Live at home with parents or get cucked by Trudeau rent?
Situation: recent grad living in Toronto and I’m on the brink of landing a FT role. I’m 22 and want to experience downtown living. If you’re familiar with Toronto’s rent prices, it’s $2,500+/mo for any decent one bedroom.
Here’s the kicker though, my parents are going to be renovating the main floor and upstairs, meaning I’ll be living in a basement with my parents. From their house, it takes ~45 mins door to door to get downtown by train.
Is that nightmarish living situation worth saving ~35k a year on rent?
1 bed is just 2k? I paid 1700 core downtown before rentflation.
There were a few that popped up for that price, those are rare to come by but yes average is $2,500+
Any 1bed that isnt a total shit hole and is actually downtown is going to be like 2500 or more currently.
Ah, the classic conundrum of saving dough versus living the high life downtown! Based on the most helpful WSO content, here's a breakdown to consider:
Financial Savings: Living with the 'rents, especially in a city like Toronto where the rent can gobble up a hefty chunk of your paycheck, means you can save a treasure chest of cash. That's around $35k a year staying in your pocket, not to mention potential savings on utilities, groceries, and other living expenses.
Commute: A 45-minute commute isn't a walk in the park, but it's not a trek through Mordor either. Many folks in the finance world endure similar or longer. It's a good time to catch up on reading, podcasts, or some shut-eye (just don't miss your stop).
Renovation Ruckus: Living in a construction zone could be a test of patience with all the noise and dust. It's temporary, but it could feel like an eternity if you're trying to unwind after a long day of number crunching.
Social and Professional Life: Living downtown could be a game-changer for your social network and career opportunities. Networking, last-minute meetups, and just soaking in the city vibes could be worth the rent.
Long-Term Goals: What's the endgame? If you're gunning for financial independence, slaying student loans, or investing in your future, the savings could be a strategic move.
In the end, it's a personal choice. Weigh the pros and cons, and think about what aligns with your goals and mental well-being. Remember, you can always change course if the basement life feels like you're living in a lair rather than a home.
Sources: Unemployed and living in parents' basement, losing hope, How much do you spend on rent as an associate making 275-325?, Millionaire by 30, Millionaire by 30, Is my IB analyst personal budget realistic?
Focus on getting the job first and then appraise your situation. If it’s within your means and you have an upward comp trajectory, move out
You need to think longer term here. The goal should be to maximize the chances of performing well in the job so that you (i) can move up the comp ladder faster, and (ii) achieve strong reviews to support you in any exits you pursue. If living closer to Bay Street does that then bite the bullet and pay to live downtown. CAD 35k may seem like a lot of money to you today but it's a drop in the ocean longer term. Also, from a social perspective, you're going to want to be closer to the action if you want to meet girls/guys and enjoy the nightlife that the city has to offer. Who knows, you may even end up bumping into Matthews, Marner and Nylander in a local bar after a Leafs game haha.
You had me until the jock sniff comment at the end. Could be Drake's burner
No wrong answer here. I lived at home first year out of college (also made much less than you’ll be making). Commuted hour each way but allowed me to save $30k as my parents paid for everything except my gas.
That safety net allowed me to yolo money in the market and I’ve done pretty well since. Living by myself, no way I’d ever move back with parents or a roommate, but I do think living alone is worth it.
You're already cucked bc Canada so you may as well pay out on rent. I agree with Ovechkin that living closer to the office likely improves your ability to perform well.
I always valued getting laid so never understood how college grads, especially men, could live literally years with their parents after school. Saving money or not it is purely a failure to launch and every individual I know who has done this is stunted to some degree (probably a chicken or the egg scenario).
Spend 1 year, 2 maybe, 3 TOPS with your parents after school to save money for down payment or pay student loans if you want. Anything beyond 1-2 years and you will just become a product of your environment. You wont be as confident, wont be as independent, wont be as fully formed as an adult, not as responsible, and I could continue to go on.
I dont care about the money savings and the economics. Yay free rent, meals and belly rubs from mom. Financially you will never be able to beat free so if you are looking at this from a pure math standpoint just live in your parents basement in perpituity.
Agree on all above points, thinking I’ll just pay off my student loans and then move out
Hey OP.
From an immigrant canadian/american background as well. I'm assuming the same for you, since a lot of white North Americans simply don't comprehend the idea of multi-generational living at all. I'm going to try to help you out with a few things. First the positives:
1. You're close to your family. This is very important, and ultimately a good thing. Nihilistic anglos wouldn't understand this even if it hit them straight in the head, but being close to your parents and siblings is such a huge stress reliever. This does depend on you having a supportive family however, and I would only live at home if they're tolerable. Can avoid loneliness and isolation this way as well.
2. Save money. Doesn't need to be explained. This isn't as big of a deal if you were living in Raleigh, or Dallas, but in Toronto, with that cracked COL and asinine rental rates...ya massive positive here.
Negatives.
1. As much as I do hate admitting it, in North America, it will stunt you a bit. Most UMC career track/yuppie kids in the main locales (SF/DC/NYC/Toronto etc..) are going to be living on their own with roommates. You living at home might make it a bit more difficult to hang out after work, or to just shoot the shit with the guys, or become friends with other people in your building. Make no mistake, I do think this post-grad city life is massively overrated, but that doesn't mean you shouldn't participate for a few years after school. If you were living in Germany/France, this wouldn't even be a point of contention, but your in Canada, which is very different culturally.
2. Making friends just gets exponentially more difficult past 28/30, so having a social circle that's either a continuation of your undergrad one, or one newly formed postgrad is ideal. This isn't easily achievable living at home. I get that in Canada more kids are living at home, but you'd still have an easier time making friends/social circle, if you have your own apartment. Don't underestimate how difficult making adult friendships is, it's truly a chore unless you're hyper extroverted and hyper social. Making friends 22-26 is a massive benefit because as you enter your late 20s and early 30s, people will start to drop out of your life like flies (as I'm witnessing myself now). Said friends are easier to make, when you live near them, and can plan things spontaneously.
3. Dating. This is the single reason why I don't think living at home works. You're not going to find a woman who is cool with coming to your parents home. It's why living at home as a dude is such a dating life killer. Girls can get away with this, but you likely won't be able too unless you plan on dating within your specific immigrant community (Punjabi, East African, etc...) assuming you are a second gen, and most kids from your community live multi-generationally. If you're a multigen white anglo, living at home will kill your dating prospects. Don't discount this. I lived at home during COVID after switching jobs, and my dating life went through shit, even when the vaccines came out.
Ultimately, for Multigenerational living to work, and yes it can and does work better than living like some isolated social retard in some concrete jungle, the entire society to which you belong to, needs to be on board with it. This is why nobody questions how 'living at home' will ruin your life (it won't) in Mexico, Spain, or Taiwan, but do here in the US or Canada. The anglo way of life is so ingrained here that you're not going to be able to dodge social judgement, if it does come your way.
Hope this helps. I ultimately can't stress how much your cultural background matters here. For those of us who grew up with 30 cousins, clans, tribes, extended families, continuing to live like that is such an easy decision. If that wasn't your upbringing though, than I can see why one might view it as a negative.
Find me a city or country that isn’t going to shit right now
San Fran, Portland, Seattle, Vancouver. The list goes on
How is Toronto rent your prime minister's fault?
Be an adult, move out, and figure it out.
.
You wanna smash or jerk off in the basement washroom?
Absolutely not. get a place downtown
banking hours and living in a basement with cranky parents going through a reno? fk that
2.5k rent will be a drop in the bucket in the grand scheme of things
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