Learn more about this subject and understand the difference between this acronym and HCOL.
The Mister Finance.
Understanding the terms LCOL and HCOL are essential to having a comfortable and quality financial life.
While HCOL stands for the high cost of living, the other acronym stands for its opposite. Let's see how this works in practice.
The cost of living indicates how expensive it is to live somewhere, that is, how much it costs to people to maintain their standard of living in the place where they live.
When looking at the cost of living in a place, one must consider the salary and purchasing power of its residents.
• More opportunities in the job market. • Greater income potential. • Better infrastructure and education.
Advantages of HCOL areas
• A slower life, away from the hustle and bustle of big cities. • Cheaper housing. • Lower taxes.
Advantages of LCOL areas: