cost of living
- Noun:
- The average amount of money a person or household needs to pay for basic necessities: This includes essential expenses such as food, housing (shelter), clothing, transportation, healthcare, and utilities in a specific place and time.
- An economic indicator: The cost of living is a measure used to compare how expensive it is to live in different cities or countries, and its changes over time are linked to inflation.
- Noun:
- The high cost of living in the city forces many people to commute from the suburbs.
- A fixed income is difficult to manage when the cost of living increases every year.
- The company offers a cost-of-living adjustment to salaries based on the employee's location.
"Cost-of-living allowance (COLA)": An additional payment made to employees to compensate for differences in the cost of living, especially when relocating to a more expensive area.
- The expatriate package includes a generous cost-of-living allowance.
"Cost-of-living index": A theoretical price index that measures the relative cost of living over time or between regions.
- The government publishes a monthly cost-of-living index.
Living costs (n): Often used interchangeably with "cost of living."
- Rising living costs are a major concern for families.
Cost-of-living adjustment (n): A specific increase in wages or benefits tied to an official measure of inflation.
- Retirees received a 2% cost-of-living adjustment this year.
- Expenses of daily life: The money required for everyday needs.
- Household expenses: The costs associated with maintaining a home.
- Standard of living: The level of wealth, comfort, and material goods available to a person or community. (Note: This is related but distinct, focusing on quality rather than just cost.)
- A high cost of living does not always guarantee a high standard of living.
The term "cost of living" specifically refers to the financial expense of basic necessities. It is a collective, singular noun phrase. It is different from "living cost," which is less common and can sometimes refer to a single expense related to living. The primary focus is on the aggregate, average cost required for a typical standard of life in a given area.
- average cost of basic necessities of life (as food and shelter and clothing)
- a rise in the cost of living reflects the rate of inflation