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Cost of Living Defined

The cost of living is the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time period.


The cost of living is often used to compare how expensive it is to live in one city or location versus another. The cost of living is tied to wages. If expenses are higher in a city, such as London, for example, salary levels must be higher so that people can afford to live in that city.

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