The big issue with this kind of calculation is that it assumes each dollar has the same marginal utility. A much more useful calculation (and much harder) is h

The big issue with this kind of calculation is that it assumes each dollar has the same marginal utility. A much more useful calculation (and much harder) is how much money is left over living expenses, and how much utility (or enjoyment) is derived from that surplus. It might be nice to live in a low cost of living area, but if all the entertainment options are not appealing, it's not really useful, even if the options are cheap.