This is how much money you need to make to live alone in Banff

May 12 2022, 7:37 pm

Ever had dreams of living on your own in the stunning Rocky Mountains? Well, an online platform shows just how much it costs to live alone in Banff.

The town in Banff National Park has a lot to offer, including gorgeous vistas, easy access to outdoor sports like skiing and hiking, incredible eats, craft breweries, and history to boot. But those who live in Banff know that the cost of living can really add up.

According to Numbeo, a platform that compares the cost of living in cities around the world, the average monthly budget for a single person in Banff requires $1,535.24 – before rent.

We broke down the monthly costs that a person living alone in Banff will face. Brace yourself.

These numbers are accurate as of May 2022 and are based on per-month averages.

Housing and utilities = $1,272.40 per month

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According to the Canadian Rental Housing Index, the average cost of rent for a one-bedroom apartment in Banff is $1,006.

Now, throw utilities on top of that rental price, and it’s up another $180 per month. Need WiFi? Prepare to pay another $86.40 monthly.

Add it all up, and the total comes to $1,272.40. Yikes.

Phone = $101 per month

toronto cost of living

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Ouch. According to a 2019 report from the Canadian Radio-television and Telecommunications Centre (CRTC), the average phone bill for Canadians is $101.

If you opt for less data or more wallet-friendly phone companies, you can find cheaper plans, but the Big Three in Canada (Bell, Telus, and Rogers) don’t come cheap!

Transportation = $110 per month

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Banff’s Roam transit system offers different pricing based on routes. A 31-day pass for Banff Local routes 1 and 2 is $30, while a 31-day pass for the Banff/Canmore Regional route is $80. A 31-day pass for the Lake Louise/Banff Regional Route 8X will cost you $105.

Assuming you only need a pass for routes 1 and 2 and Banff/Canmore Regional and choose to purchase single fares to Lake Louise as needed ($10), transit will cost you a base of $110 for the month.

Groceries and household items = $390.04 per month

toronto cost of living

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Taking Numbeo’s average Banff prices for the standard market items being purchased once a week, a total monthly grocery average comes to $390.04 for a single person on a basic diet.

And by basic, we mean very basic: milk, rice, bread, apples, bananas, eggs, chicken…

Entertainment and dining out = $300 per month

live alone banff

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A lot of young people move to Banff for the fun-loving culture and nightlife, but seeing your bill might make you think twice about going out.

According to Numbeo, the average cost for two to dine out in Banff at a mid-range restaurant is $100, for a three-course meal. Presumably, this price doesn’t include any alcoholic beverages, which would probably boost the price by about $14, assuming each person had one drink.

So, one evening of dining out will cost $114. Assuming that’s not the only day you head out, and perhaps you join friends for a couple of brunches, go to a concert, and maybe see a movie night or two, you’re looking at about $300 per month – at least.

Partying = $120 per month

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You can expect to pay about $6 to $10 per drink in the town, depending on where and what you’re drinking.

Now that going out for a night of drinking is back on the table, assume you resume your regular drinking-with-friends activities. If you go out one night of every weekend and enjoy two or three drinks each time, you’ll end up having spent up to $120 each month on outings.

Though, after two years of on-and-off lockdowns, who can blame you for wanting to go out and bust loose?

Health and fitness = $62.80 per month

live alone calgary

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Thinking about joining a gym or fitness group? Numbeo says Banffites pay $62.80 on average.

Maybe you should consider turning your $X per month rental apartment into a home gym. Alternately, lift some milk jugs, squat in front of your your couch, or skip the elevator and take the stairs.

Coffee (from a coffee shop) = $60 per month

toronto coffee

@ninetailscoffeebar/Instagram

There are plenty of stellar local coffee shops in Banff, which is great for those of us who run on caffeine, but less great for our wallets.

Assuming you’re not opting for that fancy latte and just going for a large coffee, you’re looking at about $3 per cup. And say you’re getting one coffee per workday, that’s $60 per month. Maybe it’s time to invest in a coffee pot.

Extras = $125 per month

live alone banff

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As much as financial advisors love to tell Millennials and Gen Z we’re just one avocado toast away from bankruptcy, we need to be able to live! And living comes with costs.

No matter how much you budget, there is always the chance that “extra” costs will crop up. Whether you’re having to fix a broken piece of technology, replace a part on your bike, or invest in a new pair of work shoes, we’re going to average this at $125 per month (at least).

The Grand Total

So, how does it all add up?

Housing/utilities: $1,272.40
Phone: $101
Transportation: 
$110
Groceries/household items:
$390.04
Entertainment/dining out:
$300
Partying:
$120
Health and fitness:
$62.80
Coffee: 
$60
Extras: 
$125

Total: $2,541.24 per month, or $30,494.88 annually

Numbeo says that the average monthly salary in Banff is $7,000. After expenses, this leaves just under $4,500 per month to pay any additional bills such as student loans, credit card debt, and the like, along with saving up for travelling, a mortgage, and any emergencies that come up.

Most Albertans know that the Banff National Park mountain town is expensive to live in, especially alone, so it’s no wonder that people often shack up with a partner or find a roommate.

Despite these high costs, those beautiful views and adventure-ready backyard make it all worth it!

DH Calgary StaffDH Calgary Staff

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