How Much Do You Need to Make to Afford a Decent Life in Toronto?
Living Wage in Toronto: Here's What You Need to Know
The rising cost of living in Toronto has made it increasingly difficult for people to make ends meet. The city's high housing prices, transportation costs, and other expenses have pushed the cost of living beyond the reach of many workers.
So, how much do you need to make to afford a decent life in Toronto? According to the Living Wage Network, a living wage is the minimum income necessary for a worker to meet their basic needs and participate in their community. For Toronto, the living wage is currently $23.15 per hour. This means that a full-time worker (working 35 hours per week) needs to earn at least $47,000 per year to afford a basic standard of living.
Understanding the Breakdown of Expenses
The Living Wage Network calculates the living wage based on a number of factors, including the cost of housing, food, transportation, child care, and other expenses. For Toronto, the breakdown of expenses is as follows:
- Housing: $27,700 per year
- Food: $5,400 per year
- Transportation: $4,700 per year
- Child care: $10,800 per year
- Other expenses: $4,100 per year
As you can see, housing is the biggest expense for Torontonians. The high cost of housing in Toronto has been a major factor in the rising cost of living in the city.
How to Earn a Living Wage in Toronto
If you're struggling to make ends meet in Toronto, there are a number of things you can do to increase your income.
- Get a higher-paying job. This may mean going back to school for additional training or education.
- Start a side hustle. There are many ways to make extra money on the side, such as driving for Uber or Lyft, or starting a small business.
- Negotiate a raise. If you've been with your current employer for a while, you may be able to negotiate a higher salary.
If you're unable to earn a living wage, there are a number of programs and services available to help you. The City of Toronto offers a number of programs to help low-income residents, such as the Rent Bank and the Toronto Community Housing Corporation.
Conclusion
Making a living wage in Toronto is a challenge, but it's not impossible. By understanding the cost of living and exploring your options for increasing your income, you can improve your financial situation and achieve a decent standard of living.
