When it comes to living in Toronto, Torontonians are used to being asked by people who don’t live here how we can afford to live in such an expensive city.
From the sky-high housing costs and the cost of city living increasing year over year, not to mention weekly brunch, living in Toronto is expensive.
Especially if you’re a single millennial, living on your own.
To reach this amount, LowestRates.ca took into account what many consider the basics of modern life: housing, phone and internet, transportation, groceries, entertainment, fitness, and insurance.
LowestRates.ca, which is an online tool that compares financial products and provides users with the best and most affordable rate, then compared the average prices of each basic necessity to reach it’s estimated monthly cost.
Also, keep in mind, the costs were tailored for an employed single person, without dependents, and doesn’t own property.
So, in order for a Toronto millennial to be able to make ends meet this year, they must make at least $49,545 before tax or $38,572.68 after tax. Ouch.
The scary thing is, this breakdown doesn’t even include the cost of clothing or personal products, tuition, or, perhaps the largest expense that most young people are dealing with: debt repayment.
Another thing to note, rent has already gone significantly over $2000, with the average now ranging around $2,270 for a one-bedroom in Toronto, which is also currently the most expensive city for rent in Canada. So for millennials looking to live alone, that monthly average is certainly going to look much higher.
Looks like 2019 will certainly be tough for millennials, and maybe we should lay off all the extra guac.