But cost of living is only one possible explanation. Desirability also affects it. For example, on the whole, people are willing to spend a greater percent of t

But cost of living is only one possible explanation. Desirability also affects it. For example, on the whole, people are willing to spend a greater percent of their income to live in LA vs Dallas. Desirability drives down the market price. Many things go into market price and you don't actually have to pretend to understand them all.