Can I afford $1500 rent on $70K (base, before taxes) income?

[yucksta]

Can I afford $1500 rent on $70K (base) income?

I have been a cheap miser all of my life. I've lived with my parents since graduating from uni. I've paid my fair of the living expenses, so it hasn't been a free ride...however I'm now considering a move out, and want to know if I can afford it comfortably.

$1500 Rent is for an awesome 1 bedroom apt in downtown Toronto, includes all utilities (except tv/phone) plus parking.

I earn 70k (base salary) plus 5-20k in OT per year.

I'm 28, single and I have no debt.

I have ~120K in liquid assets.

My major expenses:

Gas - roughly $200 per month (assuming this will rise)
Car Insurance - $60 per month
Phone - $50 per month (need to find a cheaper phone)
Internet - $50 per month (necessity)
TV - $0 (won't have cable)
Food - $300 per month (may be over/underestimated, but I intend to do my own cooking, and eat out only on special occasions, i do not have a habit of drinking/smoking/coffee consumption)
Gym - $50
------

Net Income = $4000 (no OT)
Non-rent Expenses = $700
Rent = $1500
--------------------------------------...
$1800

So if I aim to save $1000 per month, that leaves ~$800 as discretionary funds.

Based on the above analysis, which assumes no OT payout (highly unlikely) and time where I'm away on business and the company is covering my meals,etc., I think I can afford it.

What do you think?

Any answers/feeback would be appreciated!

P.S. I only plan to do this for a year, just to live it up, before quitting my job and heading to law or biz school, where I'll revert back to the cheap miser I've always been, and rough it out.

[Lyrrad0]

As long as you're earning more than you spend, you should be OK. If you're able to save 25% of your net income, you're doing great.

However, if you're going to law/business school in a year you may want to consider staying with your parents for the extra 12 months. You'll manage to save a lot extra since it'll be expensive, and you'll either use less savings or go less into debt. (Though 120K appears to be enough to complete any law school program in Canada, and presumably almost any business program, you may want to save more to be more comfortable)

I've just started law school and my budgeted non-rent, non-tuition spending amount is significantly higher than yours, although I'm in a higher cost-of-living area. Your $1000/month in savings budgeted should be a good enough buffer for any unexpected extra expenses that arise.

[habsfan93]

I would say yes, but its a personal choice. I pay similar (slightly less) rent downtown Toronto, and make 20k a year less than you do. And I live very happily and comfortably.

If you think $800 a month is enough for your discretionary expenses, then you're fine. Some people like to live it large, some people like to stay in and watch rented movies. Its all on you to decide if your budget is realistic and if you are comfortable spending where you are spending.

[angel_wing0]

yes pretty sure u can assuming that u can save money as stated above and not blowing them all on "extra" stuff.

[xcentric]

120k in assets, damn, u beat me

http://i35.tinypic.com/2dgu6o2.jpg

but on serious note, for someone making 70k, im sure youre smart enough to know that is definately more than adequate. espeically, seeing youre a modest spender. general rule, no more than 1/3 gross income on housing. you can probably go as high as 2grand/mth.

[comicbookguy]

you can definitely afford it, but the question is whether or not you want to.

i'm in the exact same situation as you are, making the same amount and paying the same rent. i would classify myself as a frugal person, but at the same time i do not live below my means at all. i watch a lot of movies, shop a lot, pay for cable, drink at bars, go to clubs, etc. at the same time, i have a savings rate of 20 to 25%. as long as i'm able to save that much every month, i try and make sure i enjoy living in the city. otherwise, i would have a healthy bank account but i would be pretty miserable by forcing myself not to have fun.

[Barayolayosa]

You can absolutely afford to live on your own!

Oh and more great news - you can even afford cable tv!

[HammerRFDer]

I take it you're planning on living downtown, and commuting outside of downtown for work? If not, I'd question the gas costs, and even the necessity of car ownership (it all adds up, parking, gas, insurance, maintenance, time...).

Also, what form is the $120k in "liquid" assets in? If you're not planning on using it to buy a residence of some sort, maybe you could put it into things that are less liquid and give greater returns? RRSPs? You'll have to do the math :)

Internet is a bit pricey at $50/month, just get Teksavvy on Dry Loop and it should be around $38+tax/month, and they're awesome.

[yucksta]

What if the rent is upped to $1650?

This is for a sweet brand new condo in College Park, overlooking Bay St, with a balcony, 2 washrooms, 1 bedroom, 1 den, semi-furnished, parking and all utilities (except cable/internet) included (~700 sq ft, 20th floor) ....

The owners are considering renting to me at below market value, because they want a single, responsible individual who will baby the place, but just can't go as low as $1500...which is my threshold...

What do you guys think? Still affordable?

hammer:

I need a car because I commute to work in Mississauga, I just don't want to live there.

I have my "liquid" assets split three ways:

40K in my father's line of credit (he pays me the interest on it, instead of to the bank) that I can pull out at any time

40K in RRSPs (I consider this "semi-liquid" at best, because I can pull it out, but that has tax consequences)

40K in cash

Does that suck?

Probably not the ideal setup, but for me flexibility is really important. I always want to have the option of fleeing to a third world country and being able to "survive" (albeit at a much lower standard of living) for a very long time without having to work another day. Psychologically, I just need that comfort zone. Yeah, I'm weird!

The estimate on the internet is actually what I pay at home right now. The interent is my hub for home entertainment. Suffice to say, I don't rent movies nor buy music.

[TheCheez]

Yes you can afford it. Even if the rent jumps. I earn and pay a similar amount and it all works.

All the talk of if it's the best way to blow your money is up to you.

[83_gemini]

Sure you can afford it, but if you're going to expensive professional school, why spend the money? But if you're determined to move (there are other reasons to move) then you can do it and not starve.

[licious]

Of course you can afford it. Sure, you could probably save more money by living at home, but there's more to life than just saving money imo.

[VivienM]

I need a car because I commute to work in Mississauga, I just don't want to live there.

THAT strikes me as the problem. Your spending is highly conservative, but commuting from College Park to Mississauga each day at rush hour?!? Okay, you're heading in the opposite direction of most traffic, but still, that's going to be one hell of a painful commute.

[olddog]

thats impressive what you have but i suggest you live a little. At least get cable please...lol
Hope i am at that level or higher by the time i hit 28.
You seem pretty comfortable and smart. You like the downtown atmosphere which makes me guess you like the fast life/hip life but you are "conservative" with spending the "downtown" way. Makes one wonder whether you are actually conservative or stingy.
Lets just hope you dont marry a golddigging wife who will eat it all up for you.
Seen it happen to some dudes..
On the other hand, driving from home to mississuag shouldnt be that bad sunce you will be going opposite traffic during rush hour. A nice gas saver should be just fine. Unless you want to pull out the bachelor late 20s ride...Them coupes and things.


good luck

olddog

[yucksta]

THAT strikes me as the problem. Your spending is highly conservative, but commuting from College Park to Mississauga each day at rush hour?!? Okay, you're heading in the opposite direction of most traffic, but still, that's going to be one hell of a painful commute.

Lol, my work is actually right in between where I live now (west end of Burlington) and where I want to move to. It's all QEW. 30Kms one way or the other.

I can't see how it's going to any more painful...

Yeah I would never move to Mississauga, I hate it, I'd rather stay in Burlington.

And of course, I would prefer to work downtown, but my skill set right (EE/Control Systems) doesn't really lend itself to a lot of positions in the city.

[comicbookguy]

Lol, my work is actually right in between where I live now (west end of Burlington) and where I want to move to. It's all QEW. 30Kms one way or the other.

I can't see how it's going to any more painful...

Yeah I would never move to Mississauga, I hate it, I'd rather stay in Burlington.

And of course, I would prefer to work downtown, but my skill set right (EE/Control Systems) doesn't really lend itself to a lot of positions in the city.

i'm pretty sure you can find a cheaper place to rent closer to the QEW downtown. a friend of mine rents in the cityplace building near the skydome for about $300 cheaper. imagine paying $1300 or $1400 downtown with your budget. it would be a no-brainer. or you could just move to oakville.

the bottom-line is you can afford it. but to be honest, i think someone as frugal as yourself will find it shocking to be paying rent at first. that is a lot of money on gas and rent alone for someone who has been living at home the entire time.

i think you have a good foundation in terms of your asset base, and the cashflow will still be there when you move out, so why not. you only live once! when else will you be 28 with the opportunity to be single in the city? if you have friends downtown already, i don't know what you're still doing in sauga.

[mr_raider]

thats impressive what you have but i suggest you live a little. At least get cable please...lol

No. He should get an HDTV with a built-in ATSC tuner, and hook up an antenna to it and point it out the window. Free OTA reception rocks.

[AllWheelDrift]

No. He should get an HDTV with a built-in ATSC tuner, and hook up an antenna to it and point it out the window. Free OTA reception rocks.
+1 and if it works out well, buy/build a media center pc so he can PVR shows to watch them on his own time and automatically skip comercials.

[yucksta]

i'm pretty sure you can find a cheaper place to rent closer to the QEW downtown. a friend of mine rents in the cityplace building near the skydome for about $300 cheaper. imagine paying $1300 or $1400 downtown with your budget. it would be a no-brainer. or you could just move to oakville.

the bottom-line is you can afford it. but to be honest, i think someone as frugal as yourself will find it shocking to be paying rent at first. that is a lot of money on gas and rent alone for someone who has been living at home the entire time.

i think you have a good foundation in terms of your asset base, and the cashflow will still be there when you move out, so why not. you only live once! when else will you be 28 with the opportunity to be single in the city? if you have friends downtown already, i don't know what you're still doing in sauga.


Good thoughts.

I just really like the college park area. My friends are closer to it. Also, it's so central and there's lots of hot university co-eds around. I don't think I'll go for the 1650 apt, it's a bit too much for me. I don't need 2 washrooms, a view over bay st, or most of the condo amenities. Place just needs to be clean and newish, and it needs to be a 1 bedroom. I don't want to see my kitchen from my bed.

I've been paying "rent" at home, granted at a discount for what I'm getting...about $1200-$1300 for everything, home cooked meals included :) Although, I think my gas costs would be cut down moving out though. I'm never in burlington, except when sleeping, I'm always driving out.

But yeah, it'd be a shock to be paying more in general...I'm super cheap and debt adverse but I don't spending money on nicer things, as long as I "need" them in some way.

About the no cable thing, lol, I just don't watch a lot, except for sports (which i figure i can just go watch at a sports bar). So it's not a big deal to me. I'm also not a very techie person (weird, since i'm an electrical engineer), I'd rather spend my extra $ on clothes, trips, books, etc....HDTV? lol, watching downloaded movies off of a CRT monitor is good enough for me!

[smartweb]

You should be fine, but if I were you I would look to find a better deal (less expensive apartment).

[Rudee]

120k in assets, damn, u beat me

http://i35.tinypic.com/2dgu6o2.jpg

but on serious note, for someone making 70k, im sure youre smart enough to know that is definately more than adequate. espeically, seeing youre a modest spender. general rule, no more than 1/3 gross income on housing. you can probably go as high as 2grand/mth.

Why in Gods name would you have 6-figures in a savings account earning a paltry amount of interest? Now, if you owned your own home and had an extra 6 figures in the bank that would be impressive, but my guess is that you're not a home owner.

[comicbookguy]

Good thoughts.

I just really like the college park area. My friends are closer to it. Also, it's so central and there's lots of hot university co-eds around. I don't think I'll go for the 1650 apt, it's a bit too much for me. I don't need 2 washrooms, a view over bay st, or most of the condo amenities. Place just needs to be clean and newish, and it needs to be a 1 bedroom. I don't want to see my kitchen from my bed.

I've been paying "rent" at home, granted at a discount for what I'm getting...about $1200-$1300 for everything, home cooked meals included :) Although, I think my gas costs would be cut down moving out though. I'm never in burlington, except when sleeping, I'm always driving out.

But yeah, it'd be a shock to be paying more in general...I'm super cheap and debt adverse but I don't spending money on nicer things, as long as I "need" them in some way.

About the no cable thing, lol, I just don't watch a lot, except for sports (which i figure i can just go watch at a sports bar). So it's not a big deal to me. I'm also not a very techie person (weird, since i'm an electrical engineer), I'd rather spend my extra $ on clothes, trips, books, etc....HDTV? lol, watching downloaded movies off of a CRT monitor is good enough for me!

two washrooms is definitely overkill. i live in a 1 bedroom with one bathroom and i find it to be a pain in the butt to clean everything. although that could be because i'm as much a germophobe as i am frugal.

college park is definitely a great spot. i hope your commute will be friendly though. another note on the amenities, they're great and all, but if you break down your time you'll hardly have any to use them. but i think for some people they're willing to pay just to know that it's there. when i moved out i thought i would have more leisure time but found that it was quite the opposite! i go out a lot more now and do a lot of chores on my own.

i think if you live in the city you're definitely going to have visitors, so i would think twice on the no cable tv thing. just a thought.

i hope you go through with your plans and best of luck!

[AirBosh]

I make 5gs less then you and i live at home and i still dont have 100g in savings.

Do you pay rents to your parents?
I give $900 monthly to them .. Damn

[mr_raider]

Why in Gods name would you have 6-figures in a savings account earning a paltry amount of interest?

That's where I keep my money, until the gub'ment takes it in the form of quarterly installments.

[Sepiraph]

Can I afford $1500 rent on $70K (base) income?

I have been a cheap miser all of my life. I've lived with my parents since graduating from uni. I've paid my fair of the living expenses, so it hasn't been a free ride...however I'm now considering a move out, and want to know if I can afford it comfortably.

$1500 Rent is for an awesome 1 bedroom apt in downtown Toronto, includes all utilities (except tv/phone) plus parking.

I earn 70k (base salary) plus 5-20k in OT per year.

I'm 28, single and I have no debt.

I have ~120K in liquid assets.

My major expenses:

Gas - roughly $200 per month (assuming this will rise)
Car Insurance - $60 per month
Phone - $50 per month (need to find a cheaper phone)
Internet - $50 per month (necessity)
TV - $0 (won't have cable)
Food - $300 per month (may be over/underestimated, but I intend to do my own cooking, and eat out only on special occasions, i do not have a habit of drinking/smoking/coffee consumption)
Gym - $50
------


60/month for car insurance @ 28 is pretty cheap, are you driving a pre-2000 car?

[yucksta]

sepiraph:
2002 acura EL, my record is spotless...i won't go into further details, no need to incriminate myself here :P

airbosh:
yes, i pay "rent" to my parents. we've split all of the expenses down the middle, so i pay them around $1200-1300 per month for housing/food. i have been pretty frugal though (i.e. i don't drink, don't smoke, rarely eat out, don't go out all that much, didn't go away for school, worked while i was in school, have only taken one real vacation in 4 years of working, etc.)

[AirBosh]

sepiraph:
2002 acura EL, my record is spotless...i won't go into further details, no need to incriminate myself here :P

airbosh:
yes, i pay "rent" to my parents. we've split all of the expenses down the middle, so i pay them around $1200-1300 per month for housing/food. i have been pretty frugal though (i.e. i don't drink, don't smoke, rarely eat out, don't go out all that much, didn't go away for school, worked while i was in school, have only taken one real vacation in 4 years of working, etc.)

Props to you for being able to be frugal

[IceQue]

Props to you for being able to be frugal


Too Frugal! 1 vacation in the past 4 years! :confused:

[UrbanPoet]

sepiraph:
2002 acura EL, my record is spotless...i won't go into further details, no need to incriminate myself here :P

airbosh:
yes, i pay "rent" to my parents. we've split all of the expenses down the middle, so i pay them around $1200-1300 per month for housing/food. i have been pretty frugal though (i.e. i don't drink, don't smoke, rarely eat out, don't go out all that much, didn't go away for school, worked while i was in school, have only taken one real vacation in 4 years of working, etc.)

you should live a little... you have over $100k... Im sure you could afford a vacation once a year.

[yucksta]

Well, I've thought about it, and I'm not comfortable with spending anymore than $1500 on rent/utilities/parking total.

This really makes me regret my career choice. I need to be making more money and working in area that I like, not in godforsaken suburban Mississauga.

So is it possible to find something like that in the heart of downtown, or will I have to comprimise and move further south or west for something decent at that price? Or better yet, put off the dream, go back go school, get a MBA or law degree, then move downtown when I get a job there or somewhere like it? Looks like I'll be single for a while then, lol

&nd LOL@"Vacations", they're just not important to me...but it's for the life experience, I'm down. The one and only vacation I took was to Pakistan via Dubai/Abu Dhabi, but I saw a whole different part of those places than most travellers would. My relatives are from rural villages in Pakistan and work as laborers in UAE...makes me feel bad that I'm stressing about a 1 room apt while they live 6-8 to a room sleeping on inch thick mattresses while spending months and years on end away from their families ...

but hey, that's life, royally messed up and brutally unfair.

[TooSoonJr]

Damn, 120k saved up is doing VERY well for yourself for a 28 y/o.

I am in a similar position as you except a few years younger and not yet at your salary level. Like you, I've decided to move out as I want to experience life on my own. I am moving uptown (Yonge/Eglinton) area as i am not a big fan of downtown.

One thing I will suggest though is that you go out there on a weekday and check the traffic. There is no such thing as going against traffic on the Gardiner/QEQ, both directions are a mess, a lot worse than the 401, especially in the afternoon. If you leave for work at around 7am you will be fine, after that it's just a nightmare. I am a commuter myself as I drive 27km each way (against traffic, lol, as if it matters) and it's brutal, if you can at least try moving closer to lakeshore/gardiner so that you cut out that 15 mins of downtown stop and go.

[grego9198]

Your situation is very similar to mine, although my income and age is different, 54k and 23. I lived in Mississauga pretty much my whole life, went to Ryerson so I stayed at home. I started working straight out of University and moved downtown for the summer. I too work in Mississauga so I commuted from Yonge/Dundas (I was in the Pantages) everyday to Kennedy/Matheson. The drive is not too bad in the morning, a little worse coming back into the city especially when there's an event going on. 30mins to 1hr was my average. My coworker lives at Bay/College and has been doing the commute for over a year, he just leaves work 15 minutes before 5 to beat the rush.

I was also looking at renting a place downtown after my short lease at the Pantages ran out (was renting from someone who goes to Ryerson). I had the same budget as you $1500 with parking and my income is quite a bit lower than yours. I did a month of searching and couldn't find a place in the core that was really worth that money (maybe I'm picky). All the nice lofts seemed to be priced around 1700 with parking/utilities.

My suggestion to you if you don't mind not being in the core is to take a look at the Mimico area, specifically Mystic Point. There was an amazing 1bed+den, 2 bath, almost 1000sqft for 1500 listed there. And being right by the highway makes the commute almost 10 minutes shorter and cuts out the slow part of the Gardiner in the afternoon. Plus it's near the lake if you like cycling or blading.

I eventually decided to just purchase a smaller condo, so I bought a never lived in 1+den at Essence on the Kingsway. The mortgage + maintenance fees put it only like 200 more than what I was planning to spend on rent. Plus my parents were generous and gave me some money down. It's probably not the best thing to do in your situation if you're thinking about going back to school though.

So if I were you, I'd still try to find a place, but just expand your search a little more west, I'm sure you'll find something worth your money. Moving out on your own is well worth the price.

[comicbookguy]

Well, I've thought about it, and I'm not comfortable with spending anymore than $1500 on rent/utilities/parking total.

This really makes me regret my career choice. I need to be making more money and working in area that I like, not in godforsaken suburban Mississauga.

So is it possible to find something like that in the heart of downtown, or will I have to comprimise and move further south or west for something decent at that price? Or better yet, put off the dream, go back go school, get a MBA or law degree, then move downtown when I get a job there or somewhere like it? Looks like I'll be single for a while then, lol

&nd LOL@"Vacations", they're just not important to me...but it's for the life experience, I'm down. The one and only vacation I took was to Pakistan via Dubai/Abu Dhabi, but I saw a whole different part of those places than most travellers would. My relatives are from rural villages in Pakistan and work as laborers in UAE...makes me feel bad that I'm stressing about a 1 room apt while they live 6-8 to a room sleeping on inch thick mattresses while spending months and years on end away from their families ...

but hey, that's life, royally messed up and brutally unfair.

if you look outside of the downtown core you will find many opportunities. in my search i found that there were a couple of options just west of toronto. there are a number of buildings in the fort york area that is relatively cheaper than downtown (because of public transportation i'm guessing). there were also a few available along lakeshore and queen's quay.

i'm paying $1200 at yonge and eglinton plus parking, so i'm sure you should be able to find a similar option just outside of the core.

[potato]

120k in assets, damn, u beat me

http://i35.tinypic.com/2dgu6o2.jpg

but on serious note, for someone making 70k, im sure youre smart enough to know that is definately more than adequate. espeically, seeing youre a modest spender. general rule, no more than 1/3 gross income on housing. you can probably go as high as 2grand/mth.



nice pic,
i had over 200K in the bank for a day or two when moving from 1st to 2nd house.

[markethound80]

Ur 28, make good money, and have obviously saved well. IMO, stay at home a couple more years and bank more...then buy yourself a place instead of renting..

[B0000rt]

You're definately fine man.

Me:

Gas - $50
Car Insurance - $180
Phone - $100 lasts me 8months + $15 VoIP = ~$30
Internet - $65
TV - $0
Food - $50 a week, so $200 or so
Utilities - $90
------

Net Income = $4000 before big income tax refund
Non-rent Expenses = $550
Rent = $1450

[BobVila]

I actually like reading these threads :D

Call me nosy..well I am brownie...but I'd like to know more about the OP. My guess, is that he went to Engineering school in McMaster :cheesygri

[najibs]

120k in assets, damn, u beat me

http://i35.tinypic.com/2dgu6o2.jpg

but on serious note, for someone making 70k, im sure youre smart enough to know that is definately more than adequate. espeically, seeing youre a modest spender. general rule, no more than 1/3 gross income on housing. you can probably go as high as 2grand/mth.

Now now...no need to compete, or prove how much dough is in the banks.

http://www.floppingaces.net/upload/2007/11/jena1.jpg

[randomthoughts]

I was in a similar situation to you (I made less money, but parents only charged me $750/month rent). You may want to consider buying a place - remember that your semi-liquid RRSP is $20k liquid for a Home Buyer's Plan (ie. you pay it back at 1500/year with no interest).

So that's 100k for a downpayment, which isn't shabby. The only problem of course, that if you're looking around downtown Toronto, it's not enough. It's too bad you're not willing to live a bit closer to work, or perhaps somewhere further but along the subway line.

PS. The way you're living? Pretty much the way I live - very frugally, and you make more money. I'll be finished my mortgage in 6 years (actually 4 now - 2 years have gone by and I'm on track.) You can afford home ownership, if you want it.

[jassy]

Hi,
You have more than enough to rent a condo in the price range you mentioned. Although I think $1650 for rent for a one person condo is hefty. I agree with some of the other posts, perhaps instead of spending $20K a year in rent, it might be more financially sound to purchase a condo instead given that you have a large sum of money that you can place as a down payment. In the long run, buying is cheaper and you can probably pay the mortgage off in 5 years or so if you save enough.

[yucksta]

Hi,
You have more than enough to rent a condo in the price range you mentioned. Although I think $1650 for rent for a one person condo is hefty. I agree with some of the other posts, perhaps instead of spending $20K a year in rent, it might be more financially sound to purchase a condo instead given that you have a large sum of money that you can place as a down payment. In the long run, buying is cheaper and you can probably pay the mortgage off in 5 years or so if you save enough.

Buying would make sense on the surface, if I were willing to stick around for more than a year, but I'm probably not going to do that. This is more like a try out to have my own space, live a little, and figure out what I want to do next. I really need to able to cut and go, you know...like I might just disappear in a year and go god knows where, so I need my flexibility.

But for argument's sake, let's say I was willing to stick around for 5 years, I'm not sold on the idea that buying is ALWAYS better than renting. It totally depends on the numbers and specifics. I know the Sauder School of Business at UBC conducted a study of different markets in Canada, and found that in certain markets, renters could come out ahead of buyers. The caveat is that renters had to be disciplined enough to invest the difference between a lower monthly rent and a higher potential mortgage payment for an equivalent property, provided also that their investments yield higher returns than home appreciation in their market.

That said, I am passing on the $1650 place and looking for something a wee-bit cheaper in the downtown core. I am not willing to expand my search to places like Mimico, gawd I'd rather stay in B-town. My heart is downtown and that's where I want to be for a year. It's more of the atmosphere that I am looking for. I need to be somewhere busy and with lots people out and about, within walking distance of stuff.

If it wasn't for this dang car, it'd be a lot easier...but unfortunately it's a necessary evil.

[yucksta]

I actually like reading these threads :D

Call me nosy..well I am brownie...but I'd like to know more about the OP. My guess, is that he went to Engineering school in McMaster :cheesygri

Ha! hope I'm not busted. Check your inbox.

[yucksta]

Just wondering if anybody had thoughts on renting vs. buying to share...

I'd be interested in hearing what others have to say...

Thx

[sixer]

I'm not sure why your on here asking this question. I hope you've enjoyed life and not just been working all this time.

You can easily afford that. Don't live your whole life thinking about money, live a little and enjoy it. Not everyone makes 60.

Sorry, but I think there is too many people nickel and diming everything and then have a stroke in their 40's or 50's.

[yucksta]

sixer,

i'm asking this question, because i'm one of these crazy people that questions his possible actions to the point of not acting at all

lol

[Kestral]

I made my first $100K at 23 while living at home, and I was the most miserable SOB you could ever find.

If I had to do it all over again, I would have moved out and enjoyed life.

[yucksta]

Begs the question, was it living at home that made you miserable or however you made 100K at 23?

[comicbookguy]

in real estate class, someone was able to show that with reasonable market assumptions, you can be better off renting than owning a home.

the argument really depends on your situation and a number of factors. if you need a home to live in and raise a family, you don't really have a choice.

sometimes i regret paying the $1,000+ in rent when i look at my account statements. but, when i look at my peers, a majority of which still at home, i feel like i've grown and matured much more as an individual. the move has forced me to become more responsible in all facets and it's taught me a myriad of life lessons. i don't know if you can put a price tag on that.

[ferkel]

You can absolutely afford to live on your own!

Oh and more great news - you can even afford cable tv!

Haha.. thanks for the laugh!~:lol:

[brucemeng]

$60 a month on car insurance...!??

I pay $200... :(

[CeoOfKFC]

I made my first $100K at 23 while living at home, and I was the most miserable SOB you could ever find.

If I had to do it all over again, I would have moved out and enjoyed life.

Investing in the Stock market? Professional Poker player?

120k in assets, damn, u beat me

http://i35.tinypic.com/2dgu6o2.jpg

but on serious note, for someone making 70k, im sure youre smart enough to know that is definately more than adequate. espeically, seeing youre a modest spender. general rule, no more than 1/3 gross income on housing. you can probably go as high as 2grand/mth.

Good savings. I'll assume you live in a house shared with multiple families that is NOT in your name.

[CPSkins]

Yeah for sure you can afford $1500 a month, I personally always suggest buying but if your just doing it to get a feel then go for it. No matter what your going to question if you can do it or not, but you will be shocked at how easy it is.

Myself bought my first house in Oakville at 21, was worried if I could handle it or not as what I make can change from month to month. But I am 25 now worlds biggest cheap ass and take home 150k give or take a year. And I am questioning if I can afford a bigger house or not. The doubt will be there but you will love it.

[yucksta]

Yeah for sure you can afford $1500 a month, I personally always suggest buying but if your just doing it to get a feel then go for it. No matter what your going to question if you can do it or not, but you will be shocked at how easy it is.

Myself bought my first house in Oakville at 21, was worried if I could handle it or not as what I make can change from month to month. But I am 25 now worlds biggest cheap ass and take home 150k give or take a year. And I am questioning if I can afford a bigger house or not. The doubt will be there but you will love it.

Yeah, I just can't commit to buying. For some reason, I just feel like this is my last ditch effort for staying/living in Canada and having a "regular" life. A year to figure things out.

If you don't mind me asking, what do you do for a living?

[coolcoolfi]

wo. Good income. Off course you can afford to live you own at renting of $1,500.:o

[winner2000]

Good savings. I'll assume you live in a house shared with multiple families that is NOT in your name.

LMAO