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Flawed because the cost of living is so high in those cities that the middle class has a lower standard of living than in less wealthy areas. $100K in Washington DC is like making $50K in Little Rock. So if you make $60K in Little Rock you are more affluent.
Flawed because the cost of living is so high in those cities that the middle class has a lower standard of living than in less wealthy areas. $100K in Washington DC is like making $50K in Little Rock. So if you make $60K in Little Rock you are more affluent.
Flawed because the cost of living is so high in those cities that the middle class has a lower standard of living than in less wealthy areas. $100K in Washington DC is like making $50K in Little Rock. So if you make $60K in Little Rock you are more affluent.
These days, people have more static costs that transcend metros. You don't get a discount on online purchases or student loans because you live in Little Rock.
Flawed because the cost of living is so high in those cities that the middle class has a lower standard of living than in less wealthy areas. $100K in Washington DC is like making $50K in Little Rock. So if you make $60K in Little Rock you are more affluent.
This is bull. 100k in DC is 100k in Little Rock.
The only people who say this nonsense "50k in Bumpisville, MS is 500k in NYC" are people who live in Bumpisville, MS. Both places use the same currency, and everything but real estate costs basically the same. It's not like you "lose money" if you move from Bumpisville, MS to NYC, you will just adjust to living in your new city, just like the locals.
An apple, or mortgage points, or a TV, or house cleaning, or college tuition, or whatever, costs the same within national boundaries, more or less. The only real difference is real estate, and that is tied to appreciation anyways, so if you're paying more, the assumption is that you real estate is also increasing in value more, so it works out. I would rather have a 1 million home appreciating in value and have heavy mortgage costs than a 200k home with no gain in value, and light mortgage costs.
The only people who say this nonsense "50k in Bumpisville, MS is 500k in NYC" are people who live in Bumpisville, MS. Both places use the same currency, and everything but real estate costs basically the same. It's not like you "lose money" if you move from Bumpisville, MS to NYC, you will just adjust to living in your new city, just like the locals.
Plus, if you make the "equivalent" wage in a cheaper town, you better get used to living there, because you're probably not going to accumulate enough momey to move to a pricier town.
The only people who say this nonsense "50k in Bumpisville, MS is 500k in NYC" are people who live in Bumpisville, MS. Both places use the same currency, and everything but real estate costs basically the same. It's not like you "lose money" if you move from Bumpisville, MS to NYC, you will just adjust to living in your new city, just like the locals.
An apple, or mortgage points, or a TV, or house cleaning, or college tuition, or whatever, costs the same within national boundaries, more or less. The only real difference is real estate, and that is tied to appreciation anyways, so if you're paying more, the assumption is that you real estate is also increasing in value more, so it works out. I would rather have a 1 million home appreciating in value and have heavy mortgage costs than a 200k home with no gain in value, and light mortgage costs.
False. Virtually everything is more expensive in New York City than a small town USA. Everything doesn't scale to the same degree as real estate which may be 10x as expensive... but rents are more expensive, so that means fast food places have higher fixed costs and tend to have higher prices. The same Bud Light at a bar in Mississippi might run you $2 but at a bar in Manhattan would be 6 or 7 dollars. Gas tends to be more expensive in areas where cost of living is higher. Take a look at gas prices in New York City, Chicago, San Francisco, and Los Angeles and compare it to the south.
It isn't just real estate. Real estate is the biggest difference, but it trickles down to the rest of the economy.
Flawed because the cost of living is so high in those cities that the middle class has a lower standard of living than in less wealthy areas. $100K in Washington DC is like making $50K in Little Rock. So if you make $60K in Little Rock you are more affluent.
I agree in general. Housing is the typically the highest cost in one's budget. Salaries are obviously higher in the large metros, but it does not offset the higher cost of housing.
I agree in general. Housing is the typically the highest cost in ones budget. Salaries are obviously higher in the large metros, but it does not offset the higher cost of housing.
the largest issue i generally the middle class in more expensive metros
that said demand creates the housing cost so there i not lack there of in these places and generally would say based on my experience people in DC and the Bay live generally pretty good lifestyles
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