If you think about the lifestyle of ordinary Americans living on the fringe of Houston or Dallas, for example, compared to what their lifestyle would be in an older European city -- living in a walk-up apartment there compared to a 2,500-square-foot house here they bought for $130,000 with a 24-minute commute -- it's extraordinary in the low-cost areas of this country what a $60,000 family income gets you.Obviously I would take the walk-up in downtown or a European suburb anytime. I feel like analysts and newspaper writers don't get it. They don't understand that big house does not equal better lifestyle for everyone. Sure there is a segment of the market that wants that. But again, there is a reason why its more expensive to live in San Francisco than other places, it provides a certain type of lifestyle you can't get in the outskirts of Dallas. How many people in Plano can walk down the street to their grocery store or the local park where a movie plays with hundreds of people watching every Wednesday?
Monday, July 28, 2008
Why Does High Standard of Living = Bigger House
Mr. Glaeser annoys me again.