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Reply #88


Response to MrModerate (Reply #86)

Thu Aug 22, 2013, 07:57 AM

88. Many of those prices are very similar to the big US cities and their suburbs

NYC, Washington DC, Chicago, Boston, Los Angeles and San Francisco in particular have restaurant and real estate prices very similar to what you just listed. But you wont find median wealth per adult even in those cities and their suburbs at $193K. Probably not even close to that.

This is a graphic representation of the problem here in NYC. NYC has a massive amount of wealth if you look at it aggregately. But when you look at the distribution of that wealth, you see the same problem the rest of the country has. http://m.theatlanticcities.com/jobs-and-economy/2013/08/visualization-day-new-york-citys-wealth-gap-mapped-3d/6571/

Sure, we have an impressive pocket of super wealthy people here. But wealth for the rest of NYC drops off sharply.



Australia does not have that issue. You can say that the wealth is mostly tied up in homes and claim that this means the wealth is not liquid, but if you have that kind of equity in your home, you can borrow against that equity quite easily. You can sell that home and move to an apartment. You have options. It's quite different from someone whose total wealth is $15,000-40,000.

On Edit: Note the above graphic is household wealth, not wealth per adult.

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LineLineLineLineLineLineLineLineLineLineReply Many of those prices are very similar to the big US cities and their suburbs
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