There is a lot of recent rhetoric about socialism and class conflict (see NY Times on The New Socialists). Housing is one reason so many young people are so disaffected (article behind the grim map above).
- San Antonio is the only one of the top 10 most populated cities where a working class family can enjoy a decent living without taking on more debt. Out of the top 50, only 12 qualify.
- Geography obviously plays a big role as well. Newark, New Jersey, Chesapeake, Va., and Jacksonville, Fla., are the only coastal locations where a worker can support his or her family. How many on the West Coast? Shocker: Exactly zero. You probably don’t need a map to tell you, but the more landlocked, the more affordable.
- The best place to live from a financial perspective on an Average Joe’s salary is Fort Worth, Texas, which would leave a working-class family with a $10,447 surplus at the end of the year. On the flip side, that same family would need an additional $91,184 just to break even in New York City.
I really think Texas should get a lot more positive coverage than it does. When was the last time you heard about the state other in an article about Ted Cruz or some other national issue?
ReplyDeleteI would love to see an updated map from 2018 for Nashville - in the illustration it is -$20.5k of additional debt incurred to live here. Knowing many folks are moving out of Nashville proper we've seen a surge in surrounding communities like ours (Fairview) of young adults and families seeking housing under the $200k mark, and any listings that do go up are sold within the week.
ReplyDeleteKeeping long run equilibrium in mind, wouldn't residents of Fort Worth cringe to see this research published? The incentives for Average Joe to move his family there are great, then housing prices would start to creep up. This is what happened to Nashville, right? Our great cost of living was well known and then so many people moved here and the prices went skyrocketed. This is also why we live 45 minutes outside of Nashville now.
ReplyDeleteBut I guess current Ft. Worth residents wouldn't mind the housing price increase if it created wealth for them. But it would force the Average Joe to the outer areas.
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