Urban scholars have long viewed cities as competing to attract residents. Recently, this competition has expanded to the scope of livability and community quality of life indicators. Cities regularly advertise their high rankings on livability scores to attract new residents. Meanwhile, the 2007–2008 Global Financial Crisis has emphasized the importance of economics again. What makes a city more attractive to people? The traditional literature on cities as developmental states argue economic vitality is most important, while more contemporary literature on cities argue culture and entertainment amenities are important. We conducted a national survey of community wellbeing and its factors in South Korea in 2013. Regression models show natural resources, local administration, and social capital are the most important factors for the overall quality of life in cities. Residents’ satisfaction with collective goods, rather than private goods, shape overall assessments of the community. Scholars and policymakers should pay more attention to these collective goods that enhance community wellbeing.