What is the minimum GROSS salary to be able to live alone in CGY?

[polak]

Pretty basic question that I'm trying to gauge opinions on...

What is the minimum gross salary that one needs to earn to move out on their own in Calgary either through renting or owning while maintaining and average lifestyle (~$500 a month on "fun", groceries for one, minimal to no car payment)

condo, townhouse or house...

Go!

P.S. oh and in a decent neighbourhood... Minimum wage in Forest Lawn doesn't count.

[Travis Munroe]

I guess it depends how cheap you can be...

Rent a room in a house for $500
Spend your $500 on fun
Im thinking it has to be at least a couple hundred to eat cheaply
No car payments

All in all, Im guessing $1500....... but I cant see that being enjoyable.

[polak]

I was thinking without room mates.

[Traditional_Ale]

$2000 if you want to live sans-roomate.

[polak]

$2000 if you want to live sans-roomate.


See thats what I thought but when I crunched the numbers, my salary, which is a good chunk bigger than that, seemed to low to comfortably afford a regular 2 bedroom condo in the suburbs.

[fundmark19]

Lets take a stab
- 1350 rent (2 bedroom condo Mckenzie towne)
- 50 rental insurance
-80 electricity
- 400 groceries and gas
-140 Car Insurance
-500 fun

Total $2520

If you make $50,000 per year you can easily cover I would say 40 would be looking at bottom range to do what you are looking for

[albertGQ]

If you're not sure you can live on your own on your current salary, you probably shoudn't

[polak]

See I think I can but I'm a pessimist. Right now I'm saving for a downpayment but I'm getting restless.

[CMPunk]

Lets take a stab
- 1350 rent (2 bedroom condo Mckenzie towne)
- 50 rental insurance
-80 electricity
- 400 groceries and gas
-140 Car Insurance
-500 fun

Total $2520

If you make $50,000 per year you can easily cover I would say 40 would be looking at bottom range to do what you are looking for

Don't forget Condo fees

[fundmark19]

Normaly renter doesn't have to pay condo fees that is why I didn't include them

[Traditional_Ale]

See thats what I thought but when I crunched the numbers, my salary, which is a good chunk bigger than that, seemed to low to comfortably afford a regular 2 bedroom condo in the suburbs.

It's a question of what you want. If you're a single guy with no kids and such and you're making decent coin I'd suggest renting cheap and saving money.

Also, when I said $2000, I meant net, not gross.

[Deegee]

See thats what I thought but when I crunched the numbers, my salary, which is a good chunk bigger than that, seemed to low to comfortably afford a regular 2 bedroom condo in the suburbs.

If you are talking minimum salary then you are also likely talking 1 bedroom.

[getbak]

Why do you need a two bedroom place? If you're just moving out on your own, you probably don't have much stuff. A one bedroom apartment will likely be good enough.

Also, if you're going to be spending $500 a month on "fun", do you really want to be out in the suburbs? I assume you're young and single, and the exciting nightlife in Calgary isn't in Cranston or Tuscany. You'll either be spending a lot of money on cabs, or risking an impaired charge every time you go downtown.


A one bedroom apartment close to downtown, but not right downtown (Crescent Heights, Renfrew, etc) should be in the $1000/month range.

I used to live in Kingsland, south of Chinook, and that was a good area too. There are lots of apartment buildings near Chinook, and you have easy access to everything you'd ever need, and a cab to/from downtown was only about $15-20.


If you make $20/hour full time, you'd be grossing about $3200/month, which would give you a take home a little over $2000/month, which should work for you.

[polak]

I'm making a decent chunk more then that but I'm still a little paranoid. I guess I should be pretty comfortable if I decide to go small and closer to downtown

[Traditional_Ale]

I'm making a decent chunk more then that but I'm still a little paranoid. I'm also more interested in owning over renting because I think if I start renting it will take me forever to to save a decent downpayment for a place considering the lack of significant savings in renting (as far as I can tell)

If you're making decent coin and have no commitments then get a place within walking distance of work and play and have at it. I cannot stress this enough. ;)

[Huntingwhale]

Depends how good you are at budgeting. When I first moved out, I was making under 30grand a year and still found a way to pay all my bills and party all the time.

[fundmark19]

Depends how good you are at budgeting. When I first moved out, I was making under 30grand a year and still found a way to pay all my bills and party all the time.
Ya but you were partying with fat chicks. They probably bought all your food and drinks for you

[BurningYears]

Ya but you were partying with fat chicks. They probably consumed all your food and drinks

A little more accurate I do believe.

[WilsonFourTwo]

Once you start factoring in all of miscellaneous expenses people seem to ignore/forget (work clothing, commuting costs, Christmas presents, home/auto maintenance), the annual total goes up quite a bit. I believe that 40k (gross) is the minimum for independent living with a modest social life. Even then, you better be one heck of a good budgeter in order to avoid debt.

[polak]

Well then I should be comfortable.

Thanks everyone, this was a little bit of a confidence booster because I was seriously starting to get the impression by talking to some people that to live comfortable independently, you need about 65 K gross. I'm not quite there yet so I was worried.

I am comfortably above 40K though so I should be good?

[Daradon]

Lets take a stab
- 1350 rent (2 bedroom condo Mckenzie towne)
- 50 rental insurance
-80 electricity
- 400 groceries and gas
-140 Car Insurance
-500 fun

Total $2520

If you make $50,000 per year you can easily cover I would say 40 would be looking at bottom range to do what you are looking for

Good list, but you forgot to include other utilities such as phone/cable/internet. Probably add anywhere from 100-200/mo

500 for fun is low, esp in Calgary, but if he thinks he can do it. And 400 is WAY low for groceries and gas. Unless you aren't going far and not eating much but kraft dinner. It's easy to do the 400 without gas. That's less than 100 a week! And it's not just food, it's toothpaste, toilet paper, etc.

I guess it depends on how you see yourself living. Course, starting off is always lean. But that's why people usually start with roommates... ;)

[WilsonFourTwo]

Well then I should be comfortable.

Thanks everyone, this was a little bit of a confidence booster because I was seriously starting to get the impression by talking to some people that to live comfortable independently, you need about 65 K gross. I'm not quite there yet so I was worried.

I am comfortably above 40K though so I should be good?

Yup - without a doubt. The key will be to have a realistic budget (that isn't very restrictive) and then live to it. When I was making 50k (a few years ago but still to the point it remains a valid comparison) I had no consumer debt, owned a 1-Bdrm Condo in a good neighborhood, a new car, had some "date cash", and was putting good cash into me RRSPs.

Trust me, 50k (for example) is a lot of money, particularly when you're mindful of it.

[TurnedTheCorner]

Well then I should be comfortable.

Thanks everyone, this was a little bit of a confidence booster because I was seriously starting to get the impression by talking to some people that to live comfortable independently, you need about 65 K gross. I'm not quite there yet so I was worried.

I am comfortably above 40K though so I should be good?

65K would be about right (maybe a bit high) for a two bedroom condo/townhouse. You could get away with 2/3 of that (~44 K) for a one bedroom spot, and things would be OK albeit a bit tight depending on your car and debt situation.

My two cents.

[TurnedTheCorner]

When I was making 50k (a few years ago but still to the point it remains a valid comparison) I had no consumer debt, owned a 1-Bdrm Condo in a good neighborhood, a new car, had some "date cash", and was putting good cash into me RRSPs.
I had no idea being Popeye paid so well. Or are you the Lucky Charms leprechaun? ;)

[GreenLantern2814]

If you're not sure you can live on your own on your current salary, you probably shoudn't

If you're not sure, do it anyway and use it as a motivator. You've never not made rent; if you're borderline, go for it. You will not regret it.