Cost of Living Index - Will My Salary Increase Match My New Lifestyle?
Cost of living is increasing, and if you have a rising salary, it is difficult to keep up with the increased cost of living. This means you need to increase your income to meet the rising cost of living. However, some employees may find themselves with a cost of living increase because of a relocation to a new city. This cost of living index can help you figure out whether or not the salary you received will match your new lifestyle.The United States Bureau of Economic Analysis releases a new study, Regional Price Parities Dataset, which shows the variation in prices across regions and states. This report uses the Consumer Price Index and housing data from the American Community Survey to calculate regional price increases. It also shows that lower-income families are feeling the pinch more than higher-income families. But there are no quick fixes for the rising cost of living, so there is a long way to go.The costs of living index compares the average cost of living of a state to the national average. Values above 100 indicate higher costs of living, while those below 100 mean lower costs. The three-bar graph shows the cost of living in each state for November 2020. The orange bars represent the eighth Federal Reserve District, home to the St. Louis Fed. The median rent for a two-bedroom apartment in California is $2495.
