Highest Poverty Rates – The metropolitan areas of the U.S. with the largest gains in people living below the poverty level:
1. Las Vegas, 2. Modesto (CA), 3. Detriot, 4. Ft. Myers (FL), and 5. Los Angeles.
I bring that up because people wonder about the long-term viability of this area. But few wonder about he long-term viability of Los Angeles. Ft. Myers isn’t going to dry up and blow away either. (No question that Detroit has had issues that pre-dated the current recession).
What do Ft. Myers and Las Vegas have in common that will bode well for the long run? Sunny weather, a low cost of living, and no state taxes. IE, the very things that retirees who their pensions and not in need of a vibrant jobs market.
According to a recent Review-Journal editorial:
…studies debunk the idea that senior citizens are a drain on government services. On the contrary, their median income is higher than the national average. Although 12.6 percent of the country’s population is at least age 65, only 11.3 percent of the state’s residents are that old.
“Our population is getting older,” Mr. Aguero said. “Seniors will choose where to retire and bring a huge amount of capital with them.
“Somebody is going to get the benefit. If it is not us, it will be somebody else.”
The story also noted that $80 million a year is spent to advertise Las Vegas as a great place to visit. None is spent attracting retirees by showing that it is a great place to live. With ample, inexpensive housing and a low cost of living, perhaps someone needs to look into that.