A Wharton professor uses a complex formula to determine the quality of living in U.S. cities.
You laughed last month when I named Seattle one of the most overrated cities in America. You jeered when I said Philadelphia was one of the worst. You called in and questioned my methodology and my objectivity even though I had already acknowledged, in print, that I had employed neither. Well, now the experts have weighed in -- or at least one of the experts, a Wharton professor by the name of Joseph Gyourko. His findings appear in the March-April issue of Business Review, published by the Federal Reserve Bank of Philadelphia, no less. To guarantee objectivity in his ranking of the quality of life in major metropolitan areas, he's used compensating differential models! The results? Of the 130 cities ranked, Philadelphia placed 101st and Seattle 104th, right down there with other hot spots like Trenton, N.J. (100th), and Mansfield, Ohio (107th). For those of you bold enough to question the economist's credibility, here's the formula he used: