Student loans can be a big one - your payments are the same no matter where you live, so nominal income matters quite a bit. Lyman Stone wrote a good piece on

Student loans can be a big one - your payments are the same no matter where you live, so nominal income matters quite a bit. Lyman Stone wrote a good piece on this where he speculates that part of the reason Millenials have been clustering in cities is that "Given that student loans have a fixed nominal value, they are often easier to pay off in high-wage, high-cost cities."[1] [1] https://medium.com/migration-issues/millennials-have-less-debt-more-debt-burden-88950a7ee9c0 https://medium.com/migration-issues/millennials-have-less-de...