Does a high-cost lifestyle mean better living, or just a bigger price tag?

Answer:

1. Hawaii
2. California
3. Massachusetts

Questions:

• What do you think is more important: living in a high-cost state with potentially more opportunities or saving for long-term financial security elsewhere?
• How does a high cost of living affect the diversity of income levels and backgrounds in a community?
• How does the cost of living affect what people consider to be a “good” salary?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (World Population Review): 

"Cost of living refers to the amount needed to cover basic expenses, such as food, shelter, transportation, and healthcare. However, costs of living can vary significantly across regions. Cost of living indexes help a person better understand and quantify these differences. Cost of living indexes are used by employers when determining wages or government agencies when determining the need for interventions, such as annual adjustments to Social Security benefits. Individuals also use these metrics when considering relocating, especially for a job.

Cost of living indexes are calculated by first determining a baseline for comparison. When comparing costs across states, the average cost of living in the United States is used as the baseline set at 100. States are then measured against this baseline. For example, a state with a cost of living index of 200 is twice as expensive as the national average. Likewise, living in a state with an index of 50 will cost about half the national average."

About the Author

Kathryn Dawson

Kathryn (she/her) is excited to join the NGPF team after 9 years of experience in education as a mentor, tutor, and special education teacher. She is a graduate of Cornell University with a degree in policy analysis and management and has a master's degree in education from Brooklyn College. Kathryn is looking forward to bringing her passion for accessibility and educational justice into curriculum design at NGPF. During her free time, Kathryn loves embarking on cooking projects, walking around her Seattle neighborhood with her dog, or lounging in a hammock with a book.