By Tyler Durden
Authored by Ryan McMaken via The Mises Institute,
From crime rates to life expectancy to income levels, statistics at the national level are next to useless when it comes to measuring the daily lives of ordinary people in the United States. This is because the United States – which is a huge and geographically diverse country – is simply too large to be summed up in a single number. This sort of generalizing is inappropriate for pretty much any place that’s larger than a single metro area, but it’s especially bad when applied to a place like the United States. Even the larger European countries are much smaller, more compact, and less diverse than than US.
The importance of looking at things on a more local level is perhaps most important when looking at issues of homes and home prices. After all, even people who have never studied housing know that housing tends to be highly dependent on local issues, such as climate, local amenities, and access to employment. Many people already know that a four bedroom house in a nice Cleveland suburb is dirt cheap compared to a house of the same size in, say, San Diego, …read more
Source:: Zero Hedge