Where we live affects our cost of living , with home values slow to rise and mortgage rates at all-time lows, thereâ€™s never been a more affordable time to own a home.However, there is more to the cost of living than just a mortgage payment. Thereâ€™s the cost of groceries, gasoline and routine medical care, too.
Big cities are often more expensive in which to live, for example, and local tax laws influence daily costs, too.
For home buyers moving across state borders, â€” or even for those moving long distances intra-state â€” itâ€™s important to know the relative costs in your new hometown as compared to your current one. Your household cash flow depends on it. You canâ€™t know your budget for a home if you donâ€™t know what life in a new town will cost you.
Enter Bankrate.comâ€™sÂ Cost of Living Comparison Calculator.
In comparing the costs of 60 mundane, everyday items, the Cost of Living Comparison calculator can show you how common costs in your current home town compare to costs in your soon-to-be new home town.
The calculator asks for just three inputs â€” (1) In what city do you live now, (2) To what city are you moving, and (3) What is your current salary â€” then uses that information to produce a detailed cost comparison.
Some of the Cost of Living items compared include : Read More