Funny how things change: It was just a few months ago that we were supposed to be envying all those regions of the country that had a “robust economy.” But looking at this map, I see there are some hidden drawbacks to all that prosperity: immense and possibly unaffordable housing costs. Costs which seem to have people upset enough these days to produce a map such as this. But why are people so worried about this now? (Maybe because… I don’t know… a lot of that alleged prosperity we’ve been so envious of may yet prove to be built on bubbles and bad paper? Oh, I’m just being silly now.)
This map looks misleading when it comes to New York, and appears to reflect downstate home prices. But in the Syracuse metro area, only 27 percent of the mortgaged homeowners have housing costs that are more than 30% of their income. Which means, upstate New York as a whole is possibly close to the color of West Virginia on this map. (Except, West Virginia has lower property taxes.) Take that as you will, for better or worse. And pass me sum o’ dat moonshine, Pappy.