Saturday, July 14, 2007

High prices = desirability

Bryan Caplan makes an excellent point. He talks about all the whining that people in LA are doing about their quality of life, yet they still stay in a million-dollar house rather than move to another city. Clearly if the houses in a given neighborhood are worth that much, there is something desirable about the area.

There are engrained and semi-permanent reasons why some places will just always cost more than others.

Yet about an elderly resident tight on money yet in a million dollar house - you really ought to think about taking the million dollars and moving to a cheaper place. You will enjoy your last years a lot more.

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