post
Median is the middle value not the half make more half make less value.
If you re-read your comment here, you'll realize that Emissary is correct. The "middle value" is exactly the "half make more half make less value". It's in the middle! LOL

Typically when it comes to these statistics, you want to use median instead of mean (average)... and certainly if you're going to compare 2 numbers, you should compare them appropriately - median vs median, mean vs mean. By comparing mean vs median you are skewing the analysis.
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Old 04-19-2018, 06:22 AM
 
Location: Tega Cay, SC
537 posts, read 547,948 times
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1,3,5,27,54 The median is 5. How does that help you?
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Old 04-19-2018, 06:26 AM
 
4,431 posts, read 7,128,261 times
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Quote:
Originally Posted by Proud Father View Post
Median is the middle value not the half make more half make less value.

lol. Sorry, that's just funny that someone could actually type that.

"middle is not half more, half less"

What does 'middle' mean to You?


And YIKES at those housing prices... that's 4 Times what I pay monthly (granted, it's a rural dead-end town ~ but I want quite in my old age, I get enough of Charlotte with my 2~3 visits a year to see family.)
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Old 04-19-2018, 06:37 AM
 
Location: Union County
5,783 posts, read 8,412,612 times
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Quote:
Originally Posted by Proud Father View Post
1,3,5,27,54 The median is 5. How does that help you?
Well, this is your topic - let's not look at your little array in isolation. Comparing the mean income to the median rent is statistically biased to help support the article's conclusion that "Charlotte has high-paying jobs; low cost of living".

Salaries and Housing are 2 statistics that typically are represented as median values... this is logical because you try to help outliers (extremely low and extremely high) from skewing the overall picture. In your example here, most people are making very low salaries - by telling me the mean salary is 18, you are not letting me know that 60% of the people are living in horrible poverty. Whereas, telling me the median is 5, I know that things are rough in that town.
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Old 04-19-2018, 07:13 AM
 
5,869 posts, read 7,705,030 times
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I agree that if they're going to use median rent, they should have used median income. However I think the point of the article still stands. Sure, there may be a couple other cities with a lower "average" income and maybe a higher "median" income, but even looking at median incomes of the cities mentioned the ratios seem to be pretty comparable to Charlotte's with a few outliers (Tampa and Bakersfield mainly)

(Average income from the linked article, Median income from Sperling, ratio of Average income to median income)

12. Raleigh: Average income $92,275, Median income $54,581 (1.69)
11. Houston: Average income $77,312, Median income $45,728 (1.69)
10. Charlotte: Average income $86,922 Median income $53,274 (1.63)
9. Dallas Average income $76,726, Median income $43,359 (1.77)
8. Tampa Average income $80,121, Median income $28,309 (2.83)
7. Bakersfield Average income $76,673, Median income $56,842 (1.35)
6. Omaha Average income $74,125, Median income $48,751 (1.52)
5. Durham Average income $74,401, Median income $49,585 (1.50)
4. Phoenix Average income $73,135, Median income $46,881 (1.56)
3. Lexington KY Average income $77,827, Median income $48,667 (1.60)
2. Kansas City Average income $69,301 Median income $45,376 (1.53)
1. Oklahoma City Average income $72,385 Median income $45,376 (1.60)
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Old 04-19-2018, 07:51 AM
 
Location: Tega Cay, SC
537 posts, read 547,948 times
Reputation: 894
Agreed gophils. Median doesn’t take into consideration the magnitude of the population greater or less than the middle number. It’s just the middle number.
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Old 04-19-2018, 08:00 AM
 
6,800 posts, read 4,372,473 times
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If income is fairly evenly distributed, then the mean (average) is useful. However, if income is skewed more in one direction or the other, then the median gives more useful picture.

In this case, using the mean income and median rent is inappropriate, and creates in a somewhat meaningless result (no pun intended, lol).
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