Income is an important part of the picture, but so are expenses and the cost of living. I take a look at some housing related expense numbers for 2017 in North Dakota to see what happens in the different counties.
The local housing market in Grand Forks will soon be a major topic again with new findings released. I will wait to pass final judgement until research design is clear and we can evaluate methodology. There are a few things we should repeat so they are clear.
A few listeners brought up the issue of housing prices in Grand Forks, which as we all know is just my favorite topic. I thought that it would be important to discuss again for a few reasons. (This is likely a longer post, you might want to get out now.)
Pretty much anytime I give a talk or go on to KNOX radio I get questions about the pace of apartment building in Grand Forks. People believe fundamentals do not justify the extent to which construction currently occurs. I generally agree and think there are a few reasons behind it. This article from the Wall Street Journal seems to indicate the local circumstances may just be part of a larger national trend.
A proper investigation of issues in housing requires a look beyond the price. As I mentioned, price can be indicative of an issue, but is not the source or cause of the issue. In the same way your sore throat may be caused by a sinus infection, if you fail to look for the root cause you may treat the condition inappropriately.