Cost of Living

The cost of living refers to the amount of money needed to cover basic expenses essential for maintaining a standard quality of life in a specific area. These expenses typically include housing, food, transportation, healthcare, utilities, and other daily needs. It varies between locations due to factors like local prices, wages, and economic conditions. When the cost of living is high, people generally need more income to meet their basic needs, while lower costs mean less spending is required. Understanding this helps individuals compare different places and plan their finances accordingly.