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What about the housing prices? I'd be fine with no car and a smaller living space, but many people are going to have to have a roommate. And I'm interested in buying a condo in the next year or so...that'd be impossible to do in NYC.
Housing costs, relative to income, aren't higher in NYC than in other U.S. cities, because incomes are higher and because people live in smaller units.
Housing costs, relative to income, aren't higher in NYC than in other U.S. cities, because incomes are higher and because people live in smaller units.
Well then argue with the Census, not me. Per the Census, in the U.S. people tend to spend roughly the same % of income to housing costs regardless of location.
The main difference is unit size, not unit cost. After all, you can't spend more than you make. So someone with a monthly housing budget of, say, $2,000 will spend roughly the same in Kansas or NYC, but obviously on very different housing types.
I don't see how. They're totally different environments.
Let's say I live in Manhattan and want the same standard of living in Kansas. I cannot find the equivalent in Kansas, even if I'm Bill Gates. It doesn't exist.
Let's say I'm in Kansas and want the same standard of living in Manhattan. Again, I cannot find the equivalent in Manhattan, even if I'm Bill Gates. )Doesn't exist.
Right, but that wouldn't be "equivalent living". If you're in a 500 square foot apartment in NYC, you're also in an environment that doesn't exist anywhere else in the U.S.
People live in 1/4 the (indoor) space most people do because it is so expensive.
If you live in Topeka getting the average house is 114,000 less than a studio apartment in NYC per month by a large amount (2300/month v $540 a month (assuming 20 year mortgage) That's less than 1/4 the price. Median Household income is about 175% in NYC/Topeka (70K v 40K) So comparatively housing is about 2.25x higher in NYC than Topeka. More of your income will go towards housing less towards stuff you want.
Yes if you have 3-4 children I don't care where it is a 400-500 sq feet apartment is going to suck.
People live in 1/4 the (indoor) space most people do because it is so expensive.
Yes, and? Doesn't mean they are paying more for housing costs.
Quote:
Originally Posted by btownboss4
If you live in Topeka getting the average house is 114,000 less than a studio apartment in NYC per month by a large amount (2300/month v $540 a month (assuming 20 year mortgage) That's less than 1/4 the price.
No, you're making up these numbers. Census has housing cost burden by metro area and the difference across metros is minor.
Quote:
Originally Posted by btownboss4
Yes if you have 3-4 children I don't care where it is a 400-500 sq feet apartment is going to suck.
No one has 3-4 children and lives in a 400 square foot apartment. That has nothing to do with anything. Obviously if someone wants to live in a small NYC apartment they aren't going to have 4 kids.
You have noticed the switch too. It used to be that the big cities were the only trendy places to live. Many have discovered that the satellite towns and cities surrounding the majors offer the same amenities at higher standards and lower cost. The 20 somethings can have their crappy big cities. I'm good with the satellites.
If you want a dense community, good public transit, large availability of competing employers in your field, and urban type housing (townhouse, midrise, highrise), then you usually need to live in a major city to accomplish those goals. That stuff usually doesn't all exist simultaneously anywhere else.
This is completely possible in most older small cities and towns, especially those with a college or university.
Imo you should live in one of your country's world class cities... If you went to live in another country would you live in one of their podunks or average cities? Opportunities and exposure are much higher in world class cities.
There is also the issue of status and prominence. Even if you were, say, a skilled and prominent attorney, being one in NYC ranks higher than being one in Topeka. That there was a superior level of successful competition over a greater number of other attorneys would be readily assumed. This can affect future career prospects. And city ranking is especially important in international dealings, as it is the major US cities that have a recognizable image.
So, my question comes about: What am I really missing out on by not living in a major (world class) city?
Major world class cities offer quite a few advantages that other places do not, particularly if you're highly educated.
For example, there aren't really any places where you can land a Wall Street job outside of New York City.
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