Cost of living
kost uv LIV-ing
/ˌkɒst əv ˈlɪvɪŋ/
The amount of money needed to sustain a certain standard of living by covering basic expenses like housing, food, taxes, and healthcare.
The cost of living varies significantly by geographic location and is often used to compare the economic burden on individuals or households in different areas.
The story behind the word. This phrase is a straightforward combination of 'cost' and 'living.' 'Cost' comes from the Latin 'constare,' meaning 'to stand at a price.' 'Living' comes from the Old English 'libban,' meaning 'to live.' Together, they simply describe the 'price of living,' or the expenses necessary to maintain one's life and lifestyle.
Word relationships
- living expenses: More informal, often refers to personal or household expenditures.
- basic expenses: Focuses on the essential expenditures, while 'cost of living' implies a broader standard.
Commonly confused with
- Inflation: Inflation is the general rise in prices across an economy; the cost of living is the result of these rising prices on an individual's or household's budget.
Collocations
- high cost of living
- low cost of living
- rising cost of living
- cost of living index
- cost of living adjustment
Example sentences
- "Before relocating, we researched the cost of living in various cities to find one that fit our budget." Discussing moving to a new city.
- "The rising cost of living is putting a significant strain on low-income families." News report on economic trends.
- "Many companies offer a cost of living adjustment (COLA) to salaries to help employees keep pace with inflation." Employee benefits discussion.
Memory hook
Think of the 'COST' of simply 'LIVING' your daily life – rent, food, bills. Price of daily life
When not to use
Do not use 'cost of living' to refer to the price of a single item. It refers to the aggregate expenses for a standard lifestyle.
Fun facts
- The Economist Intelligence Unit publishes an annual 'Worldwide Cost of Living' report, ranking cities by their expensiveness.
Related words
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