Toronto is one of the best cities in the world to find a job, but it’s also one of the most unaffordable to live in. With an average rent of $2,260 for a one bedroom apartment, it’s no wonder the number of adults living with parents has more than doubled in the past 20 years.
But how much does it really cost to live in Ontario’s capital as a young person today?
Based on the average cost of housing, transportation, groceries, internet bills and more, LowestRates.ca found that a single Torontonian needs a minimum salary of $49,545 before tax (or $38,572.68 after taxes) in order to survive in the city.
Based on these figures, the average monthly expense in 2019 then works out to $3,214.39. This number is up by almost $475 from 2018 and up by a whopping $865 from 2017. At this rate, we can expect the cost of living in Toronto to go up by roughly another $400 per month in 2020.
The report’s numbers are based on what “an employed single person without dependents who doesn’t own property” would pay in Toronto in 2019. Here’s the official breakdown per month:
Phone and Internet: $156.98
Rent, of course, is the biggest expense for young people in Toronto, followed by entertainment and groceries.
While cutting back on takeout and entertainment may seem like a simple way to cut costs, it can actually be quite difficult — especially for young people. In a Reddit thread about living in Toronto, some users pointed this out.
It can be easy to get carried away in the fast-paced city, where a plethora of takeout places are available for every craving, events are happening every weekend, and FOMO is real. But for those who are determined to survive in the city, it is possible to live a more economical lifestyle.
Of course, finding housing in a more affordable neighbourhood helps, too.