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Old 02-26-2013, 09:57 PM   #1
rezznor
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Default Adjusted per cost of living, Houston dominates with the highest standard of living

Dallas and Austin come up 2nd and 3rd. Texas trifecta baby!

http://blog.chron.com/opportunityurb...ard-of-living/



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Houston dominates America’s growth corridors and makes the case for the world’s highest standard of living
Monday, February 25, 2013
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The Manhattan Institute has just released a new report by Joel Kotkin on “America’s Growth Corridors“, which outlines four key corridors that are still growing strongly in an otherwise anemic U.S. economy: the great plains, the Gulf coast, the inter-mountain west, and the manufacturing belt of the southeast. Houston figures into the report quite prominently as the largest city among the four growth corridors. If you don’t want to read the whole pdf, I recommend searching on “Houston” to find the key elements. Here are some of my favorite Houston excerpts:

In Houston, for example, the massive Texas Medical Center is now the largest concentration of medical facilities in the world. [It] now ranks as the country’s 12th-largest business district in terms of square feet, ahead of downtown Los Angeles, with plans to expand so that it will rival Philadelphia’s (the seventh-largest) in size by 2014.

Houston, the clear center of the Third Coast economy, has emerged as one of the country’s megacities. Over the past decade, Houston has had one of the largest increases in employment of any major metropolitan area—up 15 percent between 2000 and 2011.



Houston, Dallas, Baton Rouge, and Tampa have seen stronger rates of growth in the numbers of educated people moving into their areas, more so than such cities as New York, Los Angeles, Chicago, and San Francisco.



Houston and Dallas already have a higher rate of international immigration than such traditional magnets as Chicago, Washington, and Philadelphia. A recent Rice University study found that Houston now surpassed New York as the country’s most racially and ethnically diverse area.

Today, Third Coast ports Brownsville, Tampa, and Houston have some of the highest rates of foreign immigration in the nation. Traditionally, this migration has come largely from Mexico and Latin America, but newcomers are increasingly arriving from Asia as well. Over the past decade, Houston’s Asian population has expanded by 160,000, or 70 percent, and the city is now home to the eighth-largest Asian population in the nation. Houston’s Asian migration is growing 50 percent faster than migration flows to such established Asian hubs as New York, San Francisco, Los Angeles, and Seattle.



When adjusted for cost of living, wage earners in Houston, Dallas, and Austin, as well as most corridor cities, earn much more than residents of New York or Los Angeles.



This is particularly notable in Houston, which has had one of the strongest increases in manufacturing over the past decade of any major city



The region is now home to several of the country’s leading ports, led by Houston and New Orleans, which also boast the first- and second-fastest growth in custom district traffic among the top five districts, outpacing New York, Los Angeles, and Detroit.



In the future, many Third Coast ports will likely increase trade with Asia. The scheduled 2014 opening of an expanded Panama Canal, with double its current capacity, will likely shift some Asian trade from America’s West Coast ports to its Third Coast. Houston will likely benefit most; the city expects a 15 percent jump in Asian trade after the canal expansion project is complete. In contrast to ports in the Northeast and California, virtually all the Third Coast ports—and many on the southeast littoral as well—are in the process of large-scale expansions.

But, by far, the most important and interesting tidbit in the report is the chart at the bottom of page 15:




As you can see, Houston simply dominates it at #1 with $75k (!!). DFW and Austin are a distant second and third at $63k, and they fall from there. This is reinforced by a similar statistic in a recent City Journal article on the Texas Growth Machine (hat tip to Jessie), which notes:

“Adjusted for cost of living, Texas’s per-capita income is higher than California’s and nearly as high as New York’s. Factor in state and local taxes, and Texas pulls ahead of New York.”

This further backs my argument that Houston has the highest standard of living in the U.S. (and likely the world) among major metros.

Of course the dominant factor in cost of living is housing, so this strongly validates Texas’ free market approach allowing supply to meet demand (if avoiding the housing crash didn’t already prove that point). And Houston’s very substantial $12k advantage over even other Texas cities points to the incredible value of no-zoning in keeping housing and other costs of living low (including commercial office and retail costs). For more on how that works, check out my Opportunity Urbanism op-ed here. And that leads me to end with this awesome graphic that I just love (hat tip to Josh).

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Old 02-26-2013, 09:59 PM   #2
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

lol america
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Old 02-26-2013, 10:45 PM   #3
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

holla
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Old 02-26-2013, 10:51 PM   #4
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

Enjoy it while it lasts. I'm sure the cost of living adjustment will be a lot less generous to Houston in like 10 years.
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Old 02-26-2013, 11:08 PM   #5
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

Dat lack of state income tax
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Old 02-26-2013, 11:09 PM   #6
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

Money Ain't a Thang!
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Old 02-26-2013, 11:38 PM   #7
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

Time to get the fukk out of Connecticut and the fukk down to Houston
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Old 02-27-2013, 12:53 AM   #8
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

Houston is where it's at.

Your money goes a long way here.

I sometimes see television shows of people searching for a home in California, and they are spending like $400,000 on tiny little houses.

$400,000 in Houston gets you a 4,000-5,000 square foot house with wood floors, giant kitchen, commercial range, granite counters and all the bells and whistles, etc.


Here's the difference:

1823 S Burnside Ave, Los Angeles, CA. Only 1,145 square feet, $499,000











14319 Norhill Pointe Dr, Houston, TX. 4,731 square feet, $475,000





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Old 02-27-2013, 01:01 AM   #9
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

That pic says more about LA I think.

It's fckin nuts that little shack is half a mill...wtf how ridiculous

That house would be $100 k in Dallas
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Old 02-27-2013, 01:02 AM   #10
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

WHat kind of houses do you texans live in? I think rezznor is wealthy.
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Old 02-27-2013, 01:05 AM   #11
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

THAT's a $475,000 home in Texas? Goddamn. Dirt certainly doesn't come that cheap where I live. Well, in other parts of the state I guess it does.
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Old 02-27-2013, 01:08 AM   #12
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

http://www.insidehoops.com/forum/sho...d.php?t=268668

^^^ my old Dallas condo

My current house is 3,600 sq ft at around the same price...its not quite as nice as that Houston house posted in here but its close. If I ever take pics I will post in here.
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Old 02-27-2013, 01:12 AM   #13
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

Quote:
Originally Posted by -p.tiddy-
http://www.insidehoops.com/forum/sho...d.php?t=268668

^^^ my old Dallas condo

My current house is 3,600 sq ft at around the same price...its not quite as nice as that Houston house posted in here but its close. If I ever take pics I will post in here.
How much was the condo?
and holy shit stro is wealthy as ****. You have a fuking library.
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Old 02-27-2013, 01:16 AM   #14
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

Quote:
Originally Posted by Jello
How much was the condo?
and holy shit stro is wealthy as ****. You have a fuking library.

An empty library.
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Old 02-27-2013, 01:16 AM   #15
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Default Re: Adjusted per cost of living, Houston dominates with the highest standard of living

Quote:
Originally Posted by Jello
How much was the condo?
and holy shit stro is wealthy as ****. You have a fuking library.
Sold it for $265k
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