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
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 ...
Form of deed used in the transfer or real property. It is somewhat narrower than a warranty deed in terms of covenants and warranties. ...
The willingness of a lender to give a mortgage to a mortgagor. A mortgage commitment will give a time period the mortgage will be given and an indication of the interest rate to be charged ...
Thinking about selling your own home without an agent? You can. For Sale By Owner or FSBO is how it’s called in the real estate world. It's when a homeowner decides to sell his/her ...
Where property is sold to the highest bidder. ...
Putting a waterproofing substance on the exterior cement walls of the structure to prevent water from entering the interior of structure. The cracks in the walls are patched up. ...
Contractual clause allowing one or both parties to terminate the agreement if a specified occurrence takes places. This is a cancellation clause, which allows the agreement to become null ...
Device that cuts off an electric circuit when the current becomes to strong. ...
Any walls constructed without using concrete or mortar. Drywall materials include sheetrock, gypsum, plywood, Styrofoam, and pressed fiver. See also drywall construction. ...
Have a question or comment?
We're here to help.