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North Dakota benefited from the fact that nobody wants to live there, and consequently you can buy a house for the price of a BMW 3-series and you don't have to stretch yourself thin just to put a roof over your head. Furthermore, the oil boom is currently keeping North Dakota humming along. But they'd do well to take lessons from Houston's recent past and the over-reliance on a classic boom-and-bust industry. ND's turn will come around sooner or later, and I suspect the article's author won't be so self-satisfied when it does.
North Dakota benefited from the fact that nobody wants to live there, and consequently you can buy a house for the price of a BMW 3-series and you don't have to stretch yourself thin just to put a roof over your head. Furthermore, the oil boom is currently keeping North Dakota humming along. But they'd do well to take lessons from Houston's recent past and the over-reliance on a classic boom-and-bust industry. ND's turn will come around sooner or later, and I suspect the article's author won't be so self-satisfied when it does.
I love these optomistic posts. Nobody knows the direction where things will go in North Dakota. We can keep our fingers crossed and pray that we will be ok, other than that, it's really in some higher power, in my opinion..
Weren't people saying in 2008 that the ND "Boom" went BUST? Last I checked we're chugging along just fine. 110+ rigs. Not too shabby for a bust a couple years ago...
But cmon folks...Is North Dakota is as bad as they say......It seems to me people are still being selfish....If you want to work then you will go to where jobs are instead of waiting for jobs to reopen up where people desire to live such as CA/NY/CO/etc.
I hear it everyday where I work. We have guys from all over the county working for us and all of them have friends that decided to stay back home, wherever that may be, and try to stick it out rather than come to ND where there is a job on every corner. The majority of them seem to be too proud to leave home but are going broke in the mean time. I heard a good one about a guy not wanting to leave "the mountains" to come to ND for work. I know that scenery is nice, but I'd rather be looking at the mountains when I'm retired, not while I'm trying to put food on the table. You gotta make hay when the sun shines!
I'd rather all the nay-sayers stay out of ND. I know summer is upon on as it is getting warmer, but I can't wait for winter to get the riff raff outta here!
You say that like selfishness is bad. I don't care about your life, I work to support mine. In the end, I'd be willing to wager that your interests (food, shelter, security) come far before anything else. One can't afford to be generous when one is homeless and starving.
Dear WSJ,
Why is North Dakota unemployment so low? Most people work 50-70 hours/week to afford to live.With most jobs paying $8-10/hour, one has little choice but to work so many hours.
550 decent apt.
50 utilities
150 car payment (on the low end)
100 car insurance
300 food (assuming $10/day average)
Total: $1150/month
No entertainment, no health insurance, no financial planning of any sort. Why is unemployment so low? Work is all that most of us do.
Sincerely,
Lifeless Laborer
North Dakota lags behind on everything and I feel very confident housing will crash somewhat. Not double digit decreases or anything like that, but I see flat to single digit decreases overall in the next decade unless wages and the population start to increase dramatically. Either way, wages have to start increasing at the same rate as home prices at a minimum for there not to be a housing crash.
Obviously there are a lot of variables, I stated a few myself, but if things remain the same then I feel confident that I am right.
It just comes down to affordability. Home prices keep going up while wages remain relatively flat.
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