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There seems to be some confusion regarding the definition of overpriced. Any city with a thriving economy along with positive job growth and an amenable cost of living for the median wage earner cannot be considered overpriced because it fails an individual metric for affordability. Overpriced would be more applicable to cities lacking a thriving economy with perhaps unsustainable job growth and a cost of living not conducive to average salaries. Orlando is a perfect example of that. It leads in "job growth" albeit through low wage part-time service sector jobs that offer up along with even more traditional openings a median income near the bottom (25K a year), along with rent values of $1200 a month on average. That folks would be what's considered "overpriced".
I disagree. Any city where wages and amenities don't support housing prices can be considered overpriced.
Not unless you are one of the many Californians moving to Dallas with $600,000+ in CASH to spend after selling your ridiculously overpriced California house. Those of us who are middle class and who are FROM Texas and the South can barely keep up with the skyrocketing rent prices in Dallas now, let alone afford to buy a home in the Dallas srea that isn't 40 years old or in a less than desireable neighborhood. Thanks a lot to the California expats who keep moving to Dallas in droves, all while being rude, driving like bats out of hell, and complaining about how Dallas and Texas are so different and subpar compared to where they come from in California.
I don't think median home price is a great metric to use here. Minneapolis for example is a high tax city in a high tax state. A house might cost a little less, but the property tax will make up for it.
That being said: Southern California is ridiculous. I understand Northern California being expensive- all the silicon valley techies, liberals from the rest of the country, etc- lots of demand, not a lot of supply to start with. But SoCal? Sure the weather's nice, but really? I live in a nice house in a nice area of Ala. My house wasn't cheap, especially for Ala, but if it was in SoCal, the only way I could afford it would be to suddenly discover I could throw a 110mph fastball.
I don't think median home price is a great metric to use here. Minneapolis for example is a high tax city in a high tax state. A house might cost a little less, but the property tax will make up for it.
Minnesota also has a significant property tax refund system based on income which means that most people who make median income or less pay less than the sticker price on their property taxes. I know that when my brother moved here from Texas, his taxes in Minnesota were no higher than they were there, state income tax here is high but property taxes were much lower.
The benefit of living here is that you generally get the pay scale of the coasts with the cost of living of the Midwest. It is probably because the reputation for cold causes chronic labor shortages, except when the state is in recession. Even with better population growth than other Midwestern cities, labor force growth always lags demand, which leads to high wages. It is the opposite of Arizona and Florida where population growth is stronger than labor demand, which depresses wages.
That being said: Southern California is ridiculous. I understand Northern California being expensive- all the silicon valley techies, liberals from the rest of the country, etc- lots of demand, not a lot of supply to start with. But SoCal? Sure the weather's nice, but really?
Those are the same reasons SoCal is expensive (exception of the techies) + it has the bonus of the weather. Los Angeles is also a world class city, whether most of us want to admit it or not.
Those are the same reasons SoCal is expensive (exception of the techies) + it has the bonus of the weather. Los Angeles is also a world class city, whether most of us want to admit it or not.
Seriously. So Cal is a region with over 20 million people trying to carve themselves out a space.
The census figures of the last two years contradict your statement.
I'll bet you anything Shadyside's population has grown substantially by 2020, considering Bakery Square and the "Eastside Bond" apartments are within the neighborhood.
Take a look at the properties listed. Chicago, both the city, and it suburbs are so much cheaper than LA it's ridiculous. Those aren't random neighborhoods or suburbs, they're among the most desirable in the area.
Take a look at the properties listed. Chicago, both the city, and it suburbs are so much cheaper than LA it's ridiculous. Those aren't random neighborhoods or suburbs, they're among the most desirable in the area.
Or, you could live in quite below average (trying to be nice here) neighborhoods on the south and west sides of Chicago, the far north Lake County cities (Waukegan, North Chicago, Zion), or the other Lake County (Indiana), for $50K or less. Parts of Will and Kane counties would fit this as well, I'm sure (I don't ever look in those areas).
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