For example, several metros in Texas growing 20% in the past decade vs Chicago decreasing in population.
The folks that took up residence in DFW this decade got to take advantage of a high explicit benefit and a stable implicit benefit. Maybe in another 10 years that turns into NIMBYism, intolerable traffic, decline of industries that previously supplied a lot of jobs... reducing the implicit benefit. But DFW won't be able to change its fortunes quickly enough to recover that great implicit/explicit balance in such a climate, and then it'll be the new California.
One way to look at it is an an arbitrage opportunity, where you as an individual or family can relocate much more quickly than a metro area can adjust to balance its implicit and explicit costs.
I'd love to see a list like this of the best place to live for you right now, based on the things you value implicitly and explicitly.
Houstonians are in a boomtown getting a temporary advantage that could be offset in the long run, whether by industrial decline, climate change and severe weather, traffic, or some other factor.
Boston does have a Superfund industrial past to reckon with and a lot of outlying MA cities like Worcester, Lowell, Fall River are definitely not balancing out on the implicit/explicit scale by comparison to Boston.
What is the "core" of Houston that will retain its benefit when the tides turn?
Anything you can want, from any industry, most likely exists within a 1 hour drive at a world class level. This is true of any big city, but I’m not sure that oil going away will just cause Houston to fold up and close shop. Houston has been through booms and busts before and I’d say they’re more ready to handle moving away from Oil now more than ever, and getting more ready every year. It’s a scrappy town that takes punches, puts in work, and helps eachother get back on their feet (See Hurricane Harvey).
If I had to pick between Houston and Chicago, I’d pick Houston any day. Much more livable city, a way lower tax burden, and it still feels like a place where anyone can make it - and that may be driving the diversity and immigration (it’s also a sanctuary city).
Nope.
At least I didn't notice that when I lived there (2012 - 2017).
Income tax is higher than most states but still less than California.
Contrast that to a midwestern city: the winters will probably give you seasonal affective disorder, your income ceiling is lower, you have to drive further or fly for similar access to awe inspiring nature.
IMO it’s a wash. Which taken a step further would show cost of living adjustments as generally bullshit but something businesses will try and do because they’re incentivized to.