Interesting thread. I'm lucky enough to live in the Midwest part of the USA (Ohio) and enjoy one of the best standards of living. We don't quite have all of the high art/culture/nightlife of say NYC, Chicago, or San Francisco, but neither are we a small rural foraming town.
Here in Cincinnati education os high, wages are decent, there's a decent supply of jobs, and cost of living is low. I considered a move to San Jose a few years back and decided that I'd need to get a 6x increase in salary to maintain my current standard of living. This was during the "dot-com" bubble however and realestate was ridiculous. Even if I got that raise I'd have to give up 200-500 square Ft. of space in a new house and have no lawn/property to speak of.
Others have poitned out that it's futile to try and compare prices givent the stark differences in income and costs of living. I've traveled quite a bit and one things I did observe while in Germany was that a good meal (not fast food) could be had for under 10DM or now 10EU, and beer was cheaper then Coke in some cases
Oddly the global presence of Mc Donalds gave me some measure as I could see what the cost of a cheesburger was in Germany, France, Brazil, Italy etc., and compare that by figuring out what else could be bought at the same price of that cheeseburger. Not scientific but it worked for me.
In any case this has made me feel pretty lucky to be where I am so I think I'll make the most of this and buy another flashlight.