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The Places in America Where Most Income Goes to Rent

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21–30 of 154 posts

Re: The Places in America Where Most Income Goes to Rent

#21
post #15

I think Minneapolis is an interesting data point on there, since I've been told (and the data here reflects) that housing in Minneapolis is on par with Chicago right now, but the salaries haven't caught up. Minneapolis ranks as one of the worst Annual Salary After Rent cities, even behind LA and Seattle, which comes as a surprise. Also one thing I've found as I work through a move from an expensive city (SF) to a les…

Tech salaries in Minneapolis and the surrounding area aren't terrible if you're reasonably qualified and do some digging- think low $100k and up. The rents seem absurd to me- $1300 for a one bedroom apartment? - but that's because I grew up in a town where a two bedroom apartment above a quiet store would cost $450 a month, tops.

Re: The Places in America Where Most Income Goes to Rent

#23

They're skewing the data to fit their narrative by only looking at medium rent for a 2 bedroom apartment.

Furthermore, those looking for a 2br are very likely to be dual-income, at which point high cost areas begin to make a lot of sense even if the rent is insane.

Re: The Places in America Where Most Income Goes to Rent

#24
post #15

I think Minneapolis is an interesting data point on there, since I've been told (and the data here reflects) that housing in Minneapolis is on par with Chicago right now, but the salaries haven't caught up. Minneapolis ranks as one of the worst Annual Salary After Rent cities, even behind LA and Seattle, which comes as a surprise. Also one thing I've found as I work through a move from an expensive city (SF) to a les…

Just to throw some anecdotal data on the pile - when I was looking for an apartment in Minneapolis (South MPLS and ~two years ago) I was able to find decent one-bedrooms for around $1000 and currently rent a two bedroom in a triplex for $1100.

Re: The Places in America Where Most Income Goes to Rent

#25
post #15

I think Minneapolis is an interesting data point on there, since I've been told (and the data here reflects) that housing in Minneapolis is on par with Chicago right now, but the salaries haven't caught up. Minneapolis ranks as one of the worst Annual Salary After Rent cities, even behind LA and Seattle, which comes as a surprise. Also one thing I've found as I work through a move from an expensive city (SF) to a les…

Expand that to the entire Twin Cities area and prices fall even more. I bought a two bedroom condo in a suburb 20 minutes from downtown Minneapolis for $80k last year. When I was renting a three bedroom two bathroom house house in a nice area of South Minneapolis was $1500 a month. And developer salaries here are pretty good. Not Bay Area levels, obviously, but mid-level developers should be making over $100k in base salary.

Re: The Places in America Where Most Income Goes to Rent

#26
Salary after rent is not necessarily an optimal metric. It works when looking at things like vacations and national products, but when you’re looking at local spend, that rent gets passed through everything that requires local land and labor. Food (especially prepared food) and entertainment tend to be priced in local dollars.

Re: The Places in America Where Most Income Goes to Rent

#27
Where the heck do they get $2800 for a 2BR in Seattle from? That seems high to me. A year ago I was renting a 3BR for $2100.

Well, ok, "average" across all 2BR in the city. That doesn't really tell the full story and will be drawn up by high outliers.

There are a lot of methodology problems here.

Re: The Places in America Where Most Income Goes to Rent

#28
post #18
post #2

The confluence or random circumstance and intentional lobbying that have allowed SF area landlords to ensure that a low stock of housing is maintained in the face of skyrocketing demand is truly fascinating.

Everything always seems behind. When I lived in mountain view, local papers were full of old school residents complaining about nearly finished new housing on Castro that a bunch of googlers would move into. Like... The time to preserve your small town setting passed about 20 years ago lol. It's no longer apricot field town, it's silicon valley, it's staying silicon valley. Why not profit off the rising land values?

But Silicon Valley was already dead 25 years ago!

https://groups.google.com/forum/#!original/alt.folklore.comp...

  Newsgroups: alt.folklore.computers
  Path: sparky!uunet!stanford.edu!nntp.Stanford.EDU!abercrombie.Stanford.EDU!paulf
  From: pa...@abercrombie.Stanford.EDU (Paul Flaherty)
  Subject: Re: Sillycon Valley history
  Message-ID: 
  Sender: ne...@leland.Stanford.EDU (Mr News)
  Organization: DSO, Stanford University
  References: 
  Date: 11 Mar 93 18:25:19 GMT
  Lines: 20
  
  dpa...@csulb.edu (Dave Palmer) writes:
  >From what I understand, the shine is rubbing off. The cost of housing is
  >ludicrous, and companies are fleeing to places like Arizona. But you
  >still can't throw a silicon wafer in Cupertino without hitting an Apple
  >facility.
  
  I think it's fair to say that Silicon Valley is dead.  Cheap venture capital,
  minimal startup cost, access to university researchers, and good inter
  business communications fueled an engine which turned ideas into products.
  You can now find venture capital elsewhere, with the discount rate being
  what it is.  The cost of housing and office space has spiraled out of
  control, thanks to the environmentalists and Prop 13.  The trade secrets
  and intellectual property mania have pretty much destroyed open cooperation.
  The universities remain, but aren't the driving force they used to be.
  
  The place has a much different, more ossified feel to it than it did seven
  years ago.
  
  -=Paul Flaherty, N9FZX | "My boy, we are pilgrims in an unholy land."
  ->pa...@Stanford.EDU   |                                -- Dr. Henry Jones Sr.

Re: The Places in America Where Most Income Goes to Rent

#30
post #16

Earlier quoted context omitted.

The median home price in Santa Rosa is astronomical. Perhaps you meant Chico, or Corvallis, or something like that.

It's pretty high, I'll grant you - but 1/3 that of San Francisco. And the rent is correspondingly lower. Chico etc are significantly lower than that, of course, but they're a longer drive away - Santa Rosa is just an hour on the 101 from SF.

I'm not convinced it's really just an hour during commute hours.
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