Compare Bankrate's and SmartAsset's Cost of Living Calculators
Answer
Bankrate / SmartAsset Cost of Living Comparison Calculators
|
Feature |
Bankrate's Calculator |
SmartAsset's Calculator |
|
Data Source |
ACCRA |
Various, including local data |
|
Expenses Covered |
Housing, food, taxes, transportation, health care, entertainment, education |
Housing, food, childcare, medical costs, transportation |
|
Customization |
Allows for necessary vs discretionary spending analysis |
Adjusts for household size and income |
|
User Interface |
Provides a thorough look at cost of living adjustments |
Allows users to type in any city name for more specific data |
|
Special Features |
Uses a cost of living index based on consumer expenses |
Offers detailed breakdown of living expenses, including budgeting tips |
|
Ease of Use |
Best for those willing to sort through extensive data |
Quick and user-friendly, with immediate results |
|
Additional Tools |
Includes various cost of living indexes |
Provides additional financial calculators like mortgage and income taxes |
Both calculators are designed to help users understand the cost of living differences between two locations. Bankrate's calculator offers a deep dive into the data, which can be beneficial for those who want to thoroughly understand their potential expenses. SmartAsset's calculator, on the other hand, provides a more user-friendly experience with immediate results and the ability to adjust for different household sizes and incomes [1] [2].
When using these tools, it's important to consider your personal circumstances and preferences to choose the one that best suits your needs.
Source: Conversation with Copilot, 5/25/2024