Vancouver is widely-known as a pricey place to call home, and now a new report has broken down just how much it costs to live here – particularly for single millennials living on their own.
According to a new report from LowestRates.ca, it’s going to cost a millennial (those aged 18 to 34) $2,929.76 a month to simply make ends meet in 2019.
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.
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.
Here’s the break down of what it’s going to cost a millennial to live in Vancouver in 2019:
Grand Total: $2,929.76/month.
So, in order for a Vancouver millennial to be able to make ends meet this year, they must make at least $43,732 before tax.
Keep in mind, this breakdown doesn’t include the cost of clothing or personal products, tuition, or, perhaps the largest expense that most young people are dealing with: debt repayment.
So long story short, Vancouver is still an expensive place to call home, and for single millennials living alone in the city, 2019 is going to be another pricey year.
Editor’s note: This story has been updated with new figures provided by the study’s authors.