Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,409 posts, read 6,553,115 times
Reputation: 6685
Yet there are 3 other coastal cities with higher, above average paying wages that are even less affordable than Miami per this study—so it is not just wages; demand also plays a part.
Whereas some Californians cashed out and moved to cheaper cities, raising the cost of housing in those other places in the process, the same has happened in Miami via people moving here along with their higher paying jobs or wealth and eating up inventory while forcing up prices, to the detriment of many locals. Used to be primarily foreigners, but there was a surge from domestic transplants brought on by Covid / WFH relocations the past year or two.
Quote:
Originally Posted by masssachoicetts
scary to see how low those Miami wages are.
Last edited by elchevere; 02-21-2022 at 07:08 AM..
Their criteria for inclusion doesn't make sense to me. They must be confusing different metrics? They say "Top 50 Metros", but Green Bay/Appleton isn't anywhere near top 50. My guess is that they are using DMA since they reference Grand Rapids/Kalamazoo/Battle Creek which is a media market and not a metro.
Their criteria for inclusion doesn't make sense to me. They must be confusing different metrics? They say "Top 50 Metros", but Green Bay/Appleton isn't anywhere near top 50. My guess is that they are using DMA since they reference Grand Rapids/Kalamazoo/Battle Creek which is a media market and not a metro.
Am I missing something?
it sure looks like DMA.
MSA prices will vary significantly. These numbers are more in line with CSAs and DMAs.
At $60,966, the Miami metro actually had a higher per capita personal income than the Dallas, Houston and Atlanta metros in 2019, and was under $6,000 behind the Los Angeles metro. No state income tax also benefits Florida greatly, and it isn't even factored into these numbers yet.
To quibble, they don’t adjust for property tax rates. That would bump Hartford/New Haven down considerably. In West Hartford, with a 20% down mortgage, your property taxes are higher than your mortgage. The mill rate is $42.42. They assess at 70% of valuation but it’s still larger than your mortgage payment.
What stands out for me is DC being in the most affordable because of their high salaries offsetting the high cost of living. That could mean that they have the same types of jobs as everywhere else, but just pay more. Or more likely it shows that they attract a more educated and skilled workforce with lots of jobs for that sector and at the same time less skilled workers decide not to move there.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,409 posts, read 6,553,115 times
Reputation: 6685
Safe to assume they don’t adjust for state income tax as well?
Quote:
Originally Posted by GeoffD
To quibble, they don’t adjust for property tax rates. That would bump Hartford/New Haven down considerably. In West Hartford, with a 20% down mortgage, your property taxes are higher than your mortgage. The mill rate is $42.42. They assess at 70% of valuation but it’s still larger than your mortgage payment.
Simple Median HH income is too broad imo. How about groups most likely to own homes? Like this...
MSA Median Income, Married-Couple Families With Children Under Age 18(MSA Average Mortgage Payment):
San Francisco $175,559($2,812)
Boston $158,611($2,365)
Washington DC $151,425($2,161)
Seattle $142,050($2,163)
Philadelphia $131,885($1,536)
New York $131,189($2,349)
Chicago $121,598($1,632)
Detroit $110,393($1,163)
Atlanta $108,999($1,410)
Los Angeles $104,904($2,332)
Houston $104,462($1,483)
Dallas $103,062($1,731)
Phoenix $98,448($1,516)
Riverside $90,168($1,704)
Miami $89,847($1,802)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
