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Wow, for me that really drives home how expensive SD is. And how cheap Atlanta and Tampa can be. Pittsburgh was a surprise.
I honestly don't know how most regular folks do it in this city (SD), the salaries here are higher than average but not nearly to the level of the increased ratio of home prices. The $46k required increase in salary in SF would almost be met in most jobs there compared to here, but SF is off the deep end in affordability- as I guess so too is SD in almost everyone's reality.
We were very lucky to have bought 18 years ago (the nadir of the market for the time) an averaged price home in a neighborhood that totally gentrified around us to become the ideal place for us to live; we could never afford to buy our house today. If not for that set of circumstances- even just swapping houses in this city would be daunting- choosing to cash out our modest bungalow for a bundle to live in a nice but far cheaper locale would seem very attractive.
While I wouldn't necessarily proclaim there are many equally desirable cities to reside in than here (IMHO), there certainly are a handful, and even the more expensive ones are a hell of a lot cheaper- and there are several cities/locales listed that are perfectly nice places to carve out a good life without having a mortgage the size of the rock of Gibraltar looming over you- in fact easy to afford a fine house.
This is very relevant information for those on a career path and considering how to provide a good life for themselves and their family. Of course where we reside can be as much a set of carefully considered choices and opportunities as much as unplanned circumstances, familial ties or just a settled comfort level of familiarity and friends. Although this very site provides seemingly all the information to pack up and forge a new future in a different city/area confident you know what you are getting into; and people do it all the time, in reality at least for most of us, moving is a nerve racking experience to even consider.
I hate these stupid rankings, because they are not apples-to-apples, ever.
The vast majority of New Yorkers live in small apartments, and rent, not own. The vast majority of Americans live in bigger houses, and own, not rent. So how do you judge relative affordability between, say, NYC and Little Rock by comparing a housing typology that is extremely unusual in one of the two cities?
Housing burden (defined as % of income eaten up by housing costs) are generally not much higher in NYC and SF than in the Little Rocks of the world (because the housing typology is different in these cities). But you will never know that from these rankings, where you would get the impression that you need five times the salary to live in a big city or something, which makes no sense.
I hate these stupid rankings, because they are not apples-to-apples, ever.
The vast majority of New Yorkers live in small apartments, and rent, not own. The vast majority of Americans live in bigger houses, and own, not rent. So how do you judge relative affordability between, say, NYC and Little Rock by comparing a housing typology that is extremely unusual in one of the two cities?
Housing burden (defined as % of income eaten up by housing costs) are generally not much higher in NYC and SF than in the Little Rocks of the world (because the housing typology is different in these cities). But you will never know that from these rankings, where you would get the impression that you need five times the salary to live in a big city or something, which makes no sense.
The comparison isn't about true cost of living or affordability, it's about how much money you would have to earn in order to buy an average home in the metro area. If you want to own your own home, this list is a helpful comparison tool. If you're okay with renting, then comparing average rents between cities would be a more helpful tool.
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