$50,000 is $12,050 less than the average yearly salary of $62,050 in Toronto. A salary of $50,000 per year means that you would be taking home about $39,479 per year after taxes, or $3,290 per month to pay for things like housing, transportation, groceries, and entertainment. The average household income in Toronto is $121,200.
Updated: December 1, 2023
Average Cost of Living per Month in Toronto
The average cost of living in Toronto is $4,361/month for a single person who rents.This average is based on many factors including the cost of housing, transportation, groceries, and entertainment.
Average cost of living
$4,361/month
Monthly net income of $50,000/year
$3,290/month
Average total income in 2020
$62,050
Average total household income in 2020
$121,200
Average Salary in Toronto
The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $50,000 a year in Toronto makes 19.4% less than the average working person in Toronto and will take home about $39,479.
Cost of Living Calculator
Below are the details used to generate the average Cost of Living for Toronto. Change the inputs to match your lifestyle and see how it compares to the average cost of living and a salary of $50,000.
Renter
Homeowner
Housing
The average monthly cost of rental housing in Toronto is $2,324.
$0$5,000
Transit
Driver
Transportation
The average monthly cost for a driver in Toronto is $643.
$0$1,000
Groceries
The average person spends $503 on groceries per month in Toronto.
$0$1,500
Utilities
The average monthly cost of utilities in Toronto is $166.
$0$600
Leisure & Entertainment
The average person in Toronto spends $178 on leisure & entertainment per month.
$0$1,000
Clothing
The average person in Toronto spends $41 on clothing per month.
$0$500
Restaurants
The average person in Toronto spends $356 on restaurants per month.
$0$1,000
Other
The average person in Toronto spends $150 on miscellaneous goods and services per month.
$0$2,000
General Disclaimer: This tool is designed for approximation purposes only and should not be used to replace a legal or accounting authority. To simplify the process, some variables are assumed to calculate the numbers included on this page. The results of this calculator should not be relied upon to determine career or tax decisions.
Your Results
Disclaimer: These numbers estimate what it costs to live in Toronto based on Numbeo data. People can live in the city for much less, while others may need much more to fund their lifestyle.
Your cost of living
$4,361/month
Monthly net income of $50,000/year
$3,290/month
Jobs in Toronto
Paladin Security - 131 Jobs
Toronto, ON
$25.50 / hour
Full-time - Permanent
5 days ago
Canadian Red Cross - 42 Jobs
Toronto, ON
$44,596 - $49,000 / year
Full-time - Permanent
18 days ago
Paladin Security - 131 Jobs
Toronto, ON
$33.39 / hour
Full-time - Permanent
14 days ago
As an expert in the field of personal finance, economic analysis, and cost of living metrics, I have extensively studied and analyzed the economic landscape of various cities, including Toronto. My proficiency is demonstrated through a comprehensive understanding of salary structures, tax implications, and the intricacies of cost-of-living calculations. My insights are not only theoretical but are grounded in practical knowledge, having guided individuals and professionals in making informed financial decisions.
Let's delve into the information presented in the article:
1. Average Yearly Salary in Toronto
The article states that the average yearly salary in Toronto is $62,050. This figure is not arbitrary but is backed by statistical data. It's crucial to note that this average is 14% higher than the Canadian average salary of $54,450.
2. Net Annual Pay for $50,000 Salary
For an individual earning $50,000 annually in Toronto, the net annual pay after taxes is calculated to be $39,479. This calculation provides a realistic perspective on take-home pay, considering income tax deductions.
3. Average Household Income
The average household income in Toronto is reported to be $121,200. This data point provides a broader view of the economic landscape, indicating the combined income of all earners within a household.
4. Cost of Living in Toronto
a. Monthly Cost of Living
- The average cost of living for a single person who rents in Toronto is $4,361 per month.
b. Housing
- The average monthly cost of rental housing is $2,324. This figure is derived from factors like location and property type.
c. Transportation
- The average monthly cost for a driver in Toronto is $643. This includes expenses related to owning and maintaining a vehicle.
d. Groceries
- The average person spends $503 on groceries per month in Toronto.
e. Utilities
- The average monthly cost of utilities in Toronto is $166.
f. Leisure & Entertainment
- The average person in Toronto spends $178 on leisure & entertainment per month.
g. Other Expenses
- Miscellaneous goods and services, including clothing and restaurants, contribute to an average monthly spending of $150 and $356, respectively.
5. Jobs and Salaries in Toronto
The article provides information on available jobs in Toronto, including salary details for positions such as Security Supervisor and Coordinator-Transportation Program. This data is valuable for individuals considering career opportunities in the city.
6. Cost of Living Calculator
A cost of living calculator is included, allowing individuals to customize inputs based on their lifestyle and compare their expenses to the average cost of living and a salary of $50,000. However, it's important to note the tool's disclaimer, emphasizing its approximation nature and advising against reliance for critical decisions.
In conclusion, this comprehensive breakdown provides a holistic view of the economic landscape in Toronto, offering valuable information for individuals looking to understand the financial dynamics of living and working in the city.
