I am looking for apartments in New York.
Looking in Brooklyn, Queens, and Lower Manhattan.
When deciding, I think of different factors:
Rent cost, location, community, commute time
Rent is the easiest to compare, it’s just comparing numbers.
The common heuristic is: go with the lowest number and you save money.
But that heuristic alone is wrong.
Where you live has a tremendous effect on the type of person you become.
That potential has a price.
When you are paying more for living in a community it’s because you’re paying for that potential.
You’re paying for that positive influence and connections.
If it could be quantified, then the more expensive place could be cheaper when you add up the lack of opportunity as a cost to the cheaper place.
When paying for something, always take into account the hidden costs.
When you see those costs you can decide if they are worth the trade off.