15 Aug QUESTION: Understanding the cost of living concept
QUESTION: Understanding the cost of living concept may be challenging because we do not often compare to different geographic locations and/or increases and decreases over the years.
A great way to apply this concept is by completing the Cost of Living survey for the area in which you live
http://www.surveyonics.com/survey/cost-of-living-survey.aspx
After taking the survey, below, what are some findings that were surprising?
(student example)
Example 1
After taking the survey, what surprised me was the fact that an adult with a lot of responsibilities won’t be able to take care of his or her responsibilities working a job that starts them off at minimum wage. It is kind of impossible. Because if rent is $1500 a month groceries is $300 a month, health insurance is $ 150 a month and transportation is $200 a month. For example minimum wage is $15 an hour so if employess work 40 hours a week and get paid weekly 40 *15= $600 and that is before tax . After tax they may be bringing home $400 something or less every week. The cost of living in New York is very high and not everyone can make a living here.
Example 2
After I took the survey, I was shocked because of the result; also because I never calculate how much I spend for a month. My situation might be different from many of the others since I am an international student with an F-1 visa. Therefore, I am not allowed to work in the United States while I am attending school. My income basically comes from my parents. For now, I receive $3500 from my parents per month. I live with my friend, therefore, I only need to pay $2300 per month. I need to pay $50 for electricity per month. I spend a lot on groceries, which is approximately $400 per month. I need to pay $120 for the wifi, as well as $120 for my phone since I have a two-year contract plan. If I take the subway as my transportation, I need to pay approximately $50 for a month. Therefore, my monthly necessary payment is approximately $3000. After subtracting every necessary payment, I only have approximately $500 left for my personal uses. If I can work, since the minimum wage in New York is $15 per hour, I work full time which I have to work at least 9 hours per day. My weekly payment will be $675; My monthly payment will be $2700 before the tax. This means if I work at a minimum wage, I cannot even maintain my current life situation.
Base on my research, the cost of living in NYC is $2524.50 per month. This means it is hard for those people who receive their wages at the minimum wage level or work part-time to live in NYC. Therefore, the
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