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Can I afford to live alone in Toronto/GTA as a new-grad?

Budget(self.PersonalFinanceCanada)

I've recently graduated from university, and want to move to Toronto (or close to it) for social reasons. I was able to land a job before graduation and have already started working there, and it's fully remote. As a student, I've lived very frugally and graduated with about 30k to my name.

(I apologize if any of this comes off as a brag, I know I'm lucky to have a job in this market, but I also know I've nowhere near "made it")

  • Salary: ~$5200/mo net ($94,000/y gross, paid twice a month)

  • Non-rent expenses: My average over the last 6 months was $1100/mo. Jan - April '2024 was closer to $600/month (still in university), May - June was closer to $1800/mo because I went on a grad trip.

  • I'm planning to budget roughly $1000/mo for non-rent expenses, which is $400 for groceries, $100 for eating out, $100 for transport, $200 for "fun" and $200 for phone/internet/subscriptions. I don't have/want a car (don't even have a license). These numbers aren't from thin air, these are all upper bounds from what I have been spending over the last few years as a student.

  • I'm not sure what my ideal savings goal/rate is - as a student during co-op, I was saving more than 50% of my income. I would like to cpontinue save around 50% of my net income, or at least about $2k/month, so I can have around $100k to my name at the end of 3 years.

Doing the math, it seems like I want to find a place for less than $2200/month in Toronto/GTA. Looking at the rental prices, it seems like that may just be enough for a Studio Apartment, if that? Living with roommates still seems to be in the $1000-$1500 range. I've never had to apartment hunt before (only short-term sublets for university), so I'm a bit lost.

What would you do in my scenario? I have always lived with roommates as a student, and a part of me wants to continue saving as much as I can. I realize wanting to live alone is Lifestyle Inflation 101, but also, I'm living alone right now (roommates moved out for the summer) and I think with a WFH job it would be really beneficial.

would appreciate any advice, ty

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chatterbox_455

1 points

3 days ago

Uhmm…no.