And to add to UCB’s fine post- not living in metro NY, Boston, LA or SF. If you are in a region with very high real estate and property taxes, your actual COL is significantly higher than the formula will kick out. If you own a three bedroom house in Cincinnati or Tulsa with the other UCB situations… your results will likely be in a sweet spot.
That 3 bedroom in Belmont MA or White Plains NY is going to make you look like an oligarch if home equity is filtered in… even though it can be the same modest, unimproved house as your “cousin” in Ohio or Oklahoma.