Tag Archives: Cost of Living

Costs of Living

cost of living

What is a dollar worth?

If you answered that it’s worth a dollar, you must be living in Illinois.  A research report by U.S. Bureau of Economic Analysis found that the prices for a particular basket of goods and services—food, transportation, housing and education—are higher in some states than others.  Illinois came in at almost exactly the average; a $100 bill will buy $100.70 worth of the items.  People living in the District of Columbia, the nation’s most expensive area, would have to pay, on average, $118.10 for the same basket of items.

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(Astronomical) Cost of Living

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The rule of thumb in financial planning circles is that you shouldn’t spend more than 25% of your income on housing costs.  But if you live in certain cities, it might be a tad difficult to follow that rule.  Pity New Yorkers, whose rent costs 63.1% of their income.  And New York is cheap compared with other locations.

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