The other day, LIBubble posted this comment on this blog:
Nice Try Long Island – 2% affordability means nothing! — Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog
What are we having some kind of a bubble war here? I’m not going to compare LI housing to Cali, they are both overpriced markets. Cali has its super high house prices, but it also has higher incomes; Long Island has the highest taxes and the salaries aren’t that great. Most people that have high income here have to commute to/from the city!
Whoa there! Is the claim that the bubble in Long Island is better/more special than the bubble here?
So what do we see:
- Mountain View has a median income that is 16.7% less than North Hempstead
- But yet house prices are 3.4% more.
Sorry LIBubble – your theory is wrong. People earn less and pay more here for housing.
Here are some other facts:
- Mountain View’s schools are slightly better (but that’s unique to Mountain View – look at neighboring Sunnyvale and San Jose)
- Mountain View does have a shorter commute because that’s where all the jobs are.
- Wow… look at the delta of Libraries and Museums! Adjusted for population, North Hempstead has 73% more museums (Though that’s due to the Manhattan factor).
- I was really surprised to see that North Hempstead has 29 ski resources within 100 miles.
- But the killer is the weather. Look at how awesome the weather is here.
And that’s why housing prices can only go up here in the Bay Area.