The "cost of living" refers to the amount of money needed to maintain a certain standard of living in a specific area. This includes expenses such as housing, food, transportation, healthcare, and education. Different locations can have varying costs, meaning that what is affordable in one city may be expensive in another. Factors influencing the cost of living include local wages, economic conditions, and the availability of goods and services. For example, urban areas like New York City often have higher costs compared to rural areas. Understanding the cost of living is essential for budgeting and financial planning.