![]() ![]() ![]() When the cost of living is high, you may seek a job that gives you a high enough salary to meet your basic living expenses. Your basic expenses can include:Īfter calculating the cost of living, you can compare two or more cities to find out how affordable or expensive it can be to live in those cities. In this article, we define cost of living and describe the related index, explain cost-of-living adjustments, review the connection to Social Security benefits, describe how to calculate this metric, list necessary costs to consider and offer advice to help you plan for a move to a city with a high cost of living.Ĭost of living is the amount of money you might pay to sustain a reasonable lifestyle in a particular city.Ĭost-of-living adjustments (COLAs) refer to wage adjustments necessary in certain cities to match the amount a resident can earn with the cost of living.įactors to consider when calculating cost of living include housing, food, clothing, education, health care, transportation, taxes and additional expenses.Ĭost of living is the monetary amount you're likely to pay for basic expenses and to maintain a certain lifestyle standard in the city of your choice. ![]() This can help you determine if your new wages are likely to cover your basic expenses, especially if you choose to relocate to a new location with a higher cost of living. When completing either of these activities, consider using a living expenses calculator and a cost-of-living adjustment calculator to get a realistic estimate of how much living in the area in which the job is situated might cost. Calculating the cost of living is an important factor when searching for a new job or accepting a job offer. ![]()
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