Here’s a handy little calculator that could be useful for someone that is teaching consumer economics. CNN Money has created a cost of living calculator designed for the purpose of comparing the how far a salary will go in one city versus another. To use the calculator simply type in a salary and select the cities you wish to compare. The results will display the costs of groceries, transportation, housing, utilities, and healthcare.
Applications for Education
This simple calculator makes it easy for students to quickly compare the cost of living in multiple cities. A colleague of mine conducts a cost of living exercise with students every year. In the exercise students have to create a budget for themselves based on the type of job they want and the locations they desire. This calculator could be useful for showing students how location plays a role in the purchasing power of a given salary.