Surrounded by a slow market of newly low-priced homes, courtesy of the housing downturn, some cities continue to maintain a housing market with land remaining expensive. In an article on usnews.com, Santa Barbara was placed on the list of “10 Pricey Cities That Pay Off.” Joining Santa Barbara in the list of 10 are Boston; Honolulu; Los Angeles; New York City; San Diego; San Francisco; San Luis Obispo; Salinas, California; and Naples, Florida.
In his assessments, University of Michigan economist David Albouy examined both the quality of life, and the trade productivity found in the cities.
The value of a home is based on much more than the cost of the house itself; the quality of life – including weather, distance from the coast, recreational opportunities nearby – proves crucial in the evaluation of a property’s net worth. In addition, cities with more business opportunities or available resources are considered to have a better trade productivity – something that significantly affects certain career options.
The Santa Barbara metro area was found to have the second-highest quality of life, and the third-highest trade productivity.