Does expensive cost of living determine if a cities better than another? (state, versus)
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Homes prices is the most important thing to a city. I often wondered this because, homes aren't expensive for no reason. I'm guessing its how much you make at your work, how bad or good the economy is, or where its located.
Philadelphia and Chicago are great examples. These cities both probably offer more than places like Seattle, Boston, and maybe San Francisco. If you were foreign, you would wonder why Philly and Chicago were so affordable but why?
Homes prices is the most important thing to a city. I often wondered this because, homes aren't expensive for no reason. I'm guessing its how much you make at your work, how bad or good the economy is, or where its located.
Philadelphia and Chicago are great examples. These cities both probably offer more than places like Seattle, Boston, and maybe San Francisco. If you were foreign, you would wonder why Philly and Chicago were so affordable but why?
There are many factors that play a role in determining the COL of a city and its metro area.
As Htownlove pointed out, land can be a factor. One of the reasons Long Island has such a high COL, other than being close to NYC, is because there isn't enough land to build lots of suburban sprawl.
I think weather plays a role as well. Chicago offers just as much, if not more than what San Francisco has to offer. But Chicago has brutal winters, which turns people away from living there despite the fact it's a major tier city in the US. Whereas San Francisco and even NYC have much milder weather due to being on the coast. Probably the reason why San Diego is so expensive is because it's considered to have "perfect" weather with easy access to a beach and mountains. I also think weather is the second reason why Buffalo is declining in population because most of the year it's climate is cold, gloomy, and dismal (I actually prefer the Pacific NW climate over Upstate NY climate).
Remember there are three words in real estate: location, location, location.
There are many factors that play a role in determining the COL of a city and its metro area.
As Htownlove pointed out, land can be a factor. One of the reasons Long Island has such a high COL, other than being close to NYC, is because there isn't enough land to build lots of suburban sprawl.
I think weather plays a role as well. Chicago offers just as much, if not more than what San Francisco has to offer. But Chicago has brutal winters, which turns people away from living there despite the fact it's a major tier city in the US. Whereas San Francisco and even NYC have much milder weather due to being on the coast. Probably the reason why San Diego is so expensive is because it's considered to have "perfect" weather with easy access to a beach and mountains. I also think weather is the second reason why Buffalo is declining in population because most of the year it's climate is cold, gloomy, and dismal (I actually prefer the Pacific NW climate over Upstate NY climate).
Remember there are three words in real estate: location, location, location.
I think you are overstating the weather a little bit, as Chicago is a metro with 10 million people strong. What about Boston, Minneapolis-St. Paul and even to some degree, the Detroit metro area? There are smaller cities like Madison WI and Ann Arbor MI that are growing too. I could probably add cities like Columbus OH and Indianapolis too. Density is probably another factor, that goes hand and hand with the land aspect.
Last edited by ckhthankgod; 05-03-2012 at 12:35 PM..
I think you are overstating the weather a little bit, as Chicago is a metro with 10 million people strong. What about Boston, Minneapolis-St. Paul and even to some degree, the Detroit metro area? There are smaller cities like Madison WI and Ann Arbor MI that are growing too. I could probably add cities like Columbus OH and Indianapolis too. Density is probably another factor, that goes hand and hand with the land aspect.
Indianapolis offers many great amendities for a metro with over 2M people and yet it has the nations most affordable housing market. Lowest Cost of living/taxes of any Major US city.
One big reason though is Indy's location as the Crossroads of America. Unlike Chicago the city can build in any direction and development isnt hindered by natural barriers like Lake Michigan etc.
Easy to convert Farmland to subdivisions
Indianapolis offers many great amendities for a metro with over 2M people and yet it has the nations most affordable housing market. Lowest Cost of living/taxes of any Major US city.
One big reason though is Indy's location as the Crossroads of America. Unlike Chicago the city can build in any direction and development isnt hindered by natural barriers like Lake Michigan etc.
Easy to convert Farmland to subdivisions
Cost of living does correlate with quality of life.
There's a reason why land is in abudance and the cost of living is dirt cheap in an otherwise major city like Detroit.
People demand a piece of land one place versus the piece of land in another place more because of all the things it offers and they're getting more bang for their buxk, thus they're more than willing to pay a premium for it and that raises the cost to live there.
I think you are overstating the weather a little bit, as Chicago is a metro with 10 million people strong. What about Boston, Minneapolis-St. Paul and even to some degree, the Detroit metro area? There are smaller cities like Madison WI and Ann Arbor MI that are growing too. I could probably add cities like Columbus OH and Indianapolis too. Density is probably another factor, that goes hand and hand with the land aspect.
I agree 100%. It's economic activity that attracts people and businesses to a city. Weather is secondary, except for retirees and those in tourist-based businesses.
Cost of living does correlate with quality of life.
There's a reason why land is in abudance and the cost of living is dirt cheap in an otherwise major city like Detroit.
People demand a piece of land one place versus the piece of land in another place more because of all the things it offers and they're getting more bang for their buxk, thus they're more than willing to pay a premium for it and that raises the cost to live there.
Are you talking the city or the entire metro area?
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