MillenialMoney: John only pays $750 a month rent in Toronto. Can he afford a place of his own?
John, 33, has been living with his roommate and best friend for several years in a Little Italy apartment.“We moved in together in our 20s and with rent going up around the city, moving out of our apartment seemed like a bad move,” John says.
John is part of Toronto’s theatre community and makes $3,700 a month on average depending on the jobs he gets and other freelance work. He admits that he tends to lose track of his spending and has $3,000 in credit card debt. John’s current rent is $750 a month and if he moves and pays current market price for a studio or 1-bedroom, he could be paying $2,000 a month. That increase of $1,250 a month is substantial. Even if John could save up $10,000 or won it in the lottery, that would only cover 8 months worth of excess rent. He may also need new furniture to fill a bigger apartment and the utilities or insurance could rise.
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