what I take from this is that cost of living is increasingly detached from lived quality.

the most expensive cities are often expensive because everyone wants access to them. The best-value cities stay good only until enough people discover them.

and that makes these rankings more about where geographic arbitrage still exists and how long more before it disappears.

- the biggest global cities increasingly charge an access premium. you’re paying for jobs, networks, culture and status and not necessarily a proportionally better day-to-day life.

- Porto, Valencia and Prague are the more interesting places. they’ve stayed near the top for years, but all are getting more expensive. good value attracts migration, and migration eventually destroys some of that value.

- the Sun Belt trade may be following the same pattern. people move for cheaper housing and better lifestyles, prices rise, and the original arbitrage starts closing.

- cheap is also a misleading label. some cities are cheap only if you arrive with foreign income. for locals earning local wages, the experience can be completely different.

- London, New York, LA and San Francisco offer the WORST value on earth

https://x.com/arndxt_xo/status/2089756865983066455