It’s worth remembering that, even if you have the capital to buy an expensive
house, you have to be able to afford not to use that capital for something
else, i.e. to sustain the opportunity cost. I think this every time I walk
down an expensive street in London: even if I had bought a house in Kensington
for £100k some decades ago, the fact that it might now be worth 20 times that
would mean that I would have to be able to afford not to do something else with
that £20m (or £19 once I had bought myself a decent pad in the country, nowhere
near London :-)).
If only life consisted of such decisions . . . ;-)
Chris
On 26 May 2014, at 16:57, Ken Norton <ken@xxxxxxxxxxx> wrote:
>
> Yes, living in NYC or SF is expensive if you try to have the same
> standard of living as you would in Iowa. However, on the flip side,
> the salaries for equivalent jobs are typically higher enough to make
> up a lot of the difference.
--
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