Does this make sense to you? A recent study found a correlation between living in a sunshine-y area and savings rates. From ScienceDirect.com:
This paper attempts to answer an interesting but empirically challenging question: Do changes in well-being (life satisfaction or happiness) lead to changes in consumption and savings behavior? The paper uses regional sunshine as an instrument for personal happiness using the Dutch Household Survey from the Netherlands. Sunshine improves happiness significantly. Instrumenting happiness with sunshine, happier people are found to save more, spend less, and have a lower marginal propensity to consume. Happier people take more time for making decisions and have more control over expenditures; they expect a longer life and (accordingly) seem more concerned about the future than the present; they also expect less inflation in the future.
Okay. Let's see. Likelihood of sunshine in Riverside County, California? 73%.
And how's Riverside County doing? Not so great. From KCBS.com:
Riverside County had the second-highest foreclosure rate in the state in 2010, a real estate tracking firm reported Thursday.
A total of 55,184 mortgage default notices, auction sale notices and bank repossessions were recorded countywide last year, down about 21 percent from 2009, according to Irvine-based RealtyTrac.
Data showed that 1 in 14 households — about 7 percent of the county’s housing stock — slipped into some stage of foreclosure in 2010.
Sunshine may equal happiness. But happiness doesn't seem to equal money in the bank.