A cost of living calculator is a tool that helps individuals compare the expenses of living in different locations. It typically considers factors such as housing, food, transportation, healthcare, and taxes. By inputting your current location and desired destination, you can see how much more or less you might spend in the new area.
These calculators are useful for people planning to move, as they provide insights into budgeting and financial planning. They can also help employers determine salary adjustments for employees relocating to different cities or states, ensuring fair compensation based on local living costs.