I live in the San Francisco Bay Area and we have a lot of dynamics which are affecting the high-end market. That $72k average household income does not go very far here. The high cost of living means that people have less disposable income.
The @theothergreg makes a good point. I lived in the SF-Bay area from 1976 to 1983. San Jose and Fremont to be exact. Many, myself included have moved into California's Central Valley or out-of-state entirely, where its more affordable. And yes - the traffic and commutes in the Bay Area are awful.
The SF-Bay area has more to offer in the way of HEA dealers but affordable housing and a livable wage is an issue with many people being apartment dwellers, in some kind of shared housing arrangement or living with mom and pop. The median rent in S.F. for a 1 bdrm apartment use to be around $3500/mo., and that apartment may only be 800 sq. ft.
When I moved to the Sacramento region in 1986, Sacramento had maybe 4 or 5 what you could consider HEA dealers. There is only one left that I'm aware of - maybe two.
With the introduction of the
iPod, iPads, iTunes and streaming services like Spotify, Pandora, Tidal, et al, many don't see the need to spend what disposable income they have on what they consider very expensive audio equipment. Just walk into any gym or visit any school or college campus and you will see earbuds, earbuds and more earbuds.
They want their music to go where they go.
I would go so far as to say many people these days may have never attended a "live" concert. They don't know what music is supposed to sound like because they're so used to listening to compressed music. That's not to say you can't put together a decent sounding system without spending mega bucks. What's expensive to me may not be true for you and vice versa.
You have to find a balance for what's comfortable and reasonable for you. Not everyone can afford to plunk down $600K for a pair of Magico Ultimate III's and what it entails to drive them - and just because you can afford them doesn't mean you will buy them. It's called priorities.
Personally, if I had an extra $600K laying around, I'd rather put it into real estate, some other investment or do some traveling - I would not spend it on HEA. I don't feel the need to impress. I'm not into conspicuous consumption.
Having said that, I still don't believe HEA is dead but for many, it has lost it's luster.
