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
When we talk about acceptance in the real estate world, we have to talk about an offer that is accepted. The definition of acceptance implies the existence of an offer that we can accept or ...
The term proxy comes from the power of attorney by which the holder of stockholders in a real estate company transfers voting rights to another stockholder. A proxy fight may arise in which ...
Document describing the benefits and provisions for people or businesses covered by group insurance. Document in life and health insurance issued to a member of a group insurance plan ...
The Multiple Listing Service (MLS) is an exclusive database of properties created by real estate agents and brokers. The idea behind the creation of the Multiple Listing Service (MLS) ...
member of the National Association of Real Estate Brokers, Inc. ...
Also called a will. Describes the disposition of property. ...
In the business world, the definition of override means a salesperson paying a commission to a supervisor or another agent. The meaning of override refers to an arrangement for acquitting ...
Examination of the financial records of a business to uncover errors and other irregularities. Involves looking at source documents to determine the legitimacy of transactions. An ...
One that is legally binding because it is in conformity with legal requirements and conditions. ...
Have a question or comment?
We're here to help.