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"for a lower cost of a living"
This is really circular. Poorer places have cheaper cost of living. Part of the reason CA/NY have such high housing prices is that they have such high incomes.
It seems to me that everyone makes a tradeoff between earning potential and cost of living, which are usually in tension because a lot of the goods we care about are positional rival goods and a lot of earning potential is network effects.
You see people relocate to poorer areas when they are able to retain th…
Travis County which contains Austin has a per capita personal income of 60k.
Santa Clara is 150k.
A single family home in Travis County costs $500k. In Santa Clara its 1.86M.
1.86M / 150k = 12.4
500k / 60k = 8.33
Now 12.4 vs 8.33 ain't nothing to sneeze at. Income adjusted housing in Austin is 1/3 cheaper.
But non-income adjusted housing is 75% cheaper. Income differences are still doing a lot of the work here.