The bit you overlooked was Freedom.
Freedom to live and work in one small area, or to do otherwise. Freedom to go where you want, when you want.
Is there a cost to that? Hell yeah. But for an awful lot of people, it's worth it.
Too many time to count, I've met someone whose car was their only significant possession, the only thing of any real value they owned outright. They'd lost or sold everything else, but the car they wouldn't part with - it wasn't just transportation, but their home, and for a few dollars in gas it was heat and a lifeline to those who could help in an emergency. I guess in NYC, they'd have been sleeping on the subway somewhere... But instead, they had freedom.