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Real Estate, Business

How much you need to make to live near each TTC station (MAP)

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DH Toronto Staff Sep 19, 2017 7:14 am 3,480

It’s not surprising anymore to hear that rent is expensive in Toronto.

Being one of the most expensive cities for rent across the country, a one-bedroom averaged just shy of $2000 this month.

And Casalove, a full-service real estate marketplace, has recently broken down the most expensive rentals with 1.5 km of a subway station, based on the average price of rent for a one-bedroom unit. The real estate website also looks at affordability, and how much you would need to budget for rent in these neighbourhoods.

“We like to stick by the 30% rule, which is as simple as it sounds,” states Casalove. “This means that you generally shouldn’t spend more than 30% of your yearly income on rent.”

Casalove

And even though the 30% rule is something most Torontonians can only dream of (try 50% minimum for most) here are the top 5 most expensive subway stations in Toronto, and how much you need to be earning to live near them comfortably.

1. King Station
Average 1 Bedroom for rent at King Station: $2,518
Annual salary required to afford rent: $100,720

2. Bay Station
Average 1 Bedroom for rent at Bay Station: $2,412
Annual salary required to afford rent: $96,480

3. Museum
Average 1 Bedroom for rent at Museum Station: $2,410.
Annual salary required to afford rent: $96,400

4. St. Andrew
Average 1 Bedroom for rent at St. Andrew Station: $2,387
Annual salary required to afford rent: $95,480

5. Union
Average 1 Bedroom for rent at Union Station: $2,336
Annual salary required to afford rent: $93,440

Compare those to the least expensive rental neighbourhoods, where required wages are cut almost down to half.

1. Kennedy: Annual salary required to afford rent: $41,040

2. Warden: Annual salary required to afford rent: $42,920

3. Eglinton West: Annual salary required to afford rent: $43,680

4. Victoria Park: Annual salary required to afford rent: $45,440

5. Ellesmere: Annual salary required to afford rent: $46,080

This really makes you want to move, doesn’t it?

See also

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DH Toronto Staff

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