I'm a 64-year old semi-retired structural engineer in Bristol, UK - who considers himself *_incredibly fortunate_* for the life I've been able to lead. But am not wealthy by US or Western/Northern European standards. I've just worked hard, taken opportunities and live frugally. Now that must feel better!
love the voice and the tone ... although she has a German accent and her videos are about physics, Sabine Hossenfelder, has a similar tone in her videos ...
😂That's cause you understood something that has a bit of complexity, but if you're far from owning a home or already have one, it's probably not something useful for you right now
This channel is great because…well, for several reasons, but one major reason is that he clearly writes a entire presentation in advance, rather than the current stylistic trend which is to simply wing it off the top of your head, then using editing software to edit bizarre jump cuts into your video, in order to get rid of the 90/10 ratio of garbage/good material. He’s thoughtful, puts serious work and thought into every word, and the end results shows that. This is how educational material should all be prepared. With good logic and, more important, good evidence, well written, etc. Good on you!
I'm Australian - and a couple years ago when our software jobs became remote during COVID, my wife and I moved from Sydney to Cairns (in tropical regional far-north Queensland). House prices here are about a quarter of what they are in Sydney while government services are basically just as good. So far moving seems like an excellent decision and has meant we've been able to start a family many years earlier than we otherwise would have.
I find that an interesting concept, "being able to start a family many years earlier than we otherwise would have". Historically it's been more the other way around; you start a family and then work all your life to support them.
Cairns is a rather extreme move for people looking to do the same. The Central Coast/Wollongong are more viable as you could still commute into Sydney if required a couple times per week (the poor bastards at CBA).
When my wife and I were looking to leave our native Minneapolis, we came up with a metric that we found very helpful when searching for places to live. We call it the "Bovine to Human Ratio". We moved to an area with a Bovine to Human Ratio of just under 40. That is, about 39.6 cows per human. Cows make great neighbors. They mostly go to sleep when the sun goes down so there is rarely any loud cow music after dark. They also have no reservations about pooping in the road so California people would feel right at home.
My friend did the same, except he screened for African Americans instead of Bovine, and with a very low ratio of AA per Whites., but for the same reasons.
I’m impressed that you found a 2 bed flat in Kensington for £800K. Although it was probably a one bed and the owner just built a plasterboard wall across the middle.
Having lived in CA for 15 years, I would add that there are so many weirdos in CA that it is an absolute necessity. And I can guarantee the situation is getting worse by the day with the current political "elite" in power in CA.
I used to believe that home prices where higher because people get paid more there. Now i know its just a destructive feed back loop of never losing money on bought property
@d3st88 in the end it is all irrational. You get paid more, but you willingly also pay more. The ask price would not keep on increasing of people understood the value of money better. But when a person earns the same money by working less (time/effort) than another less fortunate individual, then the first person will find it easier to say goodbye to the same amount of money than the latter. And this, of course, drives the ask price up. We cannot always wait, be cautious and refuse to parttake in what should otherwise clearly come off as an unhealthy market. We contribute to the growing cancer.
@tcioaca calling it cancer denotes a hint of inevitably or fate. You don't even have to be dogmatic or draconian about fixing these problems. 1. pin min/wage to inflation(no questions). 2. Heavily Tax secondary+ estate purchases. 3. Follow our own antitrust guidelines.
@easyrebel81 point 2. may have a positive impact. While point 1. may seem as a good option, in my view, it goes against the cause of inflation in the situation when you do not have resources to satisfy the demand, so just tuning the minimum wage itself will in no way address the underlying issue. Same actually goes for housing: not enough units are being built, and the older ones are either subpar or in locations that have no economic perspective to attract buyers and/or working class people. But, as long as we will keep losing contact with the inherent value money represents, we run the risk of driving the market in a bad direction. So, we are partly to blame. By cancer I mean a ripple effect: you earn more, thus are less reluctant when it also comes to paying more for the thing you want, even if that thing does not have any inherent added value relative to yesterday, per example. We are quite irrational, hence we do things that have such consequences.
I've lived in Vienna and Sydney, visited Shanghai and Beijing, and many places in the US. For my $1 million I'd live where I do now: Pittsburgh. Amenities include one of the world's greatest symphony orchestras, the nicest baseball stadium in the country (the team is lousy but wait until next year!), very good hockey and football teams, a wonderful museum and art galleries, opera, ballet, good restaurants, excellent medical facilities, etc. etc. For sense of community - it's so strong we even have our own accent and vocabulary. All this with a median house price of $275k. Although I miss Sydney's beaches and Vienna will always be the "Stadt meiner Träume", Pittsburgh is a very nice place to live.
Amsterdam in the Netherlands: for $1Mlln you'll get a chunk of a house which in other countries qualifies as a closet. However, for the same price you can triple or quadruple the size of your home just by living right outside Amsterdam at a 20 minutes distance by public transport.
I think the Dutch have a rather odd mortgage market which might partly explain their extremely high ratio. I think it was Economics Explained that mentioned it (yeah I know some people on here really don't like that video, but I'm going to take his word for it on the mortgage situation), something to do with LTV rates well in excess of 100% being allowed and the government insuring mortgages, plus mortgage payments being tax deductible. I could see how that might push up house prices.
@@Croz89 imagine taking a 100%+ LTV because the government is backing you and maybe even gaining money depending on how their taxes work... yikes lol, that to me is a national disaster waiting to happen
@@markowitzenThe national housing disaster has been slowly unfolding for the last 10 years. People in their 30s living with their parents unable to start their lives/a family because rent is too expensive. Social housing being lotteried away and every house there's at least 1000 interested people. And that's not even to mention it's impossible to build anything new because we blew our nitrogen budget on farmers that export their meat abroad. It's all rather depressing.
Great video overall, but one extra point to add to the analysis. The average property tax in Texas is 1.6% compared to 0.7% in California. Texas doesn't have state income tax, so doesn't have as much money for government services or to give grants to cities. So the cities compensate by charging higher property taxes. Texas is still cheaper than California, but when you consider property taxes the gap isn't quite as big as most people think.
True, Texas property taxes are higher, and there is no state income tax. However, I feel a fairer comparison would be to compare two houses of the same size and amenities, not two very dissimilar homes. In that scenario the CA home would still be $1.2 million but the Corpus Christi home would drop to probably $300,000. The compare what saving $900,000 would do for your finances.
Doesn't Texas charge sales tax on most services as well (like lawn mowing)? I've lived in TX, MI, OH, OR, NC, AZ and WA. If I remember right, they all charged tax on some services but it seemed like TX charged tax on almost all services
But as someone else pointed out, the housing prices are like four times as high, so you *still* end up paying more property taxes in California. I have lived in California most of my life and there have been many years where my property taxes were more than 10% of my gross annual income (not net, gross). The money goes off to the state and only a little of it makes it back to the city you live in, based on some very esoteric distribution system. The rest gets spent on god knows what. It seems as if taxes keep going up and what we get back for those taxes keeps going down. There are plenty of reasons people are fleeing California. And it's educated and well off people that are fleeing. I will leave myself one of these days, I am pretty sure.
As a Texan, you will regret moving here if you enjoy the outdoors at all. The heat is unbearable, and the weather is just too unpredictable in other months.
@@Philhou77005 that too, especially at a municipal level. And you cannot live without a car anymore except maybe MAYBE downtown Austin, so add that to costs too.
Patrick you rule man. I watch all your videos. When I don't have an interest in the subject I still watch videos for entertaining purposes. Keep on rocking my friend.
I think for those who still want an urban setting, "second tier" cities are definitely worth a look. In many parts of the world you're still going to get the majority of the things you want, parks, nice restaurants, etc. but the homes are usually a fraction of the cost of "first tier" cities. The UK, for example, is so economically unbalanced it only really has one first tier city, the big smoke itself. Second tier includes Edinburgh, Glasgow, Birmingham, Manchester, Leeds, Liverpool and so on (you might consider Birmingham and Manchester in an upper sub tier due to having metro areas of over 2 million people, which doesn't come close to London's 11 million). $1 million in any of these could probably net you a penthouse in one of the most prestigious residential skyscrapers, rather than a pokey flat above a shop. There are some compromises, you won't have the famous attractions on your doorstep and particularly in the UK public transport is considerably worse than in the first tier city, not as bad as the US perhaps, where you might be lucky to find a regular bus service, but if you compare Paris to Lyon, both have underground systems with multiple lines, whereas the only true underground metro outside of London is in Glasgow, and it consists of only a rather small loop line around the city center. Though it's worth pointing out that that $1 million will get you a nice residence smack dab in the city center or pretty close to it, so you can probably walk or cycle to most places you want to go anyway, or take a short taxi or bus/tram ride, whereas in London you'd probably need to take the tube.
@@LevkinIt's a bit better on the continent, though places like Germany have more first tier cities so you're probably going to be looking at cities like Hannover, Leipzig or Karlsruhe rather than Hamburg, Dusseldorf or Stuttgart if you want cheaper housing.
One of the hindrances of enjoying a cultural nightlife is that most types of public transportation stop running before you finished dinner and a show, or they run so infrequently that you might end up standing at a stop for a lengthy period of time. On the other hand, sharing a bus or trolley after midnite with who-knows what type of people is not likely to add to the enjoyment of a night out.
The manhattan apartment is actually a cooperative, not a condominium. Which means its “condo fee” is inclusive of real estate taxes (while san francisco and boston condo fee is not). So this is not an apples to apples comparison.
@davidedettorre3275 I'm surprised at the fees too. That's thousands a month in what I'd call a service charge on a property you own? So they can mow the lawn and change some lightbulbs? I'd prefer the pokey flat in London, except Chelsea has too many Russians
@davidedettorre3275 Well my council tax in outer London is about £200pm, or very roughly $3000 pa, and that covers roads, education, waste collection, police, etc etc. I think it's high given the level of service delivered
I think the cost of transportation is often understated. Where I live in Germany I can get around on Bike and Train which means my total monthly transportation costs are just around 60 euro. Driving around in a car costs on average about 10× as much so having a bikable city saves you a lot of money. (And keeps you fit)
Weather is a factor too here when looking at transportation. Even in the areas of the US where public transportation is reasonable, walking and biking can be a bad idea in extreme heat or cold, rainy seasons, snowy seasons, and so on. With cars you're exposed to the elements a lot less, and it's going to be considered unprofessional, especially in a customer facing job, to be sweaty, drenched from the rain, or so on when you go to work.
@@phonyalias7574I've never really biked to work, but every office I've been in has had showers for people who do and come in sweaty. Tbh though, these days with pedal assist bikes, it's a lot easier to cycle without overheating even in warm weather.
God Bless Patrick Boyle. You might not agree with him but you are getting his unbiased opinion based on experienced analysis. It’s just so enjoyable to listen to him.
@@markowitzen yeah with Patrick it’s like listening to a friend. You might not agree with them but you don’t feel manipulated. Most of the time I agree with him and all the time he makes me go “oh wow I hadn’t thought of that…”
Another major thing to consider is security and safety, I own a house in Long Beach New York and another one in Medellin Colombia, and the only thing that worries me is the security and safety in Colombia.
I've lived in California and Texas and definitely feel a lot safer in Texas. Edit: this is ironic because the crime rates are nearly identical. California just feels less safe.
@@A5un Dint they just make stealing stuff leagal an this is the reason we've all these videos of locked shelfs and people filling trashbacks with cigaretts?
This was awesome, I recently had to do a capstone project for a UX course, and I chose the subject of moving out of state - and my idea was to develop an app that would answer the very questions you ask here. I wish you had uploaded this like six months ago, the resources used were super helpful lol
The Dutch get so many extra benefits that are not accounted for here - the high levels of safety, top-tier education systems, free healthcare, community services being more affordable like teaching a kid how to swim. Also, I think videos like this should include the cost of utilities and water - which are becoming more & more expensive in different places in the world.
Please do follow ups to this video! It was super interesting. Some ideas: 1. Rural vs city. Costs & trade-offs 2. The eu market, what about Sweden? Switzerland? Different provinces inside the eu? 3. Living on an American salary in other countries. Comparisons. 4. what about "second tier" cities?
Average income is not really the best metric to track affordability of a regular person living in these areas as it is skewed by large outlier (like tech billionaires) using median income would probably yield a better estimate of income for a regular person
Public transport in Edinburgh is excellent (award for best UK bus service for example). Easy to get to centre of town or out to the countryside. City centre very walkable.
I think a big problem is that US Cities include large suburban expanses that are technically part of the city while European cities don’t. What Europeans consider the whole city is just what an American would call “downtown”, this will skew American metrics down somewhat, including ones like, access to high quality schools, price, and public transport.
I didn't quite understand why we're comparing average US costs to specific cities like Toronto Shanghai Mumbai London etc. shouldn't those cities be compared to NYC or San Francisco Boston etc
Not everyone who watches this is American, I suppose, or wants to live in the US. Also, American and indeed North America in general have cities that are very "samey". But really it's probably because this is for the How Money Works guy who can choose anywhere.
Mexico City has been getting more and more expensive in the last few years due to people finding out what a hidden jewel it is and the relatively affordable prices. They won't be happy to know they're being mentioned in these videos. 😅
@@Croz89Actually everyone from outside of Mexico city hates Mexico city and its people. People only move to the city because there are jobs and universties. But, I wouldn't say Mexico city is affordable, I mean it is if you are an American, but the average Mexican simply can't buy a property anymore, if you don't have your family or inheretance or have a really good income then you probably won't be able to afford a house.
Gentrification is getting wild here, tons of these "digital nomads" are buying homes in Mexico City and forcing the locals out... There's some places where you can walk around and never hear a word in Spanish.
I wondered how much the numbers will change when adjusting for cost of health care and private schools. Patrick mentioned these may be impacting but did not take these into account with the calculations. Could this have something to do with how money works' personal circumstances?
@@donnalynramirez5168 I've lived in countries where health care was comparable to the U.S. system, but much less costly. My experience with private schools depended on if one's employer would bear the costs. It's going to come down to how flexible how money works is willing to be when he makes the move.
The main cause why (building)land and houses are so expensive in the Netherlands is the enormous shortage of housing. The country is the most dense in the EU and #20 in the world with 1100 people per square mile. 26% of the country is below sealevel and a minimum of 59% of the land will always be vulnerable to flooding. A famous German statesman in the past said that if the people from the Netherlands had Ireland, they would make it the garden of Europe. And If the Irish occupied the Netherlands, they would drown. In addition to the overstretched housing market, mortgage interest rates are historically low, which means that people can borrow very cheaply. People can mortgage a house worth up to 4.5x their gross annual income, without down payment.
Comparing to many countries the shortage is not that serious. The biggest problem is that The Netherlands is the inventor of modern capitalism and people still live in that mindset - they don’t live in a home, they live in ‘valuable commodity’ that ‘will always be more valuable later in life’. And if everyone believes that same narrative people will buy an expensive house because they think it will become even more valuable along the way AND they won’t sell it for less than they have paid because, well, that should be completely impossible in their narrative. They would rather go bankrupt than settle for less profit.
I though the population density of the Netherlands was 522 per Km2, which is pretty close to the population density of England, at 434 per Km2. I am guessing you are excluding agricultural land?
@@peterfmodel now that made me curious so I checked the numbers and I found 532 p/km^2 which should equate to 1377 p/mi^2. I guess that is American miles, not Imperial, by the way.
@@RustOnWheels My bad, as i come from a metric country i just assumed it was sq km rather than sq miles. I suppose i need to read the comments more carefully.
Floridian living in Chicago here - I love my home, but I’m really glad I left in 2021. Here in Chicago wages are higher, cost of living is surprisingly lower (even with much higher taxes factored in), public services like transit and education are fantastic by American standards, I’m walking distance from everything I need, there are high paying jobs in practically every industry, and in general it’s just a very nice place to live. Of course there are some serious issues (crime and poor governance come to mind), but of course if you’re worried about crime the suburbs are fantastic as well. Glad I ended up here.
My friend drives Uber in Chicago. He has already been carjacked and sees the aftermath of shootings about once per week. Crime IS the reason I'm leaving California and considering Florida. Another big factor is starting a business in a state that won't regulate or tax me out of business. I agree that Chicago has nice suburbs, but the with the "no-bail" law about to take effect the crime is only going to get worse state wide.
@@alansnyder8448 I don’t disagree with your sentiment. Where is your friend driving if I may ask? If he’s out late/in a bad area, I wouldn’t be surprised. The city’s not going to grow until crime is under control. It’s different than many other US cities though in that crime in Chicago is extremely concentrated in 3-4 neighborhoods on the S/W sides. I believe there’s a statistic that 90+% of the violent crime in chicago occurs on just 10% of the cities blocks, for example. So it depends on where you are in the city, and for the most part the suburbs and much of the north/NW side are incredibly safe, overall. Just like everything in Chicago it’s a tale of two cities.
@@cullenpeterson First my friend works at a bank during the day. But is divorced and is supporting his son through college, so to get extra money for his son's college and vacations he works Uber on many evenings and on the weekend. There was a time when it was considered "racist" for an Uber driver to refuse pickups in high crime areas, so he is all over the city which includes some sketchy parts. He might not have complete control over where he goes, since refusing pickups can reduce your driver rating. (If I understand it correctly). But as a result of this Uber work, he is all over the city and several times a week drives by crime scenes either right after they happen or even in progress. He looks up who is doing it and ALWAYS they are repeat offenders often out on bond waiting for another trial or even with an ankle bracelet on while they commit their next crime. The time he was carjacked, one car blocked his car and blocked him from the back. The "adults" always use kids under 18 to be the "heavy" because they exploit the fact the under-aged kids get their records expunged and generally lighter treatment. So he had two under-18s pointing guns at him to get out of the car, with the adult from afar directing the action. His car was stolen and used in some other crimes but a day later it crashed into a pole and two of the carjackers died in that crash. He had to get another car through insurance but you can imagine the car insurance is getting jacked up in Chicago. Chicago is indeed a tale of two cities, and the liberals in the rich city keep voting for soft on crime politicians since it relieves their liberal guilt and they aren't affected by crime as much as the people living in the poorer part of the city.
Im lucky.... i found a warehouse in London that i rent for just over £1000 a month, its a large unit iv made a home in the last 14 years, 15 minuets from central London on the tube , ok its totally illegal living, and i could be thrown out any day by the council that worry more for my living standards rather than my actual ability to live in the capitol.. which is nice of them.. but here we are, iv always worked so not eligible for a council property, but the moment i retire and cant afford this place, im on a 10 year waiting list for a bedsit, whilst i camp on the street of my favoured borough, buying here has never been an option for me, so destitution is pretty high in my retirement plan...that or a work place accident or a fast spreading cancer. The end btw made me snort my drink out my nose.. well done Patrick.. entertaining as always.
iirc, That's because the government did a really good job of making sure everyone owned their own house back when Singapore was still an up-and-coming country.
@@mammadjafarzade7687they are talking about the HDB housing scheme which is a built to order appartment buildings scheme. Almost all of the land in Singapore belongs to the governement, people sign up for an appartment and every year the HDB (housing devellopment board) builds enough appartments to meet the demand (you can only get 1 HDB per household) on governement land and then gives the people 99 years leases for a very reasonable price compared to median income
I think the biggest consideration for many is family. Particularly those with kids. If you have kids it's hard to imagine moving to a very dense city from an area with lower density. Remote work has this interesting variable in that all the metrics mentioned are based of the average local income. But a posh RUclipsr that dual wields money guns like Mr Dollar Question Mark. Has anything but an average local income, so looking at costs in absolute terms is much more applicable. For the rest of us chumps that clean our own pools we have more to consider.
Great research.. thanks.. Noticed that you are speaking on Nomad Capitalist event in Kuala Lumpur/Malaysia. Have a safe trip .. and please share some topics about that...
I wish you mentioned the property tax issues in Texas. Property taxes absolutely kick your ass in Texas. The governor here is actively killing public schools too. Healthcare even in big cities is fucking horrible.
He did calculate in one of the adjusted ratios, the Texas state average property taxes. It is just that the lower all in income taxes ultimately outweighs the higher maintenance and property tax costs.
I was literally trying to do this in my head this morning for a couple cities in the state I know live vs. towns in my home state. Patrick read my mind…and probably time travelled a little too :D
17:23 Land Value Taxes might help with this kind of pricing out since it would incentivize those who are buying a second home to either not do so to avoid paying the tax, or to rent it out to pay the tax. LVT claims to keep unused housing to a minimum, increasing availability and preventing land speculation, increasing wages for workers. Perhaps a good video idea?
Chicago is so underrated. One of the most affordable big cities in the country, even with higher taxes. Not even in the top 20 or 30 (depending on source) of most dangerous cities, most of which are in red States. That's to take into account that some crimes are superlinear to population size, which means it should be higher all things considered but still isn't as high as Republicans would want you to believe.
I lived there for 30 years. Paul Fussell said it best: "All the vice and corruption of a big city, all the bigotry and insularity of a small town." That aside, yes, I'd mark it as the best of the US big cities for live in. If you visit NY or LA first, Chicago is an clear choice.
I grew up in an American city about the size of Houston. I’ve been held hostage in my home twice, shot at & sexually assaulted by a stranger once and robbed at gunpoint too many times to keep track. America is so livable!
I caught the end of the broadcast, and totally thought Patrick said 'Rocket Bunny's was the sponsor, which I thought was rad AF. I'm sad it was money instead of Bunny. :(
OK, OKAY, I'll comment. Not much of a community guy, tho. I loved that you used the little girl barging into her dad's TV appearance, that's one of my favorites.
Not especially connected but just on the other end of the scale - I love living in (outer) Bangkok. My wife and I have a 25m^2 rented room which functions bed/living/kitchen with basic ensuite and balcony overlooking a canal (and yes, a flyover). Including elec/water/net we pay 150 USD per month. We will probably move into a house eventually but we have been here for 9 years so far. Love your vids Patrick, have a great day.
In Switzerland you may be denied the right to live in such a small place, as we have minimal legal and implied appartnemt size per person. My friend tried to live in his 1room studio with his wife to save some extra money. When the landlord found out that they are also planning a child, they were politely asked to find something bigger ASAP.
@@ArgumentumAdHominem And in the netherlands its totally fine to charge students/other people 500 EUR for 7 square meter rooms in houses where 1/2 toilets are shared by 5-10 people.
Argentinian is talking about replacing the peso with the $US dollar. I believe Panama already does so. Be interested to hear the pros and cons of countries that use the $US as their national currency
Hahaha the comment section community humour. I am a bit like your friend just without the $$$. Toronto - this video brings Toronto housing into perspective and it is much better than we think it is. On the global scale at about 12 times the income, we are in the middle. The cultural scene in Toronto is decent easy 7/10. Thank you great video!
The lesson is that it's good to enjoy the countryside as it's certainly cheaper and you can always visit a city as a tourist. No point living in a city unless you must for work reasons or you are an absolute urbanite.
Thats the conclusion I reach every time I think about where I want to live. When I do the math of how much it costs to live in a city vs the cost of living somewhere cheap and traveling to that city occasionally, it's WAY cheaper to pick the second option. And I don't have to live in a closet either.
Affordability. Livability, Lower living costs, "sense of community" etcv all suggest one thing - get out of big cities. Regional towns and small cities have so many advantages post-COVID that every suggestion Patrick makes should be followed by "or a smaller ctiy nearby".
In Israel the average before tax is 13 times And income taxes ranges from 10%(yes, even if your income is really low) And goes up to 50% at the highest bracket!
They are nothing alike. How Money Works speaks in a horrible way where he makes his voice higher at the end of his sentences. No matter what he tries to say, all I hear is "PLEASE DON'T TAKE MY LUNCH MONEY! OW! THAT HURTS! NOT THE FACE! MY GRANDMOTHER JUST KNITTED ME THAT SWEATER!".
Eye-opening video, I first felt unworthy for not being able to retire in my 20s, but now I feel very gifted owning a house in Austria with a mortgage outstanding only 9 years.
Lisbon (capital city of Portugal) is the most expensive city in Europe (according to a recent study). 2700 USD to rent a 1 bedroom apartment on average. It’s important to have in mind that the apartment won’t be new and conditions might be very poor for American standards.
I really hate the 'Average' comparison. We all know it's complete bullshit when Median wages in the USA are up to 40% lower in big cities. Most people are poorer than anyone wants to admit. Eventually the cracks will break and all the millionaires and billionaires tacking on the extra 30-40k on the 'Averages' will be feeling the squeeze.
I think he is older, but he sounds like a 12 years old kid who needs a beating and whose lunch money needs to be taken otherwise he would use it to purchase anime hugging pillows.
when i lived in bangkok I(and roomates) got a 4 bedroom flat for 1000 usd in a very good area. now we were getting screwed on the price for being foreigners but still was good value from our perspective. if you could get a job making 40k online programming or IT work for example. you would absolutely crush it there. best place ive lived and i wish to go back :(
Absolutely. Price multiples to median will be raised much more in countries with bigger wealth gaps - UK, no doubt lots of US states and cities. Than countries with smaller wealth gaps - maybe Scandinavia, Netherlands say...(?)
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Hello Patrick Boyle community! 👋
I thought you were inviting me to your finance creator hype house
Found him.
😂😂😂The neighbours would complain at all the numbers coming from next door. Public nuisance
At the very least, a collab would be fun to see. I’d be very curious to see Patrick’s reaction to his dry humor landing everytime.
"he's a retired tech investment banker in his 20s" - thanks for this daily dose of depression, I really needed that
Comparison is the thief of joy! He's definitely not the norm.
That was my first though too.
It's a nice way of saying his dad got him a job at a bank lol
Let’s face it. It’s a euphemism for dick
I'm a 64-year old semi-retired structural engineer in Bristol, UK - who considers himself *_incredibly fortunate_* for the life I've been able to lead. But am not wealthy by US or Western/Northern European standards. I've just worked hard, taken opportunities and live frugally. Now that must feel better!
Patrick’s monotone sarcasm is hilarious
Many of his recent videos have lacked this quality, so I'm glad to see it returned!! 😂
This. I've been binging his videos and I can't get enough of the deadpan humor.
love the voice and the tone ... although she has a German accent and her videos are about physics, Sabine Hossenfelder, has a similar tone in her videos ...
@@tawakkalcontracing Thank you for the suggestion - she has a hilarious 'vocal fry' usually heard in young female American 'social media stars' :)
I feel lazy and productive at the same time watching these
😂
productively lazy ... sounds like the latest fad
😂That's cause you understood something that has a bit of complexity, but if you're far from owning a home or already have one,
it's probably not something useful for you right now
Nailed it.
yes 😂
This channel is great because…well, for several reasons, but one major reason is that he clearly writes a entire presentation in advance, rather than the current stylistic trend which is to simply wing it off the top of your head, then using editing software to edit bizarre jump cuts into your video, in order to get rid of the 90/10 ratio of garbage/good material. He’s thoughtful, puts serious work and thought into every word, and the end results shows that.
This is how educational material should all be prepared. With good logic and, more important, good evidence, well written, etc.
Good on you!
He is highly educated and has academic rigor
I'm Australian - and a couple years ago when our software jobs became remote during COVID, my wife and I moved from Sydney to Cairns (in tropical regional far-north Queensland). House prices here are about a quarter of what they are in Sydney while government services are basically just as good. So far moving seems like an excellent decision and has meant we've been able to start a family many years earlier than we otherwise would have.
Except people in Cairns don't like you for raising their average prices. Lol
Patrick’s dry British humor makes my day.
I find that an interesting concept, "being able to start a family many years earlier than we otherwise would have".
Historically it's been more the other way around; you start a family and then work all your life to support them.
Cairns is a rather extreme move for people looking to do the same. The Central Coast/Wollongong are more viable as you could still commute into Sydney if required a couple times per week (the poor bastards at CBA).
@@davidwelty9763he's Irish! That's a Dublin accent.
The Johnny Sins of the financial world
Lolz 🍆
Gross
Loooollzzz
When my wife and I were looking to leave our native Minneapolis, we came up with a metric that we found very helpful when searching for places to live. We call it the "Bovine to Human Ratio". We moved to an area with a Bovine to Human Ratio of just under 40. That is, about 39.6 cows per human. Cows make great neighbors. They mostly go to sleep when the sun goes down so there is rarely any loud cow music after dark. They also have no reservations about pooping in the road so California people would feel right at home.
You have to extend it to sheep/goats to not exclude New Zealand or Ireland
Bovine smells so bad, there's no way you're convincing me to go to Shakopee 😅
I would prefer cow farts to regularly witnessing attempted drug murders. Unfortunately, I can’t afford to move out of Minnecrapolis
My friend did the same, except he screened for African Americans instead of Bovine, and with a very low ratio of AA per Whites., but for the same reasons.
@@towhee7472 90 minutes for the racists to come in. Well done.
I’m impressed that you found a 2 bed flat in Kensington for £800K. Although it was probably a one bed and the owner just built a plasterboard wall across the middle.
I like that California has the mental health services tax, because everyone should have the right to access counseling for their tax woes.
If one place ever really needed a mental health tax, I feel it would be California.
You should pay a lack of intelligence tax
Having lived in CA for 15 years, I would add that there are so many weirdos in CA that it is an absolute necessity. And I can guarantee the situation is getting worse by the day with the current political "elite" in power in CA.
You have no right to access anything at someone else's expense. That is called theft, buddy.
@CaliforniaHigh-SpeedRail You've got that "I feel entitled to thing that do not belong to me" vibe. In other words, you are a thief.
I used to believe that home prices where higher because people get paid more there. Now i know its just a destructive feed back loop of never losing money on bought property
That is a fancy way of describing greed: destructive feedback loop.
Home prices are influenced by an awful lot of things.
Getting paid more is one of the major factors.
@d3st88 in the end it is all irrational.
You get paid more, but you willingly also pay more. The ask price would not keep on increasing of people understood the value of money better. But when a person earns the same money by working less (time/effort) than another less fortunate individual, then the first person will find it easier to say goodbye to the same amount of money than the latter. And this, of course, drives the ask price up. We cannot always wait, be cautious and refuse to parttake in what should otherwise clearly come off as an unhealthy market. We contribute to the growing cancer.
@tcioaca calling it cancer denotes a hint of inevitably or fate. You don't even have to be dogmatic or draconian about fixing these problems. 1. pin min/wage to inflation(no questions). 2. Heavily Tax secondary+ estate purchases. 3. Follow our own antitrust guidelines.
@easyrebel81 point 2. may have a positive impact. While point 1. may seem as a good option, in my view, it goes against the cause of inflation in the situation when you do not have resources to satisfy the demand, so just tuning the minimum wage itself will in no way address the underlying issue.
Same actually goes for housing: not enough units are being built, and the older ones are either subpar or in locations that have no economic perspective to attract buyers and/or working class people.
But, as long as we will keep losing contact with the inherent value money represents, we run the risk of driving the market in a bad direction. So, we are partly to blame. By cancer I mean a ripple effect: you earn more, thus are less reluctant when it also comes to paying more for the thing you want, even if that thing does not have any inherent added value relative to yesterday, per example.
We are quite irrational, hence we do things that have such consequences.
I've lived in Vienna and Sydney, visited Shanghai and Beijing, and many places in the US. For my $1 million I'd live where I do now: Pittsburgh. Amenities include one of the world's greatest symphony orchestras, the nicest baseball stadium in the country (the team is lousy but wait until next year!), very good hockey and football teams, a wonderful museum and art galleries, opera, ballet, good restaurants, excellent medical facilities, etc. etc. For sense of community - it's so strong we even have our own accent and vocabulary. All this with a median house price of $275k. Although I miss Sydney's beaches and Vienna will always be the "Stadt meiner Träume", Pittsburgh is a very nice place to live.
don't forget the high crime .. or maybe that's why you would prefer it
@@rhuephus Yeah, as you can tell from my picture, I'm a total gangsta. Don't mess with my homeboys.
@@kidlatazul
lmao
Yeah one of the worlds best orchestras are sitting in Pittsburgh 😂
@@leonhenry4861 unless your name happens to be Herbert von Karajan or Leonard Bernstein I’m guessing you don’t know Jack about orchestras.
Amsterdam in the Netherlands: for $1Mlln you'll get a chunk of a house which in other countries qualifies as a closet. However, for the same price you can triple or quadruple the size of your home just by living right outside Amsterdam at a 20 minutes distance by public transport.
I think the Dutch have a rather odd mortgage market which might partly explain their extremely high ratio. I think it was Economics Explained that mentioned it (yeah I know some people on here really don't like that video, but I'm going to take his word for it on the mortgage situation), something to do with LTV rates well in excess of 100% being allowed and the government insuring mortgages, plus mortgage payments being tax deductible. I could see how that might push up house prices.
@@Croz89 Monthly mortgage INTEREST payments are tax deductable.
@@user-bp7tm5rd6h Fair enough, but that could still be a fair chunk of cash every year. It's not something you find in a lot of other countries.
@@Croz89 imagine taking a 100%+ LTV because the government is backing you and maybe even gaining money depending on how their taxes work... yikes lol, that to me is a national disaster waiting to happen
@@markowitzenThe national housing disaster has been slowly unfolding for the last 10 years. People in their 30s living with their parents unable to start their lives/a family because rent is too expensive. Social housing being lotteried away and every house there's at least 1000 interested people. And that's not even to mention it's impossible to build anything new because we blew our nitrogen budget on farmers that export their meat abroad.
It's all rather depressing.
Great video overall, but one extra point to add to the analysis. The average property tax in Texas is 1.6% compared to 0.7% in California. Texas doesn't have state income tax, so doesn't have as much money for government services or to give grants to cities. So the cities compensate by charging higher property taxes. Texas is still cheaper than California, but when you consider property taxes the gap isn't quite as big as most people think.
True, Texas property taxes are higher, and there is no state income tax. However, I feel a fairer comparison would be to compare two houses of the same size and amenities, not two very dissimilar homes. In that scenario the CA home would still be $1.2 million but the Corpus Christi home would drop to probably $300,000. The compare what saving $900,000 would do for your finances.
Doesn't Texas charge sales tax on most services as well (like lawn mowing)? I've lived in TX, MI, OH, OR, NC, AZ and WA. If I remember right, they all charged tax on some services but it seemed like TX charged tax on almost all services
Right, but I'd rather pay 1.6% on 500,000 than 0.7% on 1.5 million.
@@markb2881no sales tax in Texas on labor to improve a homestead, a very specific exemption that even some Texans don't know about.
But as someone else pointed out, the housing prices are like four times as high, so you *still* end up paying more property taxes in California. I have lived in California most of my life and there have been many years where my property taxes were more than 10% of my gross annual income (not net, gross). The money goes off to the state and only a little of it makes it back to the city you live in, based on some very esoteric distribution system. The rest gets spent on god knows what. It seems as if taxes keep going up and what we get back for those taxes keeps going down.
There are plenty of reasons people are fleeing California. And it's educated and well off people that are fleeing. I will leave myself one of these days, I am pretty sure.
As a Texan, you will regret moving here if you enjoy the outdoors at all. The heat is unbearable, and the weather is just too unpredictable in other months.
Property taxes are 3% a year, expensive!
@@Philhou77005 that too, especially at a municipal level. And you cannot live without a car anymore except maybe MAYBE downtown Austin, so add that to costs too.
You could live farther north up the plains where the rent is still cheap... But you'll pay for it in the winter.
Colorado then?
@@Philhou77005to be fair and 1 and half if you homestead
Patrick you rule man. I watch all your videos. When I don't have an interest in the subject I still watch videos for entertaining purposes. Keep on rocking my friend.
This Paddy has a great wit, he does the Irish tradition of sarcastic wit proud.
I think for those who still want an urban setting, "second tier" cities are definitely worth a look. In many parts of the world you're still going to get the majority of the things you want, parks, nice restaurants, etc. but the homes are usually a fraction of the cost of "first tier" cities. The UK, for example, is so economically unbalanced it only really has one first tier city, the big smoke itself. Second tier includes Edinburgh, Glasgow, Birmingham, Manchester, Leeds, Liverpool and so on (you might consider Birmingham and Manchester in an upper sub tier due to having metro areas of over 2 million people, which doesn't come close to London's 11 million). $1 million in any of these could probably net you a penthouse in one of the most prestigious residential skyscrapers, rather than a pokey flat above a shop.
There are some compromises, you won't have the famous attractions on your doorstep and particularly in the UK public transport is considerably worse than in the first tier city, not as bad as the US perhaps, where you might be lucky to find a regular bus service, but if you compare Paris to Lyon, both have underground systems with multiple lines, whereas the only true underground metro outside of London is in Glasgow, and it consists of only a rather small loop line around the city center. Though it's worth pointing out that that $1 million will get you a nice residence smack dab in the city center or pretty close to it, so you can probably walk or cycle to most places you want to go anyway, or take a short taxi or bus/tram ride, whereas in London you'd probably need to take the tube.
And yet you’d be stuck in Birmingham or Glasgow. Wouldn’t wish that on anyone.
@@LevkinIt's a bit better on the continent, though places like Germany have more first tier cities so you're probably going to be looking at cities like Hannover, Leipzig or Karlsruhe rather than Hamburg, Dusseldorf or Stuttgart if you want cheaper housing.
One of the hindrances of enjoying a cultural nightlife is that most types of public transportation stop running before you finished dinner and a show, or they run so infrequently that you might end up standing at a stop for a lengthy period of time.
On the other hand, sharing a bus or trolley after midnite with who-knows what type of people is not likely to add to the enjoyment of a night out.
@@jdrancho1864All night trains are amazing, and add a tonne to your night out. If you're in the suburbs you can't go clubbing without them.
@@Levkinboth places have some really rough parts but so does London.
Birmingham is massively underrated.
The manhattan apartment is actually a cooperative, not a condominium. Which means its “condo fee” is inclusive of real estate taxes (while san francisco and boston condo fee is not). So this is not an apples to apples comparison.
Including property taxes, a $43,000 condo plus property tax bill still feels high?
@@jessewren14.3% is not excessively high and thats if all 43K was taxes alone without condo fee
@davidedettorre3275 I'm surprised at the fees too. That's thousands a month in what I'd call a service charge on a property you own? So they can mow the lawn and change some lightbulbs? I'd prefer the pokey flat in London, except Chelsea has too many Russians
@davidedettorre3275 Well my council tax in outer London is about £200pm, or very roughly $3000 pa, and that covers roads, education, waste collection, police, etc etc. I think it's high given the level of service delivered
@davidedettorre3275 Not sure how I'm misleading people but OK!
How you break down information into a digestible and understandable format for the average person, and your delivery of it is just 👌 !
I think the cost of transportation is often understated. Where I live in Germany I can get around on Bike and Train which means my total monthly transportation costs are just around 60 euro. Driving around in a car costs on average about 10× as much so having a bikable city saves you a lot of money. (And keeps you fit)
Weather is a factor too here when looking at transportation. Even in the areas of the US where public transportation is reasonable, walking and biking can be a bad idea in extreme heat or cold, rainy seasons, snowy seasons, and so on. With cars you're exposed to the elements a lot less, and it's going to be considered unprofessional, especially in a customer facing job, to be sweaty, drenched from the rain, or so on when you go to work.
I'd still rather have a car. You can go anywhere with a car at any time.
Just buy a Citroen ami 😂
Yeah, in almost all US cities you are a slave chained to your car. Your car is more important than having a home.
@@phonyalias7574I've never really biked to work, but every office I've been in has had showers for people who do and come in sweaty. Tbh though, these days with pedal assist bikes, it's a lot easier to cycle without overheating even in warm weather.
God Bless Patrick Boyle. You might not agree with him but you are getting his unbiased opinion based on experienced analysis. It’s just so enjoyable to listen to him.
glad to see there are still people who evaluate bias not by how much they agree with the information they're getting but by how accurate it may be
@@piotrwozniak5457 ?
@@markowitzen yeah with Patrick it’s like listening to a friend. You might not agree with them but you don’t feel manipulated. Most of the time I agree with him and all the time he makes me go “oh wow I hadn’t thought of that…”
I can’t decide why I like Patrick’s videos so much. Is it educational value or the fact that he’s one of the funniest Tubers ever!
nice voice too
Another major thing to consider is security and safety, I own a house in Long Beach New York and another one in Medellin Colombia, and the only thing that worries me is the security and safety in Colombia.
and why do think that is ?? #DUH
I've lived in California and Texas and definitely feel a lot safer in Texas.
Edit: this is ironic because the crime rates are nearly identical. California just feels less safe.
A lotta paedophiles would get away with it in Colombia if it weren't for those Medellin kids.
@@philsburydoboy It's because most crimes are not reported in California, since the DAs won't do anything to the criminals.
@@A5un Dint they just make stealing stuff leagal an this is the reason we've all these videos of locked shelfs and people filling trashbacks with cigaretts?
This was awesome, I recently had to do a capstone project for a UX course, and I chose the subject of moving out of state - and my idea was to develop an app that would answer the very questions you ask here.
I wish you had uploaded this like six months ago, the resources used were super helpful lol
The dry wit and subtle jabs in these videos are freaking gold.
You wonder if the targets of the jabs would get the joke.
Dollar Question Mark has been real quiet since this dropped
The Dutch get so many extra benefits that are not accounted for here - the high levels of safety, top-tier education systems, free healthcare, community services being more affordable like teaching a kid how to swim.
Also, I think videos like this should include the cost of utilities and water - which are becoming more & more expensive in different places in the world.
Please do follow ups to this video! It was super interesting. Some ideas:
1. Rural vs city. Costs & trade-offs
2. The eu market, what about Sweden? Switzerland? Different provinces inside the eu?
3. Living on an American salary in other countries. Comparisons.
4. what about "second tier" cities?
I live in Chicago, and it would've been a good one for you or $ to look at. To me, it has a good balance of affordability and amenities.
Average income is not really the best metric to track affordability of a regular person living in these areas as it is skewed by large outlier (like tech billionaires) using median income would probably yield a better estimate of income for a regular person
Public transport in Edinburgh is excellent (award for best UK bus service for example). Easy to get to centre of town or out to the countryside. City centre very walkable.
I think a big problem is that US Cities include large suburban expanses that are technically part of the city while European cities don’t. What Europeans consider the whole city is just what an American would call “downtown”, this will skew American metrics down somewhat, including ones like, access to high quality schools, price, and public transport.
In Garland Tx the electric bill is just as much as the rent!
I didn't quite understand why we're comparing average US costs to specific cities like Toronto Shanghai Mumbai London etc. shouldn't those cities be compared to NYC or San Francisco Boston etc
Not everyone who watches this is American, I suppose, or wants to live in the US. Also, American and indeed North America in general have cities that are very "samey". But really it's probably because this is for the How Money Works guy who can choose anywhere.
Mexico City has been getting more and more expensive in the last few years due to people finding out what a hidden jewel it is and the relatively affordable prices. They won't be happy to know they're being mentioned in these videos. 😅
Also I can imagine its reputation of being relatively safe from cartel activity means Mexicans themselves are quite keen to move there.
@@Croz89Actually everyone from outside of Mexico city hates Mexico city and its people. People only move to the city because there are jobs and universties. But, I wouldn't say Mexico city is affordable, I mean it is if you are an American, but the average Mexican simply can't buy a property anymore, if you don't have your family or inheretance or have a really good income then you probably won't be able to afford a house.
Gentrification is getting wild here, tons of these "digital nomads" are buying homes in Mexico City and forcing the locals out... There's some places where you can walk around and never hear a word in Spanish.
It's not necessarily how much you earn, it's how much you keep.
I wondered how much the numbers will change when adjusting for cost of health care and private schools. Patrick mentioned these may be impacting but did not take these into account with the calculations. Could this have something to do with how money works' personal circumstances?
@@donnalynramirez5168 I've lived in countries where health care was comparable to the U.S. system, but much less costly. My experience with private schools depended on if one's employer would bear the costs. It's going to come down to how flexible how money works is willing to be when he makes the move.
@@donnalynramirez5168
How Money Works is a commie. I think he will just take other people's money until the peasants have all starved to death.
I consider myself part of your community! You bring me great information, humor and joy. Thank you.
The main cause why (building)land and houses are so expensive in the Netherlands is the enormous shortage of housing. The country is the most dense in the EU and #20 in the world with 1100 people per square mile. 26% of the country is below sealevel and a minimum of 59% of the land will always be vulnerable to flooding.
A famous German statesman in the past said that if the people from the Netherlands had Ireland, they would make it the garden of Europe. And If the Irish occupied the Netherlands, they would drown.
In addition to the overstretched housing market, mortgage interest rates are historically low, which means that people can borrow very cheaply. People can mortgage a house worth up to 4.5x their gross annual income, without down payment.
That statesman just hates Irish people it sounds like.
Comparing to many countries the shortage is not that serious. The biggest problem is that The Netherlands is the inventor of modern capitalism and people still live in that mindset - they don’t live in a home, they live in ‘valuable commodity’ that ‘will always be more valuable later in life’. And if everyone believes that same narrative people will buy an expensive house because they think it will become even more valuable along the way AND they won’t sell it for less than they have paid because, well, that should be completely impossible in their narrative. They would rather go bankrupt than settle for less profit.
I though the population density of the Netherlands was 522 per Km2, which is pretty close to the population density of England, at 434 per Km2. I am guessing you are excluding agricultural land?
@@peterfmodel now that made me curious so I checked the numbers and I found 532 p/km^2 which should equate to 1377 p/mi^2. I guess that is American miles, not Imperial, by the way.
@@RustOnWheels My bad, as i come from a metric country i just assumed it was sq km rather than sq miles. I suppose i need to read the comments more carefully.
Floridian living in Chicago here - I love my home, but I’m really glad I left in 2021. Here in Chicago wages are higher, cost of living is surprisingly lower (even with much higher taxes factored in), public services like transit and education are fantastic by American standards, I’m walking distance from everything I need, there are high paying jobs in practically every industry, and in general it’s just a very nice place to live.
Of course there are some serious issues (crime and poor governance come to mind), but of course if you’re worried about crime the suburbs are fantastic as well. Glad I ended up here.
My friend drives Uber in Chicago. He has already been carjacked and sees the aftermath of shootings about once per week.
Crime IS the reason I'm leaving California and considering Florida. Another big factor is starting a business in a state that won't regulate or tax me out of business.
I agree that Chicago has nice suburbs, but the with the "no-bail" law about to take effect the crime is only going to get worse state wide.
@@alansnyder8448 I don’t disagree with your sentiment. Where is your friend driving if I may ask? If he’s out late/in a bad area, I wouldn’t be surprised.
The city’s not going to grow until crime is under control. It’s different than many other US cities though in that crime in Chicago is extremely concentrated in 3-4 neighborhoods on the S/W sides. I believe there’s a statistic that 90+% of the violent crime in chicago occurs on just 10% of the cities blocks, for example.
So it depends on where you are in the city, and for the most part the suburbs and much of the north/NW side are incredibly safe, overall. Just like everything in Chicago it’s a tale of two cities.
@@cullenpeterson First my friend works at a bank during the day. But is divorced and is supporting his son through college, so to get extra money for his son's college and vacations he works Uber on many evenings and on the weekend.
There was a time when it was considered "racist" for an Uber driver to refuse pickups in high crime areas, so he is all over the city which includes some sketchy parts. He might not have complete control over where he goes, since refusing pickups can reduce your driver rating. (If I understand it correctly).
But as a result of this Uber work, he is all over the city and several times a week drives by crime scenes either right after they happen or even in progress. He looks up who is doing it and ALWAYS they are repeat offenders often out on bond waiting for another trial or even with an ankle bracelet on while they commit their next crime.
The time he was carjacked, one car blocked his car and blocked him from the back. The "adults" always use kids under 18 to be the "heavy" because they exploit the fact the under-aged kids get their records expunged and generally lighter treatment. So he had two under-18s pointing guns at him to get out of the car, with the adult from afar directing the action. His car was stolen and used in some other crimes but a day later it crashed into a pole and two of the carjackers died in that crash.
He had to get another car through insurance but you can imagine the car insurance is getting jacked up in Chicago.
Chicago is indeed a tale of two cities, and the liberals in the rich city keep voting for soft on crime politicians since it relieves their liberal guilt and they aren't affected by crime as much as the people living in the poorer part of the city.
I’ve never heard of the channel and had no idea what the title of this video was about.
So thanks for answering it right off the bat.
You haven't missed out on anything. How Money Works offers fInAnCiAl aDviCe from a communist perspective. Watch it and you'll go to gulag.
Im lucky.... i found a warehouse in London that i rent for just over £1000 a month, its a large unit iv made a home in the last 14 years, 15 minuets from central London on the tube , ok its totally illegal living, and i could be thrown out any day by the council that worry more for my living standards rather than my actual ability to live in the capitol.. which is nice of them.. but here we are, iv always worked so not eligible for a council property, but the moment i retire and cant afford this place, im on a 10 year waiting list for a bedsit, whilst i camp on the street of my favoured borough, buying here has never been an option for me, so destitution is pretty high in my retirement plan...that or a work place accident or a fast spreading cancer. The end btw made me snort my drink out my nose.. well done Patrick.. entertaining as always.
We should all be crowd sourcing a money-gun for Patrick so he can be a real RUclipsr.
Living above a chippy in London while paying nearly a mill is the peak...
The lowest income to house prices ratio in Asia is Singapore surprisingly but only if you take public houses, where 80% of Singaporeans live.
iirc, That's because the government did a really good job of making sure everyone owned their own house back when Singapore was still an up-and-coming country.
what is public house ?
@@mammadjafarzade7687they are talking about the HDB housing scheme which is a built to order appartment buildings scheme.
Almost all of the land in Singapore belongs to the governement, people sign up for an appartment and every year the HDB (housing devellopment board) builds enough appartments to meet the demand (you can only get 1 HDB per household) on governement land and then gives the people 99 years leases for a very reasonable price compared to median income
Chicago is great value perspective
Really love this kind of format!
You have a way of making the most watchable and entertaining vid's on YT!!!. Supurb as always, THANK YOU...
vids.
I think the biggest consideration for many is family. Particularly those with kids. If you have kids it's hard to imagine moving to a very dense city from an area with lower density. Remote work has this interesting variable in that all the metrics mentioned are based of the average local income. But a posh RUclipsr that dual wields money guns like Mr Dollar Question Mark. Has anything but an average local income, so looking at costs in absolute terms is much more applicable. For the rest of us chumps that clean our own pools we have more to consider.
If have a pool you're so privileged
Great research.. thanks.. Noticed that you are speaking on Nomad Capitalist event in Kuala Lumpur/Malaysia. Have a safe trip .. and please share some topics about that...
I wish you mentioned the property tax issues in Texas. Property taxes absolutely kick your ass in Texas. The governor here is actively killing public schools too.
Healthcare even in big cities is fucking horrible.
He did calculate in one of the adjusted ratios, the Texas state average property taxes. It is just that the lower all in income taxes ultimately outweighs the higher maintenance and property tax costs.
@@jessewren1 you can make bigger 401k allocations and do other things to reduce taxable income. 20k a year in property tax is just there.
Sense of community here. 😂
*Friends*
You read my mind. I've been thinking about this for weeks!
Thank you for the 'Green Acres' meme.
I was literally trying to do this in my head this morning for a couple cities in the state I know live vs. towns in my home state. Patrick read my mind…and probably time travelled a little too :D
17:23 Land Value Taxes might help with this kind of pricing out since it would incentivize those who are buying a second home to either not do so to avoid paying the tax, or to rent it out to pay the tax. LVT claims to keep unused housing to a minimum, increasing availability and preventing land speculation, increasing wages for workers.
Perhaps a good video idea?
Personally I think the best place to live is in a world of my own.
I am so proud of this community
XDDD
The best place in the world to live is Chicago. Beautiful view of Lake Michigan and home to over 98 Nobel Prizes.
Chicago is so underrated. One of the most affordable big cities in the country, even with higher taxes.
Not even in the top 20 or 30 (depending on source) of most dangerous cities, most of which are in red States. That's to take into account that some crimes are superlinear to population size, which means it should be higher all things considered but still isn't as high as Republicans would want you to believe.
I lived there for 30 years. Paul Fussell said it best: "All the vice and corruption of a big city, all the bigotry and insularity of a small town." That aside, yes, I'd mark it as the best of the US big cities for live in. If you visit NY or LA first, Chicago is an clear choice.
And wind. Lots of wind.
I'm just here for the community.
If you’re ever worried about a lack of community in your comment sections, just know it’s unanimous you are the best rap news channel on the internet
I wonder if using medians instead of averages would change the results.
‘Striking building…’ That joke was hilarious! 👏🏽👏🏽👏🏽👏🏽🤣😂🤣😂
I grew up in an American city about the size of Houston. I’ve been held hostage in my home twice, shot at & sexually assaulted by a stranger once and robbed at gunpoint too many times to keep track. America is so livable!
I caught the end of the broadcast, and totally thought Patrick said 'Rocket Bunny's was the sponsor, which I thought was rad AF. I'm sad it was money instead of Bunny. :(
OK, OKAY, I'll comment. Not much of a community guy, tho. I loved that you used the little girl barging into her dad's TV appearance, that's one of my favorites.
Not especially connected but just on the other end of the scale - I love living in (outer) Bangkok. My wife and I have a 25m^2 rented room which functions bed/living/kitchen with basic ensuite and balcony overlooking a canal (and yes, a flyover). Including elec/water/net we pay 150 USD per month. We will probably move into a house eventually but we have been here for 9 years so far. Love your vids Patrick, have a great day.
In Switzerland you may be denied the right to live in such a small place, as we have minimal legal and implied appartnemt size per person. My friend tried to live in his 1room studio with his wife to save some extra money. When the landlord found out that they are also planning a child, they were politely asked to find something bigger ASAP.
@@ArgumentumAdHominem And in the netherlands its totally fine to charge students/other people 500 EUR for 7 square meter rooms in houses where 1/2 toilets are shared by 5-10 people.
Orlando is definitely on that top 10 list because of it's old town and not because of Disneyland ;)
14:57 As an HKer I just died a little when Patrick described a 1,400 sqft condo in San Fransisco as "Small"
Tokyo person here, and I well understand.
Same here brotha
@@zurielsss ... "sista" 😊
@@lemuret69 Definitetly true and easy to injure yourself in these places
Argentinian is talking about replacing the peso with the $US dollar. I believe Panama already does so. Be interested to hear the pros and cons of countries that use the $US as their national currency
Valencia, Spain, is the best city in the world to live, believe me!
Personally I prefer Malaga Spain on the Mediterranean coast
You mean with those buildings that fall down, yeah 👍🏾
The Boyle Cinematic Universe is expanding. Good.
😂 The pic at 7:59 is exactly how I looked when I lived in California 😂
Brisbane, Australia - a big city in Sunny state which seems to be no one knows about (until Olympics 2032 though). The best place to live!
Housing prices are going up as boomers flood north.
"Green Arces" nicely done Patrick, nicely done.
You never cease to amaze me with your videos. That was the best video I have seen in a number of weeks. Best to you.
Came for the informative videos, stayed for the sense of community in the comments section.
Hahaha the comment section community humour.
I am a bit like your friend just without the $$$.
Toronto - this video brings Toronto housing into perspective and it is much better than we think it is. On the global scale at about 12 times the income, we are in the middle. The cultural scene in Toronto is decent easy 7/10.
Thank you great video!
The lesson is that it's good to enjoy the countryside as it's certainly cheaper and you can always visit a city as a tourist. No point living in a city unless you must for work reasons or you are an absolute urbanite.
Thats the conclusion I reach every time I think about where I want to live. When I do the math of how much it costs to live in a city vs the cost of living somewhere cheap and traveling to that city occasionally, it's WAY cheaper to pick the second option. And I don't have to live in a closet either.
I’m just here for the community. 😊
If you could generate an authentic sense of community in your videos, Patrick, you will have beat the internets.
Affordability. Livability, Lower living costs, "sense of community" etcv all suggest one thing - get out of big cities. Regional towns and small cities have so many advantages post-COVID that every suggestion Patrick makes should be followed by "or a smaller ctiy nearby".
In Israel the average before tax is 13 times
And income taxes ranges from 10%(yes, even if your income is really low)
And goes up to 50% at the highest bracket!
Sam Bankman-Fried hopes you won't notice he's in jail.
Keep swiping y’all, nothing to see here……
😅😅😅😅🎉
I watch you, him and plain bagel. 💗from 🇮🇳. By profession I am an engineer, but i have learnt many things from you guys. Thank you.
I never noticed Patrick and How Money Works have the same speaking cadence until now. Now HMW to me is Patrick Boyle but faster.
They are nothing alike. How Money Works speaks in a horrible way where he makes his voice higher at the end of his sentences. No matter what he tries to say, all I hear is "PLEASE DON'T TAKE MY LUNCH MONEY! OW! THAT HURTS! NOT THE FACE! MY GRANDMOTHER JUST KNITTED ME THAT SWEATER!".
@@txdmskboth finance geeks so bound to be similar in character
@@leonhenry4861
Nah. Patrick is actually funny. HMW is a hack commie that does not understand economics at all.
Eye-opening video, I first felt unworthy for not being able to retire in my 20s, but now I feel very gifted owning a house in Austria with a mortgage outstanding only 9 years.
In your 20s? Lol get off your butt
I would suggest Mars for all Elon Musk fans.
Thanks...your videos are always interesting.
Don't let them live Patrick.
Lisbon (capital city of Portugal) is the most expensive city in Europe (according to a recent study). 2700 USD to rent a 1 bedroom apartment on average. It’s important to have in mind that the apartment won’t be new and conditions might be very poor for American standards.
I really hate the 'Average' comparison. We all know it's complete bullshit when Median wages in the USA are up to 40% lower in big cities. Most people are poorer than anyone wants to admit. Eventually the cracks will break and all the millionaires and billionaires tacking on the extra 30-40k on the 'Averages' will be feeling the squeeze.
I was watching the video and thinking "wow, even the cheapest household income-ratios are probably only possible for two people working".
Is the guy from how money works really in his twenties! That explains so much
I think he is older, but he sounds like a 12 years old kid who needs a beating and whose lunch money needs to be taken otherwise he would use it to purchase anime hugging pillows.
Hi Patrick, you will have to make a follow up video to tell us where he chose.
Your comments about the comments section really cracked me up even though it wasn't really the point of the video.
What's apparent to me is that young, educated people are getting more open minded about moving for a better quality of life.
when i lived in bangkok I(and roomates) got a 4 bedroom flat for 1000 usd in a very good area. now we were getting screwed on the price for being foreigners but still was good value from our perspective. if you could get a job making 40k online programming or IT work for example. you would absolutely crush it there. best place ive lived and i wish to go back :(
*DO IT*
Would this analysis differ significantly if you had used median incomes and median house prices instead the averages?
Absolutely. Price multiples to median will be raised much more in countries with bigger wealth gaps - UK, no doubt lots of US states and cities. Than countries with smaller wealth gaps - maybe Scandinavia, Netherlands say...(?)
Welcome to the community everyone!