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The worst place in the nation to be writing out the monthly rent check? Not Manhattan—by a long shot. Rather, the rapidly growing North Dakota oil patch city of Williston has the highest average rent in the United States. A 700-square-foot, one-bedroom apartment in Williston costs an average of $2,394 a month, according to an Apartment Guide study.
Yeah that's because the wages are so crazy. High wages=high cost of living. If you got the money someone is gonna try and relieve you of that burden.
All these people who want $15 a hour minimum wage are gonna be in for a rude awakening when their rent and cost of living goes up.
It isn't the wages, in and of themselves. It is the fact that there are tons and tons of people pouring into a small town, creating a high demand for housing in an area with a limited supply. You can't find a place to sleep overnight. I had a friend that worked for a moving company in Minneapolis, and he said that when they had contracts to deliver to Williston, they wrote it into the contract that the customer had to provide overnight accommodations for their drivers.
It isn't the wages, in and of themselves. It is the fact that there are tons and tons of people pouring into a small town, creating a high demand for housing in an area with a limited supply. You can't find a place to sleep overnight. I had a friend that worked for a moving company in Minneapolis, and he said that when they had contracts to deliver to Williston, they wrote it into the contract that the customer had to provide overnight accommodations for their drivers.
So why are all those people moving to ND? The shortage of housing is due to the demand. Demand which was brought on by higher wages. It's not like all of the sudden thousands of people decided they need a change of scenery and they all willi nilli picked North Dakota. The prospect of higher wages is what drove that economy to boom. It's like the old gold rush.
before you had lots of people living in cars and camping at walmart but walmart no longer lets people live in the parking lot and the city doesn't let you park on the street or live on the streets which created even more demand for places
So why are all those people moving to ND? The shortage of housing is due to the demand. Demand which was brought on by higher wages. It's not like all of the sudden thousands of people decided they need a change of scenery and they all willi nilli picked North Dakota. The prospect of higher wages is what drove that economy to boom. It's like the old gold rush.
Actually, this is not correct.
The wages in the oil patch have plateaued and are now dropping as the employers know that they can get workers. The hardest part is getting workers who will STAY. They don't have to keep the wages that high as thousands of people are still flooding into the state due to poor economic conditions elsewhere in the country.
The city and county are also conspiring to keep housing stock limited by failing to rapidly enact legislation to build additional needed housing. They are also dragging their feet on upgrading the sewage system in the area as they don't to have to pay for it after the current boom goes bust.
The wages in the oil patch have plateaued and are now dropping as the employers know that they can get workers. The hardest part is getting workers who will STAY. They don't have to keep the wages that high as thousands of people are still flooding into the state due to poor economic conditions elsewhere in the country.
The city and county are also conspiring to keep housing stock limited by failing to rapidly enact legislation to build additional needed housing. They are also dragging their feet on upgrading the sewage system in the area as they don't to have to pay for it after the current boom goes bust.
Great place….
Yeah well if you have turn over its costing more in the long run because you constantly have to retrain your work force. Good way to lose a lot of money. You're right though. As soon as the place is drained of oil the whole thing will go back to being the way it was before the rush. It's really about the same as the gold rip use just substitute gold with oil.
Yeah well if you have turn over its costing more in the long run because you constantly have to retrain your work force. Good way to lose a lot of money. You're right though. As soon as the place is drained of oil the whole thing will go back to being the way it was before the rush. It's really about the same as the gold rip use just substitute gold with oil.
It might be worse.
The kids in school will have a taste of the good life during the boom and they won't stick around when things go bad. Well…at least the smartest and the most motivated who are the ones that you need to keep a town going. They'll leave and they won't come back.
The town will still be "overbuilt" and many of the businesses will close as they no longer have the giant workforce they once used to service to keep themselves open. Most the business owners won't save any of what they made and they'll move on also to find new markets for their goods.You'll have a small town way off the beaten path with way too many motels/hotels and too many closed businesses. It will be a really sad sight to see
At least the gold rush boom towns were built from lumber wood so they would be scavenged for building parts or rot away after a while.
For now they seem to.
However, like most lottery winners, they don't know what to do with what they have and most will p*ss it away.
Prediction: If the boom lasts for 10-15 years after Year 16, most of the property owners will be leveraged so much that they will lose their holdings.
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