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The Most Surprising Map of the Year

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I was keyed into the most surprising map of the year while reading this article in the Financial Times. If you put your finger on a map of the U.S. where do you feel you’d need to live to justify renting a three-bedroom, three-bath apartment for $4,500 per month? How about a 700 square foot one bedroom for $2,000 per month? This may not be where you had in mind, courtesy of the Apartment Guide Blog:

Welcome to Williston, North Dakota, where the oil industry has caused the population to more than double in the past five years. And, according to Apartment Guide data, you’ll pay more to live in a small apartment here than you would anywhere else in the country. A 700-square-foot, one-bedroom, one-bath apartment in Williston easily can cost more than $2,000 per month.
Looking for a little more space? A three-bedroom, three-bath apartment could cost as much as $4,500 per month.
Why so much?
Williston was a quiet, agricultural town of about 14,700 when the 2010 Census was taken, but now it produces more oil than any other site in the country, and its population has swelled to about 30,000 people. The oil boom has created many high-paying jobs in the area, and apartments can’t be built fast enough to accommodate the influx of workers – many of whom make six figures per year. The apartments that are already there are in high demand, so they get snatched up immediately, and for a pretty penny.

 

 

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E.J. Smith

Editor-in-Chief
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com.