Adam Ozimek revisits a never-ending debate:
If someone making $250,000 doesn’t feel rich in Manhattan then they can just move to Queens and feel rich. In fact in most cities there are neighborhoods with really expensive homes less than a mile from neighborhoods with really cheap homes. It would be nonsense for someone living in a $2,000 a month condo they can barely afford and shopping at the expensive local grocery store to say they aren’t rich because their costs are high relative to their $70,000 a year income. They’re simply consuming an expensive neighborhood as an amenity to their home. Note this can be true at the county level as well.
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