![]() For example, Numbeo uses New York City as a baseline with the value of 100.00, so countries whose average cost of living is lower than that of New York City would have a cost of living index lower than 100.00 and countries with a higher average cost of living would have an index of higher than 100.00. Most sources express cost of living as a number (often referred to as an index) which is then compared to a baseline country or city. As such, each source has its own equation for determining cost of living. Ideally, areas with a higher cost of living would also have a higher average income to offset those costs, but this is not always the case.ĭetermining the cost of living in a region or country is a complicated process. Also, cities and metropolitan areas tend to have a higher cost of living than rural areas. Broadly speaking, developed countries (or those in the global north) often have a higher cost of living than do developing and least-developed countries (though standard of living is generally higher), which are usually cheaper to live in and also notably poorer. Cost of living data is used to track and compare variations in the price of goods and services over time or between multiple locations (usually cities or countries). Cost of living is the amount of money needed to sustain a reasonable standard of living and afford basic expenses such as housing, food, taxes, and healthcare. ![]()
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