imported_Slim K

For you ppl that dont live at home, and accually have to pay for rent, food, etc...how much does it cost roughly?

I was looking at the new york times, its mad man, a 1 bdrm is like 2500, 3 bdrms are like 5500, and thats for crap!

im looking to move out one day soon, or not so soon...just trying to get a feel of the real world!

help me out with some figures

-rent
-groceries
-parking
-home phone line
-utilities
-electricity
-cable
-entertainment

im just trying to work out a rough budget to know what kinda money i need to be making to survive!

bbarbulo

iTrader: (2)

well, around here is okay... rent anywhere from $500-1500
$120/week in food I guess
$0 parking for what
$50 phone
$50 cable
$50 internet
$50 cell
$35 gym membership
$250 util's
$xxx entertainment - it all depends on what you like to do... some of us like high-priced hookers, so are happy drinking a 40 at home

imported_gatherer

bbarbulo has the figure right for what it's like in toronto .... but rent is like from 400 to 1000 just for a basement apartment with a separate entrance....

imported_Torrey

someone is trying to not do his assignments...... LOL

I think its odd that you posted about wedding costs then living in the GTA costs.....

cosmic zx2

-rent - $1000
-groceries-$40-50/week
-parking-$75 (unless it's included with rent)
-home phone line-$50/month
internet-$50/month
-utilities-$65/2 months
-electricity- see above
-cable-$48.15/month
-entertainment- depends on the drugs you do

these aren't my costs.....these are just basic figures

imported_Slim K

yes, i asked bout a wedding now this...because, if you MUST know...

in a few years, im looking to get married, my girl will still be in college/uni, so ill have to support her, since she wont be working much...so im just trying to figure how it will be, if it makes sense, and how much i should be saving for everything.

so im trying to get some real world figures, with your help

imported_Slim K

anyone live outside or JUST outside the GTA? are prices more reasonable there? kitchener, markham, burlington, even barrie?

just wondering

Gin&ClubSoda

Slim K,
There only minor differences between living in down town T.O. or the burbs.
Your cell phone, groceries, utilities, etc. will be about the same. The only difference will constitute your rent and parking.
The cost for these two will vary depending where you plan on living. A nice condo in a nice area in downtown toronto will run you about 1400-2000 Cdn for a 1 bedroom and 300 to 600 more for a 2 bedroom. And remember in downtown where ever you go with your car you gotta pay for parking. Whereas in the burbs you can park for free for a few hours on the street.

I suggest saving up some money and buying a condo. With rates so low you're better off financing. Depending on your income you may qualify for a high ratio mortage and thus not need too much downpayment.

bbarbulo

iTrader: (2)

ya buying is the way... only problem is, for a condo being like $225,000+ you need a lot of downpayment.

as for living outside of downtown, I didn't think you made six figures, so the appx. costs I gave you were for outside of downtown.

imported_Cablerat

first time buyer only needs 5% downpayment..

imported_gatherer

however if you put less then 25% down you have to pay insurance on it.

imported_Slim K

im poor, i wont be making 6 figures, when my girl is out of college/uni, she will..but i wont...lol

so if im supporting her through some of her schooling, ill be making mid 5 figures...so it may be more econimical to live in the burbs, and even just rent a 1 bdrm in some 3 floor walk up. in my area, for an ok-to-good 1 bdrm its between 750 and 900. [north york]

anyone know any towns that are cheaper to live in then others?

Gin&ClubSoda

I would say don't rent! Rates are really cheap. With so many developments coming online in the next 6 -14 months you'll have a lot of choice of new condos/townhomes. And a lot of resale. (Talking about northyork and downtown).

With mid five figures I am sure you'll qualify. And CMHC lowered insurance premiums. For example a 95% loan costs an extra 3.25% which can be included into your loan and amortized. I'll give you an example if you get a property worth 250K and put only 5% down you would end up borrowing 237,500 + 7,718.75 (insurance premium) = 245,218.75
That amount amortized over 25 years on a 5 year rate @ 5.25 percent will cost you (245,220/1000=245.2*5.959=) $1461.15 per month (a weekly payment will cost about 1345).
Of course that only the mortgage (principal and interest) taxes, utilities and maintenace are not included. But owning a house (or even a bit of it) is good for credit purposes.

Going this route you'll have equity whereas with rent you have nothing. And when you later want to move elsewhere you probably will make some money selling the house.

I just checked my ge mortgage qualifier. With an income of about 4,900 a month you can qualfiy for about 1470 in monthly housing costs. This amount includes taxes (and condo fees if applicable).
So you'll be able to purchase a home upto the 210 range.