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As a therapist, I am seeing growing worries among people who are paying high rents in Toronto. The average person earns a modest salary range of $30,000 to $50,000 per year or $2500 to $4166 per month. Yet, they are paying $1400-$1800 per month for a one bedroom apartment. This is over 50% of their take home pay. Renters are struggling with paying for basic necessities and they are concerned about when they can afford to buy their first home or start a family.
Renters need to take care of their financial wellness in order to feel emotional wellness. What options are available? Share an apartment with friends. Settle down and cohabit with a partner. Move out of Toronto. Move in with parents and siblings. These ideas may sound like a return to the 1950's. It isn't easy to give up our desire for independent living in exchange for improving our financial security. But maybe it's worthwhile to think about the possibilities.
