What is Cost of Living (COL)?
Cost of Living is the level of prices relating to a range of everyday items.Google
The cost of living is defined as the amount of money needed to sustain a certain standard of living by affording basic needs such as housing, food, healthcare, and more.World Population Review
How Is Cost Of Living (COL) Used?
Cost of living is used to see how much it costs to live in a particular state. If you’ve never taken the time out to find out what this amount is, you should. It can help in determining and making economic decisions for your life. It will help you realize how much things cost in your state. You have no control over the state you are born in, however, once you reach the age where you can make your own decisions, you have control over whether you want to stay in your birth state or move somewhere else.
Have you thought about moving?
If you are transistioning to another state, this is good information to know. For example, if you plan on renting an apartment, the amount it cost to rent an apartment in Oklahoma is not the same amount to rent an apartment in California. In fact, an apartment in California can be in the two thousand dollar range per month. Why? The cost of living for each state is different. The prices for food, clothing, gas, and etc., are different.
The cost of living is often used to compare how expensive it is to live in one location compared to another and is also used as a big factor for people to determine where they want to be located in addition to cultural attractions, the job market, and other factors.World Population Review
Some states are more expensive to live in than others, knowing the cost of living for a particular state that you are considering will help you factor in how much it will cost for food, shelter, transportation, energy, clothing, healthcare, and if you have children, childcare. All these things are different for each state.
How Are The Cost Of Living (COL) Indexes Factored?
Cost of living indexes are expenses used to track how much the cost of basic expenses raise over a period.
Expenses used are: Food, Shelter, Transportation, Energy, Clothing, Healthcare, and Childcare.
The Least Expensive State To The Most Expensive State
Based on November 2020 data.
- New Mexico
- West Virginia
- South Carolina
- North Carolina
- North Dakota
- South Dakota
- Puerto Rico
- New Hampshire
- New Jersey
- Rhode Island
- New York
- District of Columbia
What number is your current state? Let me know by leaving a comment with your state and it’s number on this blog post.
The Least Expensive State To Live In & Most Expensive State To Live In
According to the data, the least expensive state to live in is:
The most expensive state to live in is:
Do you live in either state? Leave a comment on this blog post letting me know.
World Population Review: https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state
Bridget Denise Webb