3 ms·

Interesting read, but I have to disagree with one of the tenets of the article. At one point he suggests that people should almost inevitably relocate at some p

by dkrich 14y ago

Interesting read, but I have to disagree with one of the tenets of the article. At one point he suggests that people should almost inevitably relocate at some point to a less-expensive area of the country in order to save for retirement. Wealth is relative. You can increase your own in only one of two ways- either earn more or spend less. Obviously his advice is the latter, but if you fall into the former category (and let's face it, if you're a frequent visitor to this site you almost certainly are) then that is probably terrible advice. I happen to live in D.C. and I can tell you that things are very good here. The job market is one of the hottest in the nation, real estate prices are astronomical and ever-growing, and most people you interact with around the city are above-average wage earners compared to the rest of the country. Yes it is expensive to live here, but a rising tide lifts all boats. If you want to prosper, it helps to sell in a market that is ripe with people who have the means to buy what you are selling. That could be your skills if you are looking for work or a product or service if you are trying to get something started. All things being equal, a strong economy helps all participants. If you move to the middle of Kansas, chances are you'll spend a lot less, but you'll probably earn a lot less too.

ruswick 14y ago
The wages in DC, although higher than the national average, are not astronomically so. The Mean anual wage in DC is ~$60k, while the national average is roughly $45k. This likely doesn't equate to a distinctly higher quality of life. Moreover, poverty is far more pervasive in DC than in the rest of the country, and, crime rates in DC vary, depending on the type of crime, generally between two and five times the national average.
- dkrich 14y ago
  Moreover, poverty is far more pervasive in DC than in the rest of the country, and, crime rates in DC vary, depending on the type of crime, generally between two and five times the national average. From somebody who lives in D.C. now and has lived in several other places to compare by, I can tell you that for all practical purposes, that just isn't true. The statistics you cite, while perhaps factually correct are basically meaningless. D.C. is not a very diverse city from a socioeconomic standpoint. There are basically two sides to D.C.- a metro area where everything looks new and clean, people are well-heeled, and housing is expensive. Ballston, Arlington, Georgetown, DuPont, Bethesda. They are all just expensive variations on the same theme- one community after another of well-paid, highly-educated people. Outside D.C. on the eastern and southern edges just inside Maryland is the D.C. that brings those averages into the territory you are citing. They add no practical value to a discussion of the city's economic health for those fortunate enough to not have any exposure to that side of the city. To consider that relevant to the discussion is like saying the average pay in a Fortune-500 company is $50k to counter the point that C-level execs of a Fortune-500 company are overpaid. While it may be statistically accurate, it is for all intents and purposes a meaningless data point in the discussion. What a first-year business analyst earns has absolutely fuck-all to do with what the CEO earns. The assumption I'm making is that a person who has above-average skill will do exceptionally well in an economically-strong area like D.C. when compared to a city with a small or sluggish economy.

by dkrich 14y ago

ruswick 14y ago

The wages in DC, although higher than the national average, are not astronomically so. The Mean anual wage in DC is ~$60k, while the national average is roughly $45k. This likely doesn't equate to a distinctly higher quality of life. Moreover, poverty is far more pervasive in DC than in the rest of the country, and, crime rates in DC vary, depending on the type of crime, generally between two and five times the national average.

dkrich 14y ago
Moreover, poverty is far more pervasive in DC than in the rest of the country, and, crime rates in DC vary, depending on the type of crime, generally between two and five times the national average. From somebody who lives in D.C. now and has lived in several other places to compare by, I can tell you that for all practical purposes, that just isn't true. The statistics you cite, while perhaps factually correct are basically meaningless. D.C. is not a very diverse city from a socioeconomic standpoint. There are basically two sides to D.C.- a metro area where everything looks new and clean, people are well-heeled, and housing is expensive. Ballston, Arlington, Georgetown, DuPont, Bethesda. They are all just expensive variations on the same theme- one community after another of well-paid, highly-educated people. Outside D.C. on the eastern and southern edges just inside Maryland is the D.C. that brings those averages into the territory you are citing. They add no practical value to a discussion of the city's economic health for those fortunate enough to not have any exposure to that side of the city. To consider that relevant to the discussion is like saying the average pay in a Fortune-500 company is $50k to counter the point that C-level execs of a Fortune-500 company are overpaid. While it may be statistically accurate, it is for all intents and purposes a meaningless data point in the discussion. What a first-year business analyst earns has absolutely fuck-all to do with what the CEO earns. The assumption I'm making is that a person who has above-average skill will do exceptionally well in an economically-strong area like D.C. when compared to a city with a small or sluggish economy.