As of 2015, using a cost of living calculator is the most accurate way to make comparisons on the cost of living, notes Bankrate. The calculator utilizes the person's current income, the city he is moving from and the city he is moving to.
Cost of living calculators offer the user the equivalent of his current income in the city to which he is thinking of moving, according to Bankrate. The calculator might also indicate how much of a decrease in income one can take and still maintain the current standard of living. Additional information offered by calculators include the price of a home, rent, food and mortgage rates.