Professor Brian Adams
Dr. Brian Adams was tapped by FinanceBuzz to offer expert insights for their study, “The U.S. Cities Where It’s Easiest To Save Money [2024].” Professor Adams contributes key findings to factors that may be contributing to these national trends.
What are some factors that might be influencing more expensive versus less expensive metropolitan areas?
The big four are food, shelter, transportation, and employment. The question of affordability revolves around earning enough money in your job(s) to pay for food, shelter and transportation. Those cities where average employee earnings are higher allow for higher rents and prices at the gas pump and grocery store. Additionally, certain metropolitan areas have inherent advantages that allow them to differentiate themselves from other large population areas.
Which cities first come to mind first when you think of a gradual progression towards inflated home prices and an exceptionally high cost of living?
Since I live in Portland, Oregon, we are bookended by two large metropolitan areas where there is above-average earning potential and attractive natural landscapes: Seattle and San Francisco.
What’s the potential tipping point for certain changes to take place in a state’s economy? (e.g., more employers giving a stipend for public transit, minimum wage increases, etc.)
Growth is going to follow employment opportunities that allow people to earn enough money to afford living in a specific metropolitan area; affordable housing and transportation are significant factors people weigh in deciding where to live.