[RunawayJim]

Originally Posted by looking4home

Yes, I have wondered why Vermont hasn't modeled itself on a Silicon Valley or a Seattle. Certainly, there is the brainpower, which is the upside of all those ex-urban yuppie types that decided to relocate there.

Those are the types of people RI is trying to attract and put to good use. We have a lot of small technology startups popping up, mostly in and around Providence. We also have a lot of artists which also helps, and I'm not just talking about the ones with no money.

[mustmove]

Originally Posted by RunawayJim

RI is trying to build a creative and knowledge based economy, which is probably what VT should try to do. Having spent some time in VT's economic hub, it's similar to Providence in a way with lots of creative people.

VT spent a bunch of money on 'creative class' consultants and had/has a marketing plan based on such. Probably hired the same consultants as RI FYI the whole creative-class-economy bit is based on or in part Richard Florida's books is not a proven solution. Lots of feel good correlation stuff no proven results. Not saying the creative class is all bunk, but the state success marketing plans based on the idea are probably bunk.

[vermonter2010]

I FLED New Jersey in the early 1980's. Burlington now has everything that Bergen County, NJ has.... Macy's, gang bangers, prostitutes, traffic jams, McMansions, $300K Condos and litter everywhere. You have a lot to be proud of liberals from NJ and MA!

[Wingfoot]

Originally Posted by vermonter2010

I FLED New Jersey in the early 1980's. Burlington now has everything that Bergen County, NJ has.... Macy's, gang bangers, prostitutes, traffic jams, McMansions, $300K Condos and litter everywhere. You have a lot to be proud of liberals from NJ and MA!

Just out of curiosity ,today I compared rental prices on Craigslist between Burlington and my favorite big american city, Minneapolis.

On average prices in Burlington for comprable rentals seem about 30% higher than Mpls., and I would guess wages in comparable GOOD jobs to be at least 30% higher there than in Burlington.

So the way to riches must be to buy rental property in Burlington.

[RunawayJim]

Originally Posted by Wingfoot

Just out of curiosity ,today I compared rental prices on Craigslist between Burlington and my favorite big american city, Minneapolis.

On average prices in Burlington for comprable rentals seem about 30% higher than Mpls., and I would guess wages in comparable GOOD jobs to be at least 30% higher there than in Burlington.

Housing prices, especially rentals generally have little or no correlation to the average wages. They have more to do with availability and how desirable the city is.

Minneapolis is much much much larger than Burlington and it's in the midwest. Comparing such different cities isn't really fair and doesn't give you a good idea as to where Burlington stands. You'd need to compare it to comparable cities, Portland, ME being one, Newport, RI being another.

Midwestern cities, in general, are cheaper than anything in the Northeast regardless of what kinds of jobs can be found and what the salaries are like. Couple that with the fact that Burlington has 5 colleges in and around a city of ~40k and there goes your rental stock. Prices are higher primarily because of those 2 things, though property taxes certainly don't help, but again, in general, the midwest has lower property taxes than the northeast.

I'm not trying to say that Burlington is this great wonderful place, but at least be fair in your comparisons. The vast majority of people who move to a new city aren't looking everywhere in the country, they're looking in their same region.

[Wingfoot]

Originally Posted by RunawayJim

Housing prices, especially rentals generally have little or no correlation to the average wages. They have more to do with availability and how desirable the city is.

Minneapolis is much much much larger than Burlington and it's in the midwest. Comparing such different cities isn't really fair and doesn't give you a good idea as to where Burlington stands. You'd need to compare it to comparable cities, Portland, ME being one, Newport, RI being another.

Midwestern cities, in general, are cheaper than anything in the Northeast regardless of what kinds of jobs can be found and what the salaries are like. Couple that with the fact that Burlington has 5 colleges in and around a city of ~40k and there goes your rental stock. Prices are higher primarily because of those 2 things, though property taxes certainly don't help, but again, in general, the midwest has lower property taxes than the northeast.

I'm not trying to say that Burlington is this great wonderful place, but at least be fair in your comparisons. The vast majority of people who move to a new city aren't looking everywhere in the country, they're looking in their same region.

Yes, I know all that having made a good deal of $$$ in real estate in both places.

I was just saying you could become quite rich off rentals in B'ton, nothing else.

[tallydude02]

Vermont tends to rank high in many of the good areas, including income and education.

On paper Vermont looks good.

[hartford_renter]

WHy is it that VT is in the economic dumps but NH seems to be doing fine, or is this not accurate? I live in Hartford CT, but from my perspective it seems like VT and NH are pretty similar geographically/demographically, so why the disparity in the economy?

[mustmove]

No income tax in NH and NH is a lot more business friendly in regards to both permitting and taxes. NH always does better than VT, not sure how great everything is overall. Some of NH's numbers will be skewed by the Northern MA section of the state.

[RunawayJim]

Originally Posted by hartford_renter

WHy is it that VT is in the economic dumps but NH seems to be doing fine, or is this not accurate? I live in Hartford CT, but from my perspective it seems like VT and NH are pretty similar geographically/demographically, so why the disparity in the economy?

NH has the proximity to Boston. The major cities are all in the southern part of the state. Manchester is only an hour from Boston and a lot of people who work in Boston live over the border along Rt 3 and I-93. There is also a larger corporate presence in NH, likely because of that proximity to Boston.

While there is no income tax or sales tax (though the state has been thinking about adding one of them), property taxes are really high because the cities and towns don't get a whole lot of help from the state due to the lack of an income or sales tax. There is, however, a service tax at restaurants and hotels that isn't overly cheap (I think it's like 8%).