Looking for places to live can be a daunting task. We need to weigh the pros and cons of each place. How do you pick an area? Here are the pros and cons of living in an HCOL vs LCOL area.
HCOL is an acronym for “High Cost Of Living,” and LCOL stands for “Low Cost Of Living.” Each place has its right to be a place you may want to choose to live in.
As we take a look at differences in price the HCOL areas have much higher prices than the LCOL. One common argument is that the income is much higher in these places.
People in California make around 26% more than people in Florida, but their house price is about 56% more. It is no wonder why people would rather live in a different state than California.
Rental Rates for HCOL vs LCOL.The average rent for a place in San Francisco is around $3,111. That is still a ton of money, but it allows people to save if they would like to buy a place to live.
As we look at the prices of food, you have to wonder where you can save money. I spent a month living in Chicago. Living in Chicago, food was quite expensive to go out to eat.