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Unless Vegas comes up with another industry, I think Orlando is the next frontier. There just seems to be a wave of new industries popping up. Creativity seems to be in the air anytime I visit.
Orlando's economy is way more diverse than Las Vegas. Las Vegas economy is one of the least diverse in the entire country. Orlando is much more than just Disney World.
Orlando's growth isn't sustainable and needs significant salary growth to continue. Orlando is dead last among the 50 major US metros in terms of average salary (median, not household) and has rent values appropriate for cities with much higher salaries. Example? The median salary is around 29K and the average one bedroom rental is around $1250 a month. For the average person that places them at $1900 in net income per month, meaning 65% of earnings are needed to pay rent with the suggested guideline of 3X salary to rent ratios for the typical affordability needed. Not to say Orlando isn't growing in other job sectors, but clearly there will be an impasse if salaries aren't equivalent to other cities or the cost of living well in excess either.
Orlando's growth isn't sustainable and needs significant salary growth to continue. Orlando is dead last among the 50 major US metros in terms of average salary (median, not household) and has rent values appropriate for cities with much higher salaries. Example? The median salary is around 29K and the average one bedroom rental is around $1250 a month. For the average person that places them at $1900 in net income per month, meaning 65% of earnings are needed to pay rent with the suggested guideline of 3X salary to rent ratios for the typical affordability needed. Not to say Orlando isn't growing in other job sectors, but clearly there will be an impasse if salaries aren't equivalent to other cities or the cost of living well in excess either.
Salary growth in what industry, exactly?
The low median salary is due wholly to the service sector industry being so strong here, and the fact that there is a massively disproportionate amount of college students compared to city size in the area.
Said students end up working at Disney/Universal hot dog stands, and there you have it: 100,000 people working minimum wage jobs (or very close), and so we have a ridiculously low median salary.
Orlando's growth isn't sustainable and needs significant salary growth to continue. Orlando is dead last among the 50 major US metros in terms of average salary (median, not household) and has rent values appropriate for cities with much higher salaries. Example? The median salary is around 29K and the average one bedroom rental is around $1250 a month. For the average person that places them at $1900 in net income per month, meaning 65% of earnings are needed to pay rent with the suggested guideline of 3X salary to rent ratios for the typical affordability needed. Not to say Orlando isn't growing in other job sectors, but clearly there will be an impasse if salaries aren't equivalent to other cities or the cost of living well in excess either.
It stands to reason that if there is massive job growth in almost every single major field, then population growth is sustainable. Orlando’s population has been exploding since the 1930s lol what are you talking about, “isn’t sustainable� 90 years of booming growth is the definition of “sustained.†Foolish argument.
Salary growth in what industry, exactly?
The low median salary is due wholly to the service sector industry being so strong here, and the fact that there is a massively disproportionate amount of college students compared to city size in the area.
Said students end up working at Disney/Universal hot dog stands, and there you have it: 100,000 people working minimum wage jobs (or very close), and so we have a ridiculously low median salary.
I was going to ask if it's possible that Orlando has more 2+ person households than average which would help explain a first-glance possible stastical discrepancy between wages and housing costs but this pretty much answers it.
I think Las Vegas has a better reputation while Orlando has the better economy.
Just curious, do you think Vegas has a better rep due to the upscale segment? You know, the ones drawn to all the hot restaurants, clubs, resorts, etc....I would be interested to hear your opinion.
You mean SIN CITY? Does it have a better reputation than family friendly Orlando? No it doesnt . Orlando gets far more visitors than Vegas every year.
Quote:
Originally Posted by JMatl
Just curious, do you think Vegas has a better rep due to the upscale segment? You know, the ones drawn to all the hot restaurants, clubs, resorts, etc....I would be interested to hear your opinion.
Just curious, do you think Vegas has a better rep due to the upscale segment? You know, the ones drawn to all the hot restaurants, clubs, resorts, etc....I would be interested to hear your opinion.
Yeah, Las Vegas is well known for adult entertainment (all kinds). I never hear much complaining from people I know who have lived or visited Las Vegas. The high end shopping, restaurants, spas, concerts, casinos, etc. are first rate. Las Vegas has lower property crime and more affluence. Orlando has the more diverse economy, but it is most well known for theme parks. Its traffic is bad and there are too many tolls. Both cities have improved in urban development. Orlando is in a tougher position because of in state rivalry/competition.
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