And we are voting with our wallets. I enjoy live shows, eating out, and spending money on places where I want to stay. If it’s too expensive, I don’t go. But I don’t work/save to hoard money, I work/save to enjoy life. As for the recession, seems like we’ve been waiting for that for long time?
I live in a VHCOL area. I would have said HCOL until recently, but in the local news there are articles stating that 1 out of 14 people are millionaires and home prices are a million+. And that’s just Seattle. I image the ratio is worse on the Eastside (Bellevue/Redmond/Sammamish), where there is more wealth. It amazes me how much wealth has accumulated in this area.
So lots of discretionary income in this part of the world and
even with higher prices, a few percent here or there isn’t going to make a difference. I’m skeptical even the eventual recession will have a big impact (the tech layoffs sure didn’t).
The odds of running into a millionaire here are better than almost anywhere else. One in every 12 adults in the city is a liquid millionaire, a new study finds.
www.seattletimes.com