Cost of surviving(food, shelter, boose) - yes. What about cost of having trip around the world for vacation, building your retirement fund, price of the iphone, car?
Well, the retirement fund might be more CoL adjusted, if you intend to retire to the same region you currently reside.
You shouldn't have to decide that up front. Plus someone living in a high-rent area then gets a huge retirement bonus and allows them the option to move somewhere else. Someone in a low-rent area doesn't get that option at all.
All true, and yet I imagine a lot of people think in different terms about retirement.
iPhones and car loans are more expensive here in Mexico.