How much is reasonable to spend on Rent/Month (In T.O/Sauga)

[PeterPatting]

I know everyone's budget will be different...but is it reasonable for me to spend $1800 - $2000k/month on rent (no roommate), with the money coming all from my LOC? To clarify - not asking whether or not it is financially possible, but whether or not it is prudent to do so (anyone know/have an idea of what the average graduating medical student debt is for students who live alone?). 

[VeronicaMars]

The average amount of debt that I was told by most banks is $120,000, but I'm not sure if that's with living alone or not. It's honestly up to you how much you want to spend on living expenses and how much debt you want to be in. Just remember that rent is only a part of the expenses you'll have living in Toronto. I'm sure you will want to have a social life, that'll include eating out, travelling, enjoying all the fun things to do in Toronto. As well, I'm sure there will be unexpected expenses associated with medical school. So if you spend a significant amount on rent and want to enjoy your experience in medical school, you can expect your debt load to be relatively higher then most graduates. Also, if you're thinking about specializing in something with a long residency, then keep that in mind as well, because it would likely take you longer to pay off the LOC.  

[dreizehn]

I would not spend $2000 on rent! Being from Toronto, yes the rates are high, but it all depends on what you want. Are you okay with a basement apartment? Are you fine with just having a room in a house? Are you fine living over a shop? If you answer yes to any of these then you don't need to spend $2000. 

$2000 would get you a nice apartment in a new condo downtown that frankly, as a med student, you don't need unless you have a family or really need to be over the top. If you're comfortable living with someone (i.e. each have your own room but you share kitchen etc.) then you can find a place in the $1500 range and split that. 

---In short, $2000 sounds to me like the total price between 2 people for rent, not just for one person. ---

Save your money, don't spend $2000 for rent, and instead get an extra $500 each month for food/going out/savings!

[PeterPatting]

Thank you both for your responses. 

I guess it all comes down to one's values re: their money. For instance, having my own place (which is high on my priority list) and paying $1800-2000k a month but living very frugally (which I am quite accustomed to) doesn't sound like bad plan. Generally speaking, I don't eat out often (usually only for social events), my weekly groceries, I've calculated easily wouldn't be anymore than $50 on average, most social things I like to do are pretty low budget or are free (+ I'm from Toronto so I feel like I've already enjoyed a lot of the things the city has to offer), and I'd like to believe that my years of frugality has cultivated enough financial discipline in me to keep spending under control. Also - at this point I'm almost dead set on FM (obviously subject to change) and so hopefully won't have to worry about doing a long residency. 

But all things considered, perhaps $1800-2000k is a bit much and I might start looking into cheaper alternatives.

As an aside - do most people have cars? I don't imagine so but just thought I'd ask!

 

[ToughLuck]

Car isn't worth it in the city. Finding a place DT that has parking is hard, and spots usually go around 150$ a month. On top of that, insurance, trips to the garage and gas will cost you too much for its worth. I prefer taking zip cars for those 2-3 hours I need a car, or renting a car for a weekend if needed. Plus, cars are a money dump, and lose value exponentially so they are generally not a good investment.

I find it hard to believe groceries run you at 50$ a week. I would put it more around 75$ for inner city store prices. My advice - never be surprised. Always add margins of 5-10% to your calculations so you are ready if expanses are higher than originally calculated.