Home Sites Higher in North Dakota than New York
|February 19, 2014||Posted by Staff under Economic Principles|
This 2014 excerpt of AP, Feb 16, was from Williston Herald and was circulated by ABC.
The rapidly growing North Dakota oil patch city of Williston has the highest average rent for an apartment in the United States. Oil field workers receive six-figure salaries that can bear inflated rent.
A 700-square-foot, one-bedroom apartment in Williston costs an average of $2,394 a month. The same apartment would cost $1,504 in the New York area, $1,411 in the Los Angeles area or $1,537 in the Boston area. Nearby Dickinson, N.D., ranks fourth on the list at an average of $1,733 a month. Chicago didn’t even crack the Top 10.
The population of Williston, in the northwest corner of the state not far from the Montana border, has more than doubled since the 2010 Census.
Many of the new apartment buildings feature mudrooms, where workers can remove dirty shoes before entering.
The oil boom may be around for the next 20 years because of the different levels of oil they now have access to through fracking.
Ed. Notes: What sets how much you must pay for land, something you usually pay for when paying for housing? It’s not the cost of land, since land has no cost, not being created by anyone. Instead, it’s how much users or occupants are willing and able to pay. It’s all laid out in the old Ricardo’s Law of Rent.
Also, the oil boom could bust any time, turning those boom towns into ghost towns. If fracking uses up to much water, or pollutes too much water, or burning oil worsens climate change to the point where people have had enough, then petroleum could go the way of whale oil.
That day of switching to clean, renewable energy could come sooner if governments were to switch to geonomics right away.