The Poor Have Less Debt in High Cost of Living Areas

According to a study done recently by brookings.org, low-income families in higher cost of living areas had less debt (including mortgages) than their poor counterparts in areas with lower costs of living. There was a very clear inverse relationship here between debt and cost of living, which seems to be counter-intuitive.

Though the researchers noted some surprise, I was not surprised in the least. I grew up in the San Francisco Bay Area, which has the highest cost of living in the entire nation. We moved to Sacramento, to enjoy a much lower cost of living, a few years back.

I initially experienced quite a huge culture shock when it came to spending and debt here. I get the impression

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One Response to The Poor Have Less Debt in High Cost of Living Areas

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