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News Link • Economy - Economics USA

Where To Wait Out the Great Correction

• by Bill Bonner
 

Tired of running out of time and money? Scrimping and saving just to make ends meet?

Try moving to Harlingen, Texas. The cost of living there is only about 40% of the cost of living in Manhattan.

Here’s Real Time Economics with a report:

Obama has spoken about having the rich pay their fair share, and $250,000 is a lot of money. But to characterize those households that earn that sum as “rich” depends very much on where they live. Thanks to regional differences on costs, $250,000 does not go so far in places like New York City and Honolulu, compared with cities in Texas or Tennessee.

The Council for Community and Economic Research calculates cost of living indexes for US cities based on goods and services bought by households in the top-income quintile, which nationally covers incomes of about $100,000 and above according to US Census data.

What the data show is that the cost of living in Manhattan is 118% higher than the national average. On the other hand, a household in towns like Harlingen, Texas, or Memphis, Tenn., has a cost of living 15% less than the US average.

 

1 Comments in Response to

Comment by Sharon Jarvis
Entered on:

The problem with suggestions like this one is: how do I sell my house in order to move not just to Texas but to anywhere else?  Plus, there are immense water problems in the West and Southwest (Texas has been in drought for years, for example).

 I just love it when people rich enough to do anything they want give the rest of us advice.


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