The Most Reliable Cost of Living Index, Ranked

Voting rules: Choose the Cost you think is the most reliable!

Updated on Apr 25, 2024 06:54

In a world where people frequently relocate for work, lifestyle, or simply for a change of scenery, understanding the economic landscape of potential new homes is crucial. The Cost of Living Index serves as a pivotal tool, helping everyone from young professionals to retirees gauge how far their earnings will stretch in different cities. However, with numerous indices available, determining which are the most trustworthy can be challenging. This site allows you to contribute to the authenticity and accuracy of such indices by casting your vote for the ones you believe are most reliable. By participating, you not only ensure that others benefit from the most credible data but also help yourself by refining the resource pool available for your own future use. Your input helps us build a dynamic ranking that reflects real-time user trust and experiences with these vital tools.

What Is the Most Reliable Cost of Living Index?

1

60
votes
Numbeo Cost of Living Index

Numbeo

Numbeo is a crowdsourced database that provides up-to-date information on the cost of living in different cities around the world. It takes into account factors such as housing, transportation, food, and entertainment.
The Numbeo Cost of Living Index is a widely recognized index that measures the cost of living in various cities and countries worldwide. It provides valuable information for individuals and organizations to compare and analyze the affordability of different locations. The index takes into account several factors, including prices of goods and services, transportation, housing, and healthcare, among others. The data is gathered from a large user-contributed database and continuously updated to ensure accuracy and relevance.

Reliability: High

Global Coverage: Worldwide

User Contribution: Yes

Regular Updates: Yes

Data Accuracy: High
2

45
votes
Expatistan Cost of Living Index

Expatistan

Expatistan is another crowdsourced database that provides information on the cost of living in different cities around the world. It also takes into account factors such as housing, transportation, food, and entertainment.
The Expatistan Cost of Living Index is a comprehensive measure of the cost of living in different cities around the world. It takes into account various factors such as housing, transportation, groceries, restaurants, and entertainment to provide an overall index that reflects the relative cost of living in each city.

Scope: Global

Data Source: Crowdsourced

Methodology: Based on average prices contributed by expatriates living in each city

Frequency: Updated monthly

Comparison: Relative cost of living index between cities
3

21
votes
Mercer Cost of Living Index

Mercer

Mercer is a global consulting firm that provides information on the cost of living in different cities around the world. It takes into account factors such as housing, transportation, food, and entertainment.
The Mercer Cost of Living Index is a widely recognized measurement of the cost of living in cities around the world. It provides comprehensive information on various expenses such as housing, transportation, food, clothing, household goods, and entertainment. The index is used by corporations and governments to determine compensation packages and to assess the relative affordability of different cities for employees or residents.

Coverage: Includes hundreds of cities globally

Methodology: Based on a basket of goods and services commonly encountered in daily life

Currency: Reports in local currency and USD for international comparison

Frequency: Updated annually

Data Sources: Combines local data with Mercer's internal databases
4

14
votes
Economist Intelligence Unit Cost of Living Index

The Economist Intelligence Unit provides information on the cost of living in different cities around the world. It takes into account factors such as housing, transportation, food, and entertainment.
The Economist Intelligence Unit Cost of Living Index is a comprehensive tool that measures the relative costs of living in different cities around the world. It takes into account factors such as housing, transportation, groceries, healthcare, and entertainment to provide an accurate comparison of the cost of living in each city.

Number of cities included: Over 150 cities

Frequency of updates: Bi-annual

Weighting of different categories: Based on consumer expenditure surveys

Currency used: Mainly based on the US dollar

Data source: Combination of private and public data sources
5

17
votes
UBS Prices and Earnings Report

UBS Group AG

UBS provides a report that compares the cost of living in different cities around the world. It takes into account factors such as housing, transportation, food, and entertainment.
The UBS Prices and Earnings Report is a comprehensive study that analyzes and compares the cost of living in major cities around the world. It provides insights into the prices of goods and services, as well as the earning potential, enabling individuals and businesses to make informed decisions about living and working in different locations.

Scope: The report covers over 70 cities across the globe.

Frequency: The report is published every three years.

Data Sources: The data used in the report comes from various sources, including official statistics, price surveys, and UBS internal research.

Methodology: The study takes into account the prices of a standard basket of goods and services, as well as average earnings in different occupations.

Basket of Goods: The basket of goods includes items like food, housing, public transportation, entertainment, and more.
6

5
votes
Cost of Living Reports by ECA International

ECA International

ECA International provides reports on the cost of living in different cities around the world. It takes into account factors such as housing, transportation, food, and entertainment.
The Cost of Living Reports by ECA International are comprehensive surveys used to measure the cost of living in various cities and countries around the world. These reports provide valuable data for organizations and individuals to understand and compare living expenses in different locations.

Global Coverage: The reports cover a wide range of cities and countries worldwide, providing a global perspective on cost of living.

Currency Conversion: The index takes into account currency fluctuations and converts local prices into a common currency to enable accurate comparisons.

Basket of Goods: The index measures the cost of a standardized basket of goods, including grocery items, accommodation, transportation, and other essential expenses.

Regular Updates: The reports are regularly updated to reflect changes in prices, ensuring the information remains current and reliable.

Methodology: The index uses a standardized methodology to ensure consistent and unbiased comparisons across different locations.
7

18
votes
City Cost Index by Price of Travel

Price of Travel

Price of Travel provides a city cost index that compares the cost of living in different cities around the world. It takes into account factors such as accommodation, food, drinks, transportation, and entertainment.
The City Cost Index by Price of Travel is a reliable Cost of Living Index that provides information about the average costs of travel expenses in different cities around the world. It takes into account the prices of various items and services that travelers typically spend money on, such as accommodation, transportation, meals, and attractions. The index aims to assist travelers in planning their budgets and comparing the affordability of different cities.

Geographical Coverage: Cities worldwide

Frequency of Update: Approximately once a year

Data Sources: On-the-ground research, traveler input

Items Included: Accommodation, transportation, meals, attractions

Exclusions: Shopping expenses, personal expenses
8

6
votes
The Big Mac Index by The Economist

The Big Mac Index is a fun way to compare the cost of living in different countries around the world. It is based on the price of a Big Mac burger in different countries.
The Big Mac Index is a measurement of purchasing power parity (PPP) based on the price of a Big Mac burger from McDonald's in different countries. It was created by The Economist magazine as a lighthearted way to compare the cost of living between countries.

Purpose: To compare the cost of living between countries based on the price of a Big Mac.

Methodology: The index uses the theory of purchasing power parity, which suggests that exchange rates should equalize the price of a basket of goods (in this case, a Big Mac) across different countries.

Burger Choice: The Big Mac was chosen as the benchmark item because it is a globally recognizable product available in most countries.

Data Collection: The prices of Big Macs are collected regularly from McDonald's outlets in various countries.

Calculation: The prices are converted to US dollars using prevailing exchange rates, and then compared to determine the relative cost of a Big Mac in different countries.
9

13
votes
Living Wage Calculator by MIT

Dr. Amy K. Glasmeier

The Living Wage Calculator by MIT provides information on the minimum wage needed to meet basic needs in different cities around the United States. It takes into account factors such as housing, food, and transportation.
The Living Wage Calculator by MIT is an online tool that provides detailed information about the cost of living in different locations within the United States. It aims to help individuals and families understand how much income is required to meet their basic needs and achieve a decent standard of living.

Coverage: Data for over 6,000 locations in the United States

Calculation: Takes into account expenses such as housing, food, transportation, healthcare, and other essentials

Customization: Allows users to adjust variables like family size and composition

User-friendly Interface: Easy-to-navigate website with clear visuals and interactive features

Updated Data: Regularly updated to reflect changing costs and economic conditions
10

8
votes
Consumer Price Index by Bureau of Labor Statistics

Bureau of Labor Statistics

The Consumer Price Index by the Bureau of Labor Statistics provides information on the change in prices of goods and services in different cities around the United States. It takes into account factors such as housing, transportation, food, and entertainment.
The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It is a widely used economic indicator to measure inflation and compare the cost of living across different regions.

Scope: United States only

Frequency: Monthly

Base year: 1982-1984

Market basket: Over 200 categories of goods and services

Geographic coverage: Urban areas across the United States

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Discussion

Ranking factors for reliable Cost

Methodology

The methodology should be transparent and consistent, and should clearly define the weights assigned to each category of expenditure.
Data sources

The data sources should be reliable and reputable, and should be regularly updated.
Coverage

The index should cover a broad range of categories of expenditure, including food, housing, transportation, health care, and entertainment.
Geographic scope

The index should cover a broad range of geographic areas, including both urban and rural areas, and should also include international comparisons.
Accuracy

The index should be accurate in reflecting actual costs of living, as reported by consumers in the areas covered.
Accessibility

The index should be easily accessible to consumers, policymakers, and researchers.
Credibility

The index should be widely recognized as a reliable and credible source of information.

About this ranking

This is a community-based ranking of the most reliable Cost of Living Index. We do our best to provide fair voting, but it is not intended to be exhaustive. So if you notice something or Cost is missing, feel free to help improve the ranking!

Statistics

2028 views
209 votes
10 ranked items

Movers & Shakers

Numbeo Cost of Living Index
Expatistan Cost of Living Index
Cost of Living Reports by ECA International
Consumer Price Index by Bureau of Labor Statistics

Voting Rules

A participant may cast an up or down vote for each Cost once every 24 hours. The rank of each Cost is then calculated from the weighted sum of all up and down votes.

More information on most reliable cost of living index

The Cost of Living Index (COLI) is a measure of the relative cost of living in different cities or countries. It takes into account the prices of essential goods and services such as housing, food, transportation, and healthcare. Different organizations and websites produce their own versions of the COLI, each with its own methodology and data sources. When comparing COLIs, it's important to consider the specific factors that each index takes into account, as well as the geographic coverage and frequency of updates. Some COLIs focus on major cities or regions, while others provide data for smaller towns and rural areas. Additionally, some COLIs may be adjusted for inflation or currency exchange rates to provide more accurate comparisons across different countries. Ultimately, the most reliable Cost of Living Index will depend on your specific needs and the purpose for which you plan to use the data. Whether you're moving to a new city, planning a budget for a business trip, or simply curious about the relative cost of living in different parts of the world, the right COLI can provide valuable insights and help you make informed decisions.