Reviews & Comments
Monterey, CA
If you're not a millionaire good luck living here -
12/31/2013I grew up on the Monterey Peninsula and had to leave to climb out of poverty. The median income is $35,000 and outside of the military, the jobs are mostly service (hospitality, etc.). The average home price is about $600,000 or higher. Rent for a studio apartment is $1,100 to $1,500, depending on location.
The only way to live comfortably in Monterey, Pacific Grove or Carmel is to have bought a house in the 1960s, like my parents did, or bring your money with you, like the millionaires from LA and Silicon Valley. They bought second homes in the area, which sit vacant for most of the year, but it saves the hassle of having to make hotel reservations when you want to take your private jet for a spur-of-the-moment round of golf at Pebble Beach.
If you're looking for Exhibit A of the disappearing middle class, it's here.