The cost of living is described as much higher in New York City than in:

1. Price levels differ across places as well as across time. 2. A price level summarises many prices into one figure. 3. That figure differs by location as well as by date. 4. The cost of living in New York City is much higher than in Houston, Texas. 5. So a national index can hide large local differences. _Source: OpenStax Principles of Macroeconomics for AP Courses 2e (CC BY 4.0), Ch 8 'Inflation'_