It comes as no surprise that living in Vancouver is expensive. And it’s not just the skyrocketing house prices, but the day-to-day expenses that really add up.
But have you ever stopped to think about just how expensive it really is? Especially if you’re a millennial?
According to a new report from LowestRates.ca, the cost of living for a millennial (those aged 18 to 34) is going to total a whopping $2,795.64 per month in 2018 – and that’s just to make ends meet.
To reach this amount, LowestRates.ca took into account what many consider the basics of a 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 its estimated monthly cost.
Basically, if you want to live roommate-free near downtown Vancouver in your 20s and 30s, this is the minimum amount of money you’re going to have to spend to cover your cost of living and still have somewhat of a life.
In order for a Vancouver millennial to be able to make ends meet, they must make at least $40,000 before tax, or $33,547.68 after tax.
Cost for millennial to live in Vancouver in 2018:
- Housing: $1,929.67
- Phone and Internet: $105
- Transportation: $133
- Groceries: $211.97
- Entertainment: $321
- Fitness: $75
- Insurance: $20
Grand Total – $2,795.64/month, or $33,547.68 annually
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.
Looks like 2018 will certainly be tough for many Vancouver millennials.