Cost of Living Measure
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A Cost of Living Measure is a household cost of maintaining a certain standard of living.
- Context:
- It can (typically) be adjusted for Household Size.
- It can (often) be compared to a Household Expense Measure.
- It can (often) be compared to a Household Income Measure.
- It can be a Regional Cost of Living Measure, such as a city-specific cost-of-living.
- It can range from being an Absolute Cost of Living Measure to being a Relative Cost of Living Measure.
- …
- Example(s):
- Counter-Example(s):
- See: Living Income, Standard of Living, Cost of Living Index, Purchasing Power Parity, Basic Expenses, Big Mac Index.
References
2020
- (Wikipedia, 2020) ⇒ https://en.wikipedia.org/wiki/cost_of_living Retrieved:2020-6-17.
- Cost of living is the cost of maintaining a certain standard of living. Changes in the cost of living over time are often operationalized in a cost-of-living index. Cost of living calculations are also used to compare the cost of maintaining a certain standard of living in different geographic areas. Differences in cost of living between locations can also be measured in terms of purchasing power parity rates.
2020a
- https://www.eiu.com/n/campaigns/worldwide-cost-of-living-2020/
- QUOTE: ... The Worldwide Cost of Living is a bi-annual (twice yearly) Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs. The survey itself is a purpose-built Internet tool designed to help human resources and finance managers calculate cost-of-living allowances and build compensation packages for expatriates and business travellers. The survey incorporates easy-to-understand comparative cost-of-living indices between cities. The survey allows for city-to-city comparisons, but for the purpose of this report all cities are compared with a base city of New York, which has an index set at 100. The survey has been carried out for more than 30 years. ...
... and San Francisco (25th to 15th), where a high concentration of wealthy individuals means that prices continue to rise quickly for more luxurious goods and services in categories such as personal care, clothing and domestic help (for which it is the most expensive city in the world). …
- QUOTE: ... The Worldwide Cost of Living is a bi-annual (twice yearly) Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs. The survey itself is a purpose-built Internet tool designed to help human resources and finance managers calculate cost-of-living allowances and build compensation packages for expatriates and business travellers. The survey incorporates easy-to-understand comparative cost-of-living indices between cities. The survey allows for city-to-city comparisons, but for the purpose of this report all cities are compared with a base city of New York, which has an index set at 100. The survey has been carried out for more than 30 years. ...
The ten most expensive cities in the world Country City WCOL index (New York=100) Rank Rank movement Singapore Singapore 102 1 0 China Hong Kong 102 1 0 Japan Osaka 102 1 4 US New York 100 4 3 France Paris 99 5 -4 Switzerland Zurich 99 5 -1 Israel Tel Aviv 97 7 3 US Los Angeles 96 8 2 Japan Tokyo 96 8 5 Switzerland Geneva 95 10 -5