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People certainly do that, but it is an uncommon choice. The vast majority of Americans live in the nicest area they can afford.

Edited with some evidence for my claim: A quick search suggests the number of American expatriates is in the single digit millions (estimates I saw range from 5 to 9 million, but obviously not all of those have moved for cost of living reasons), whereas there are perhaps 300 million American citizens (some of its 333 million residents aren't citizens).

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