I have always thought you could massage the numbers to make them support your position. Looking for comps to get your home appraised is a real art. Most appraisers will not accept your “leg work” for determining values. I was recently trying to find where I should target my marketing budget for second home sales in the North-East. Basically where will my buyers come from given a 2+ hour drive and the areas that support the income to buy from with-in that distance (New England states being the target market).
The Raw income numbers New England Vs. the rest of the country
Top 100 Counties for Per Capita Income in the United States (New England only).
#6 in the U.S. Fairfield County Connecticut.
#18 in the U.S. Nantucket County, Massachusetts
#22 in the U.S. Norfolk County, Massachusetts
#29 in the U.S. Middlesex County, Massachusetts
#94 in the U.S. Newport County, Rhode Island
#97 in the U.S. Rockingham County, New Hampshire
Note the highest by county income in Maine ranked #192 & Vermont #212
*The raw numbers don’t tell the whole story…common sense still has its say
Here is where the numbers can play tricks on you: #6 Fairfield County, are folks that often commute to New York and – the New Yorkers go to the resorts in Vermont as it is easier to travel north directly to our Western neighbor. #18 Nantucket (and the Islands) also have a difficult commute and a small population to make good bang for your marketing buck.
Boiling it down to my best chances to sell properties to out of state buyers
From #22 to #97 is my target…big populations, easy access via the highway system and historically more inclined to head due north to New Hampshire, rather than Maine or Vermont. People go where they are comfortable going.
More research tells me even more than what is apparent on the surface.
Interesting note: While Middlesex County ranks #29 in Per Capita income in the U.S. It consists of over 40 towns…20 of which rank in the top 30 for highest income per tax return in the state of Massachusetts, and Middlesex county ranks 10th in the United Stated as having the highest concentration of Millionaires by county in the nation. Conclusion: Eastern Mass , the City of Boston, Southern NH and the sea coast of Rhode Island…are in my sights. Wealth by zip code reveals 40 towns from the north shore to Cape cod...where individual salaries "average" over $100,000 per year in Massachusetts.
I heard a marketing “Guru” joke once “shoot first and identify whatever you hit as your target”. I have learned ammunition can be very expensive…the Minutemen of the Massachusetts colonies said “don’t shoot until you see the whites of their eyes”. I want to know what I’m firing at is what I’m trying to hit.
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