When looking for a place to live, one of the factors you need to take into consideration is the location’s cost of living. Here is some more information about this concept as well as how it’s calculated.
WHAT IS COST OF LIVING?
This is the basic cost of expenses that are related to an accepted standard of living. This can include housing, food, taxes, transportation, and more.
HOW IS IT CALCULATED?
You can compare the cost of living of different locations by using a cost of living index. Depending on where you look, this may be calculated differently. Factors like population, quality of life, public transportation, schools, taxes, etc. Cost of Living can also help predict how these costs will rise over the years.
WHAT CAN COST OF LIVING BE USED FOR?
Cost of living is a good point start when you decide to move to a different city or are negotiating a salary. It’s a great way to gauge if living in a certain area is the right fit for you and your budget.