Torontonians Are Spending 118% Of Their Earnings On Rent & These Cities Are Way Cheaper
Is it time to move?
Renting in Toronto is no joke, and when it comes to affordability, Torontonians are quickly running out of luck.
With high rent and the rising costs of groceries, living in the 6ix means that most of your paycheck, if not all of it, is dedicated to putting a roof over your head and food on the table.
Rent Panda released its Canadian monthly rental report for October 2022 and reports that the average Toronto citizen is paying 118% of their earnings in rent.
According to the report, high rent is driving renters towards alternative living situations like roommates, room subletting and multigenerational housing in order to make their bottom line when rent comes due.
Toronto was deemed the second least-affordable city, falling just behind Vancouver, whose average citizen is paying 123% of their income in rent.
People living outside of big cities are still feeling the heat of high rent, even in areas that were historically more affordable.
Peterborough's average rent-to-income rate is now at 81%, Brantford is at 80%, and Niagara and St. Catherines are sitting at 79%.
Rent Panda attributes these rising costs due to the housing shortage, which was egged on as people moved during the pandemic.
Family households aren't doing much better.
In Toronto, the average family household is spending 73% of their income on rent. Although Ontario families can find some affordability in cities like Sault St. Marie and Thunder Bay where the average is 31%.
If you're looking to move to a more affordable city, here are the five lowest average rent-to-income rate cities for individuals, according to Rent Panada.
- Thunder Bay, 52%
- Windsor, 54%
- Sudbury, 55%
- Sarnia, 57%
- Sault St. Marie/ London, 61%
Here are the lowest average rent-to-income rate cities in Ontario for families, according to Rent Panada.
- Sault St. Marie/Thunder Bay, 31%
- Sudbury/ Ottawa, 36%
- Windsor, 37%
- Sarnia, 39%
- Kingston, 40%
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