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In: Economics

what is the avearage cost of living and the average retirement age for the whole US...

what is the avearage cost of living and the average retirement age for the whole US form the year 2016-2017 based on zip code

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Expert Solution

Cost of Living (COL) is the estimated amount spent on basic necessary things to lead a life. All Ciites in US has various level of Cost of Living index. It depends upon the Lifestyle and the Consumption Pattern of the People of respective Cities.

In the 2017, The Survey Report shows that the Estimated Cost of Living during 2017 is $118500 (Average COL - 2017).

The below framed table shows the Cost of Living Index figures (in $) from Descending Order (Highest Level to the Lowest Level of cost) .

The General Average Cost of Living of all Cities was calculated as $22261 (General Average COL)(rounded off figure).

Thus Real Cost of Living (COL) during 2017 was ultimately calculated as Average Cost of Living (2017) - General Average COL.

i.e., $118500- $22261 = $96239.

Average Cost of Living (COL) during 2017 is $96239.

Names of the Cities Cost of Living
Los Angels 37827
Cincinati 28825
Geneva 31939
Chokoloskee 32432
Detroit 28405
Cleveland 31608
Toledo 25501
Buene Vista 23053
Nazlini 24463
Albany 25008
Chamisal 23199
Auburn 20348
Organ 27349
El paso 21601
Bon Secour 15225
Waterbury 18965
Canton 16738
Decatur 14962
Erie, Pa. 14433
Sun Valley 10257
Youngstown 14410
Broadbent 13072
East Wheatfield 12381
Average Cost of Living 22260.91304

From the Reliable source, The Average Retirement Age identified during 2016-2017 was 59.62 years old Age.

46.2% People retired in 2017.

Rahul Sunny answered 1 year ago
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