Wyoming with massive energy bust has the same per-capita personal income as booming California. (2015, apartment complex)
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I just looked it up and have been to both and find both states interesting in their own way.
It is very interesting though, how Wyoming which has basically had a massive energy collapse in natural gas, coal and oil not to mention commodities still have the same per-capita personal income as California which has pretty gone through once in a century tech-gold rush.
Wyoming has basically lost 3 percent of it's jobs in just a year. It is just odd how a state in the middle-of flyover country that has gone through a once in a lifetime decline in natural gas, oil and coal prices still has the same per-capita personal income as a state that is a once-in-a lifetime economic bubble.
Energy, whether it's oil, natural gas, or coal, is a commodity. As the price of the commodity swings, so does the economy of the states where the extraction of those resources are found. In other words, boom and bust.
But at the same time, California struggles as well. Over the past twenty-five years has struggled with unemployment, continuously lagging behind the nation. Since 1990, there has not been a single month where California's unemployment rate wasn't higher than the national average. And during the height of the mortgage crisis in the latter part of last decade, California was the poster child of badly-performing economies.
I believe Wyoming has some residing billionaires/multi-millionaires that skew the average quite a bit for such a small population state. When you look at the median income instead, Cali is like 10-20% higher.
I believe Wyoming has some residing billionaires/multi-millionaires that skew the average quite a bit for such a small population state. When you look at the median income instead, Cali is like 10-20% higher.
California has quite a few billionaire/millionaires too that could skew its average..
Wyoming is not a wealthy state, but I have heard they are having a bit of a technology boom in some parts of the state.. Cheap land, low taxes, low crime and business friendly environment is driving some companies to open up shops in Wyoming. I hear Cheyenne and Laramie, with the university and proximity to Denver are having a bit of a tech boom.
I believe Wyoming has some residing billionaires/multi-millionaires that skew the average quite a bit for such a small population state. When you look at the median income instead, Cali is like 10-20% higher.
Which still isn't comparable in terms of cost per living. If the average cost per living in the United States was assigned a value of 100, Wyoming's is 91.8 while California's is 135.9, or 48% higher. Mind you, there are some pockets in Wyoming that are exorbitant, chiefly around Jackson Hole. But on the whole, a comparable lifestyle in California is going to cost a heck of a lot more than Wyoming.
But on the whole, a comparable lifestyle in California is going to cost a heck of a lot more than Wyoming.
I would think that while the cost of living a Wyoming lifestyle in California may be greater, there is no price whereby living a California lifestyle in Wyoming would even be possible.
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