Things haven't been too stressful for 26-year-old Jocelyn, a cook that earns $40,000 a year. Why? She lives with her parents But that's about to change and she'll have to look to live on her own or with a roommate. Where does she start? MillennialMoney
At 26, Jocelyn has spent four years working her way up from dishwasher to sous-chef at a Toronto restaurant. Now, she earns around $40,000 a year, and has been living comfortably — going out for drinks and dinner — while not paying rent.
“I never really thought about my money like that. Now I have to consider places for rent that still get me downtown,” she said. “I almost never refuse a dinner or drinks engagement, and do go out after work as well,” she said. “I’ll have to change that when my parents want to sell our family house.” Assuming she stays in North York, Rentals.ca reports the average rent for a one-bedroom apartment there as of May stands at $1,781 per month. For a two-bedroom, rent averaged $2,367. So, if she splits a two-bedroom with a roommate, she may be able to reduce her rent by about one-third, or nearly $600 per month. There are other fixed costs, like tenant insurance, internet and other miscellaneous expenses that may be less if shared.
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