Millionaires' growth in the USA cities : Houston FIRST in growth, NY first in numbers (living, cost)
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About numbers, Houston has 88,200 millionaires, in 2009 it surpassed San Jose (86,200) and should surpass Detroit in 2010 (89,100) and certainly Boston in 2011 or 2012 (102,300)
Numbers here:
Capgemini Announces 2010 U.S. Metro Wealth Index (http://www.us.capgemini.com/news/current_news.asp?ID=840 - broken link)
San Jose is supposed to be home to some of the wealthiest (and poorest) people in the United States. Very few are what you might consider "middle class" there.
San Jose is supposed to be home to some of the wealthiest (and poorest) people in the United States. Very few are what you might consider "middle class" there.
San Jose has a much lower poverty rate than Houston.
Population determined to be in poverty status, 2008
Houston MSA 13.9%
San Jose MSA 7.3%
San Jose has a large middle class, but the thing is in San Jose, the amount middle class families make is a bit more, and that corresponds with the cost of living.
San Jose MSA Median Family Income, 2008 $103,000
Houston MSA Median Family Income, 2008 $65,000
The middle class may make $100k in San Jose but if they can afford a $300k home what are they getting for that? A two bedroom shack in San Jose. Outside of San Jose forget about it. Wheras in Houston a middle class salary of $50k, maybe you are a garbage man, and in the suburbs you can get a three or four bedroom home for $130k the cost of living is low and there is no income tax.
People making $100k a year in San Jose are living lower middle class sometimes even a lower class lifestyle. NYC and the Bay Area have similar costs of living and on Long Island there are homes for $300k that are run down shacks. The cost of living is so much higher than even raised incomes. The amount they raise salaries in the Bay Area is nowhere near equal to the cost of living.
I have a close friend who is an RN. She made the mistake of dropping everything, her job & apartment to move out to San Jose to live the "Cali Lifestyle". Needless to say she couldn't even make it working two jobs at two hospitals to afford $1,500 a months rent on a 1 bedroom efficiency apartment in an older part of town. She lasted no more than two weeks before I flew out there helped pack her up & head back down to Houston where she now works full time at Memorial Hermann & recently bought a brand new Honda & home in Katy.
I have a close friend who is an RN. She made the mistake of dropping everything, her job & apartment to move out to San Jose to live the "Cali Lifestyle". Needless to say she couldn't even make it working two jobs at two hospitals to afford $1,500 a months rent on a 1 bedroom efficiency apartment in an older part of town. She lasted no more than two weeks before I flew out there helped pack her up & head back down to Houston where she now works full time at Memorial Hermann & recently bought a brand new home in Katy.
1500 is normal for San Jose. People who go there are the kind who are willing to work their arses off to pay it and then advance in their careers and move up to a point where they acheive greater affluence.
And then they can enjoy the "Cali Lifestyle". But you have to pay your dues first. Just like paying through through the nose to live in New York and other very desirable areas.
If a person can't hack it or is unwilling to put forth the effort to make it work, then perhaps going elsewhere is better for them.
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