Cost Of Living
The definition of cost of living is the amount of money you need to have in order to sustain a certain lifestyle. The cost of living refers to the amount of money you spend on housing, food, gas, and other items. It is an easy way to measure a person's standard of living and cost of living estimates allow for comparison between locations.
Cost of living and lifestyle
The cost of living is an index. A numerical value that shows you if your expenses are high or low. This makes it possible to compare the cost of living between cities, states or countries. The cost of living is highly determined by the area you live in, it’s economy, the job market, and others.
If a city has a high cost of living we consider it an expensive city. On the other end, a city with a low cost of living is a more affordable city. This classification is possible at a larger scale, therefore, counties, states, and nations have a cost of living associated with them.
The standard of living is also impacted by a person’s income. A high income in a city with a low cost of living offers that person a comfortable lifestyle. On the other hand, expensive cities with a high cost of living, means those common items, as well as payments, are going to be higher. That would require a higher salary if you want to sustain the standard of living in an expensive city.
Popular Real Estate Terms
Partnership agreement where the parties consent to purchase the interest of those leaving the partnership while those leaving similarly consent to sell their interests to agreement for a ...
Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a cooperative has the first right of ...
land that is adjacent to water such as a stream. ...
Interests and property directly connected with real property. This would include property leases, fixtures, and access rights. ...
Combination of IRC 1034 and 121 dealing with the sale of a personal residence with the once-in-a-lifetime $125,000 exclusion that may be available for the "over-55" seller. Should the ...
Permission to do something that differs from the basic zoning requirement. An example is a homeowner receiving special authorization to build a two-family house in a single family zoned ...
Where property is sold to the highest bidder. ...
Heat resistance measure commonly used with insulating material, outside walls, and roofs. The higher the R value, the more heat transfer resistance a material has." ...
Partner in a real estate business who remains anonymous but has legal rights and obligations. ...
Have a question or comment?
We're here to help.