This place has a high cost of living. That place has a low cost of living. Will you get a cost of living raise?
We talk about the cost of living in terms of financials: rent and real estate, milk and eggs, taxes and healthcare, energy and transportation.
But is the true cost of living some financial measure?
Cost is trade of payment. What are you willing to pay to live the life you want?
My guess is that it has little to do with money.