The Most and Least Stressed Out Cities

CNNMoney published a list of the most and least stressed out U.S. cities, based on a variety of factors including traffic, cost of living, employment, and poverty rate. The results:

The 5 Most Stressed Out Cities:

1. New York, NY. Long commutes average 40 minutes each way and housing costs are double the national average. Poverty and unemployment rates are also above the national average. Residents experience long workdays and a high cost of living.
2. Detroit, MI. Detroit is known for its high crime rate, unemployment rate of around 9%, and its poverty rate that exceeds 25%.
3. Los Angeles, CA. Commuters deal with heavy traffic, no public transportation, and a high cost of living. 
4. Riverside/San Bernardino, CA. The effects of the recession hit this construction-industry city especially hard. Residents face long commutes, high unemployment, and a 20% poverty rate.
5. Houston, TX. Thanks to the oil industry which can require 80-hour work weeks, Houston has the longest average workweek of all 55 places CNNMoney analyzed.  Traffic is also problematic.  

The 5 Least Stressed Out Cities:

1. Salt Lake City, UT. Low unemployment, a low cost of living, and short commutes make for a balanced work-life. 
2. Rochester, NY. Short commutes average 21 minutes each way, and work days are shorter than average. 
3. Raleigh, NC. A low cost of living, low unemployment, lots of green space, and proximity to mountains and beaches make Raleigh a relatively happy and healthy city. 
4. Minneapolis, MN.  Minneapolis benefits from low crime, lots of jobs, a healthy lifestyle, and a low poverty rate (11%). 
5. Richmond, VA. Shorter work days, low unemployment, and a poverty rate below 12% (one of the lowest of the 55 cities studied) earns Richmond its spot as the 5th least stressed U.S. city.

View the full list of the most stressed out cities and the least stressed out cities.

Parking Spots in Hong Kong Selling for $500,000+

Those who live in big cities can attest to fact that it is not only difficult to find a parking spot, but it is also expensive. Midtown Manhattan and Downtown  Manhattan boast the most expensive monthly fees that residents pay for a parking space, at $541 and $533, respectively. Other cities with steep monthly parking rates include Boston ($438) and San Francisco ($375). In large cities like these, apps such as Parker and BestParking can help drivers find parking spaces based on price and location.

But these prices are nothing compared to Honk Kong, where parking spots are bought and sold like investment property. CNN Money reports that, In May, a single parking spot in a residential neighborhood of Hong Kong Island sold for 4.24 million Hong Kong dollars, which translates into a shocking $547,000. This lofty price reflects the classic principles of supply and demand: the city has only 683,000 parking spots for a population of 7 million+. Although the 6.2% car ownership rate in Hong Kong is among the lowest in the world, most homes do not come with a garage or driveway, driving demand for parking places. The city government has extended a tax intended to cool the residential property market to parking spaces, but demand is still high along an increase in investment dollars. The number of registered parking spots sold in August increased by 29% to 956 since July, reaching the highest level in 20 months.

The Baby Boomer Burden

The more Baby Boomers entering retirement, the greater the housing strain to accommodate them. FiveThirtyEight Economics reports that, at 14.5% in 2014 and a projected 20.9% in 2050, the U.S. has a high concentration of residents aged 65 and over. A report published by the Harvard Joint Center for Housing Studies and the AARP Foundation recently revealed that the number of adults 65 and over will more than double to 73 million by 2030.

Still, other countries have an even higher proportion: Japan tops the chart with 25.8% in 2014 and a projected 40.1% in 2050. Other countries with a high concentration of seniors include developed countries such as Germany, France, and Canada.

Unfortunately, retirees have less savings (partially attributed to the financial crisis) and carry more debt than previous generations: 70% of Boomers between 50 and 64 and 40% of Boomers 65+ still owed money on their home in 2010. Non-housing debt (such as credit card and auto loan debt) among boomers aged 65+ surged from $4,300 in 1992 to $7,200 in 2010. CNN Money brought attention to the fact that the number of senior households living on less than $15,000 (below the poverty line) is expected to increase by an astonishing 37% in 10 years. The fact that many will have to put over 30% of their income toward housing means they will have to cut back on other expenses such as medical care and transportation.

Federal rental assistance does exist; however, only one-third of eligible low income seniors received assistance in 2011. Opinions on how to remedy this precarious situation vary, from improved in-home senior programs, senior tax relief, and increased federal rental assistance.

What does this mean for the rest of the population? When Boomers retire they reduce production and consumer spending and increase dependence on others (such as their children and the government), resulting in overall slower economic growth.  Key indicators that speak to this trend include the labor force participation rate (the ratio between those working or actively looking for work and the overall population) and  the dependency ratio (the number of people outside of working age--under 18 or over 64--per 100 adults between those two limits).