The term "low cost of living" refers to a region or area where the overall expenses for basic needs such as housing, food, transportation and healthcare are relatively low compared to other places. This means that people can afford to maintain their standard of living with less income than they would need in an area with a high cost of living. The phrase is often used as a selling point when advertising real estate or jobs in certain areas, as it suggests that individuals and families will be able to save more money and have a better quality of life due to the lower expenses.