Why is the cost of living different for different jobs?
The cost of living, in terms of a standard expenditure budget, varies according to the average individual’s income. People with higher incomes have both different expenditure patterns and different cost impacts than people with lower incomes. Both the amount and type of expenditures change with greater income amounts, even in the aggregate. And, obviously, people earning the same salary usually experience different individual living costs, based on their life circumstances and choices. For example, a married man has different costs than a single woman, despite identical incomes. An architect’s cost of living differs from an accountant’s cost of living, most fundamentally, because they typically have different incomes and thereby experience different spending patterns, even before you take into account their individual specifications such as family size. Cost of living has never attained a statistically significant relationship with wages. While the two generally tend to move in the sam
The cost of living, in terms of a standard expenditure budget, varies according to the average individual’s income. People with higher incomes have both different expenditure patterns and different cost impacts than people with lower incomes. Both the amount and type of expenditures change with greater income amounts, even in the aggregate. Also people earning the same salary usually experience different individual living costs, based on their life circumstances and choices. For example, a married man has different costs than a single woman, despite identical incomes. An architect’s cost of living differs from an accountant’s cost of living, most fundamentally, because they typically have different incomes and thereby experience different spending patterns, even before you take into account their individual specifications such as family size. Cost of living has never attained a statistically significant relationship with wages. While the two generally tend to move in the same direction
