[viraptor]

It's not just accommodation. Larger European cities are also usually pretty good for walking / cycling / public transport, so you often don't need a car. Cost of schools starts at $0 (details depend on a country). Basic coverage means you may not need a hospital visit emergency fund. Etc.

[Jiejeing]

That is true. I am not disparaging our (most of europe’s) social security model, which I would never give up for a US-like one; but at higher levels of compensation that is usually not a factor, unless you have a terminal illness that will gut your finances.

(I am european with a MSc and have never paid for education, do not have a car, and am very happy with most of the social security programs. I only tried to see things from another point of view)