We Asked 9 People From Toronto How Much They Make A Year & What They Pay In Rent (VIDEO)
"You have to have roommates to afford to live in this city."
Brooke Houghton and interview subjects. Right: CN tower.
If there’s one thing we can all agree on, it’s how unaffordable living in Toronto has become.
The average rent for a one-bedroom apartment has gone way up, and the rising cost of groceries and gas isn’t making things any easier. So to better understand how people are making ends meet, Narcity spoke with nine locals to find out how much they make a year to afford a place in Toronto.
According to Toronto Regional Real Estate Board, the average rent for a one-bedroom apartment rose to $2,481 between July 2022 and October 2022.
The Bank of Canada has raised interest rates six times so far this year and "competition for condo rentals has intensified as a result" according to the TRREB's latest report.
It's been a tough year. So we chatted with nine locals about their salary, rent, and how they make it all work. Here's what they had to say:
Business insights analyst
Salary: 80K to 90K per year
Rent: $2,750 split with a roommate
Thoughts on affordability: "Definitely kind of need a little of parents' help. You know, kind of navigating that a little bit, but It is semi-affordable, but you have to be in a specific pay bracket."
University student
Salary: Prior to being a student, he was making $80K per year
Rent: $1,500 living alone.
Thoughts on affordability: "Rent-wise, it is certainly quite expensive here. You'll pay similar things maybe in Alberta, but it's really bang for your buck in Alberta, whereas here, you're paying a lot for not a lot at all."
Business management analyst
Salary: $70K per year
Rent: $2,750 split with a roommate
Thoughts on affordability: "It's definitely an adjustment."
Waitress
Salary: $30K per year
Rent: $4,000 with three roommates splitting the cost.
Thoughts on affordability: "Realistically, you have to have roommates to afford to live in this city."
Employee at software startup
Salary: $40K per year without commission
Rent: $700 with two roommates.
Thoughts on affordability: "The closer you get to UofT, the more expensive it is."
Accountant
Salary: Uncomfortable answering.
Rent: $3,000 per month split with a spouse.
Toronto Hydro intern
Salary: $45K to $50k
Rent: $1,200 with one roommate.
Thoughts on affordability: "It's like the worst city to live in if you're trying to save money."
Engineering co-op student
Salary: $45K per year
Rent: 1,000 with one roommate.
Thoughts on affordability: They said it's not affordable and that they are "definitely getting a lot of help."
Barista & concierge
Salary: $16.5 per hour
Rent: $450 with roommates in Scarborough.
Thoughts on affordability: "I live in Scarborough, not here in downtown that's too expensive to live downtown."
This interview has been condensed and edited for clarity.
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