New study shows Toronto may be too expensive for young people
A new study has revealed something that, perhaps, most of us already knew — it costs a lot of money to live in this city.
LowestRates.ca has determined the average cost of living for a young person in Toronto to be around $2,740.48 per month.
Based on this number, it would take an estimated salary of $40,583 before taxes just to survive — without putting away any for savings. If you'd like to start saving (as you should), bump that number up to about $50,134.
These numbers are based on average prices for rent, transit, food, entertainment, and all the other expenses considered necessary parts of the cost of living.
The data does not include other costs, such as emergency money, textbooks, tuition, grooming, pets, or much else beyond the basics.
Those who make minimum wage (as most young people do) should be wary. If the minimum wage increase to $15 isn't cancelled, you will be pulling in just over $30,000 a year.
Time to start looking for a side hustle.
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