Disadvantage of living in a place that has low cost of living?

[Kross]

There are some places that one doesn't need as much money to survive compared to how much is needed to survive in some other places. The advantage is that living in a place that has a lower cost of living, you won't have to spend much.

But I am sure that there are bad sides to that too. What could be the disadvantage of living in a place that has lower cost of living?