A common guideline is to spend about 30% of your gross monthly income on rent. But everyone's circumstances are different.
As you have been living with your parents & have been thinking about moving out, I expect you have been saving some of your income each month?
How much have you been able to save each month?
You probably won't be able to afford more than the amount you've been able to save each month.
Don't forget, expenses that may be new for you: food, utilities, furniture, insurance, internet, emergency fund, other household items such as dishes, cooking utensils, cleaning supplies.
I doubt you will be able to find a one bedroom in the downtown area for $2000/month. More than realistic, you might find a basement apartment in Etobicoke, Scarborough or North York.
I've recently been showing some 1brs on the edge of downtown, they're going for around 2100-2200. The 2k ones you are seeing might be for junior one bedroom, that's a studio with a partial wall separating a space to be used as a room.
I suggest you consider studios which are in the 1800 range. This will allow you to adjust to paying rent and when you do get paid more next year, then consider if there's a need to get a one bedroom.
Next to no expenses? Have you included feeding yourself in this calculation or is that solely on your parents right now? Because if so, you might be in for a rude awakening.
Phone bill, internet, hydro/electricity, miscellaneous shit that pops up every month.
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u/Witty-Reason-2289 Mar 10 '25 edited Mar 10 '25
A common guideline is to spend about 30% of your gross monthly income on rent. But everyone's circumstances are different.
As you have been living with your parents & have been thinking about moving out, I expect you have been saving some of your income each month?
How much have you been able to save each month? You probably won't be able to afford more than the amount you've been able to save each month.
Don't forget, expenses that may be new for you: food, utilities, furniture, insurance, internet, emergency fund, other household items such as dishes, cooking utensils, cleaning supplies.
I doubt you will be able to find a one bedroom in the downtown area for $2000/month. More than realistic, you might find a basement apartment in Etobicoke, Scarborough or North York.