Sort of, see "Expensive Urban Real Estate Is a Consumption Choice": http://www.theatlantic.com/business/archive/2011/11/expensive-urban-real-estate-is-a-consump

Sort of, see "Expensive Urban Real Estate Is a Consumption Choice": http://www.theatlantic.com/business/archive/2011/11/expensive-urban-real-estate-is-a-consumption-choice/247937/ http://www.theatlantic.com/business/archive/2011/11/expensiv... If coming to New York meant that you had to put four people in a three bedroom apartment that's uncomfortably far from a subway line, instead of buying a nice little condo in Omaha, this does not mean that you are not "really" better off than your counterpart in Omaha; it means that you have chosen to consume your extra wealth in the form of "living in New York" rather than in the form of spacious real estate, cheap groceries, and an easy commute.