These two words agree and also complement each other because they are closely related. These concepts are mostly used by statisticians. The cost of living can be simply defined as the costs for maintaining a specific level of living in a geographical location. The cost of living changes over time; it usually indicates a country's economy. The cost of living is indicated through the cost of living index and parity of the purchasing power. The cost of living can be measure in cities, countries, and regions.
The Standard of living is a measure of healthy and comfortable people of a particular geographical location live. There are factors that are used to measure the standard of living, which include income, quality of housing, the rate of inflation, etc. The Standard of living can be measured only in a country.
The cost of living is known to be the cost or the amount that you have to spend in order to live in a certain location. Take note that it can be different from one place to another. There are certain places wherein the cost of living is known to be highly expensive while there are also some areas wherein the cost of living is not too high.
The standard of living is known to be the type of standard that is set by a certain country regarding people’s level of comfort, the necessities that they need, people’s wealth, and other material properties. The standard way of living may be the type of living that people would like to aspire to get given a particular place.