There’s no doubt about it: Toronto is a pricey place to live.
From sky-high housing prices to the ever-increasing cost of living — not to mention weekly brunch — expenses are aplenty.
Especially if you live solo.
According to a new report from LowestRates.ca, it’s going to cost someone who rents and uses public transit $3,541.24 a month — or $42,494.88 a year –to simply make ends meet in 2020, which is up just over $326 monthly from 2019.
If you rent and drive, the costs are even higher, with the monthly total coming in at $3,840.23, or $46,082.76 annually.
Homeowners, though, carry the heaviest loads. Those who own and take public transit are looking at $5,415.73 a month or $64,988.76 annually. Homeowners who drive can anticipate $5,714.72 a month, which comes out to $68,576.64 ever year.
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To put those numbers into perspective, according to the report:
- Renters taking public transit need to earn $55,500 before tax ($42,584 after tax)
- Renters who drive need to earn $61,000 before tax ($46,376 after tax)
- Homeowners taking public transit need to earn $88,000 pre-tax ($65,056 after tax)
- Homeowners who drive need to earn $94,000 before tax ($68,971 after tax)
These numbers — the report says — are meant to serve as guideposts. There are ways to bring costs down, like living with roommates or a partner.
But those situations have caveats, too. And, it’s not like the costs of your dwelling and commute are the only dues you have to pay to get by in the city.
The report shows that in addition to home and transit costs, food costs average out to over $530 monthly, cell phone and Internet comes to an average of over $155, entertainment averages over $178, and health and fitness costs come to an average of $64.75.
So take your $3,541.24 a month, at least, and add on several hundred more bucks to get a more accurate picture of the situation.
What’s perhaps spookiest about all of this information is, the breakdown doesn’t account for the cost of clothing or haircuts, caring for a pet, paying tuition, or — perhaps the largest expense that many young people deal with — debt repayment.
So, while stress is good for nobody, the beginning of the year is a great time to take a look at your funds and set some financially responsible goals.
Declining extra guac, just once in a while, perhaps?