Maganlal, 31, says renting for $4,400 is still cheaper than owning the type of house he’d like to buy
As a salesperson in technology, Maganlal has earned an excellent salary since he graduated from business school with a master’s degree. Since his income involves commission, it can fluctuate widely, between about $180,000 and $230,000 annually.
In one instance, when he was pretty sure he would be hired, he and his wife signed a lease for a new apartment – a three-bedroom, three-bathroom unit with a Lake Ontario view for $4,400 a month, to start in July. It was to be a much-needed upgrade from the bachelor apartment they were sharing in the same building for $1,600 a month.
“I was super bummed out,” he added. He even considered looking for a retail job or another stopgap so his new rent wouldn’t eat up too much of his considerable savings. “It was very scary.”
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