3 ms·

Please define your "tier 1 cities/suburbs" and why they are "tier 1".

• lotsofpulp 7y ago
  Where many rich people compete with many other rich people to live, evidenced by higher than average home prices and higher than average increases in home prices. In the redfin link, the difference between national median sale price and cities such as SF/NYC/LA/BOS/DEN/etc is huge, and growing! There is clearly a migration of money and human resources from many areas into fewer regions of the nation. Cities like Indianpolis/Minneapolis/Nashville/etc are also growing, but I bet the areas around them are not, because people are migrating to the urban areas.
  • mrep 7y ago
    > Where many rich people compete with many other rich people to live, evidenced by higher than average home prices and higher than average increases in home prices. That's just a proxy for good wages but you can find good wages in tons of other cities. I earn a 10% lower salary in chicago then I did in the bay area or seattle but I make up for that many times over by being able to afford a 5000 square foot house in chicago in one of the best public school districts compared to a 1000 square foot house in the bay area in a mediocre school district. The difference: Chicago and most other cities geography allow them to sprawl and there is still plenty of undeveloped land keeping land prices low whereas the bay area basically has 2 5 mile wide strips of land for single family homes and there is none left to develop which is why your housing prices are exploding. So while you consider tier 1 cities to be ones in which everyone lives in tiny homes spending all of their money on home mortgage interest rates because land is scarce, I consider tier 1 cities to be ones which pay well and also have affordable housing allowing me to invest money I would be spending on mortgage interest rates in your tier 1 cities.
    • deleted 7y ago
      [deleted]