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That's the premium you would have to pay for a comparable place, but a comparable place is actually not that comparable. Urban lifestyle is fundamentally differ

That's the premium you would have to pay for a comparable place, but a comparable place is actually not that comparable. Urban lifestyle is fundamentally different from suburban lifestyle, focusing more on doing things outside your home. A better comparison would be based on what urban people in your social class are paying for housing. Much in the same way, it's not reasonable to compare suburban and rural costs of living by assuming similar homes. For example, beachfront properties tend to be quite expensive in the suburbia, and private lakes even more so.

robswc 4y ago
>but a comparable place is actually not that comparable I can agree with this. I mean like you say though, its a location premium. All things being equal, a beach house will cost more than a normal house. All things being equal, 1000sqft in the city will be more than 1000sqft out of the city. To some, being able to walk to a restaurant is priceless. Other's could care less. At the end of the day, there's a premium for proximity.