Cost of Living in Columbia Below National Average
COLUMBIA - According the Cost of Living Index, Columbia is below the national average.
Columbia has received a composite index figure of 94.8 for the first quarter of 2014. That means $100 worth of goods purchased in an average U.S. city only costs $94.08 in Columbia. The Cost of Living Index ranges from 81.2 in Norman, Oklahoma to 220.3 in New York.
Items on which the cost of living is based are chosen to reflect the different categories of consumer expenditures. The composite index is based on six weighted components: grocery, housing, utilities, transportation, health care and miscellaneous goods and services.
The Cost of Living Index does not measure inflation or price change over time. Since each quarterly report is a separate comparison of prices at a single point in time, and because both the number and mix of participants may change from one quarter to the next, index data from different quarters cannot be compared to each other.
The Columbia Chamber of Commerce gathers prices for the Council for Community and Economic Research (C2ER) three times per year. C2ER uses the data to produce the Cost of Living Index, which provides an accurate measure of after-tax cost for a professional/managerial standard of living.
To learn more about the Cost of Living Index, visit this website.