Living in Toronto is expensive -- there's no doubt about that. But exactly how much money does someone need to be able to comfortably call Toronto home? Unfortunately, it might be even more than you think.

A new report from breaks down the cost of living in Toronto for just about every demographic, including homeowners, renters, public transit users, and drivers. It comes as no surprise that renters who take public transit are going to have the lowest cost of living on average. But even that isn't cheap, totalling $41,135 each year or $3,427 per month. Renters who drive have slightly more inflated costs, coming in at $45,481 per year ($3,790 monthly).

Toronto real estate is anything but affordable, so for homeowners, those annual costs nearly double. Homeowners who take public transit can expect a cost of living of $81,325, which comes out to $6,777 per month. Owners who drive a car, on the other hand, have more than $4,000 in additional costs each year, totalling $85,670 ($7,139 monthly).

To calculate these expenses, the report broke down all of the common drains on Torontonians' bank accounts, with housing being the biggest expense by far. In today's market, renters are faced with an average one-bedroom price of $2,044, the report says. Tack on an additional $23.99 for tenant insurance and they're looking at $2,067.99 in payments every month. Homeowners are making an average monthly mortgage payment of $4,508, plus $287.67 in home insurance (for those who have to pay it), and $620.45 in property tax payments for a monthly total cost of $5,417.12.

Transportation costs vary drastically between commuters and drivers, with commuters typically paying $279 per month ($143 for a 12-month TTC pass and $34 on Uber) and drivers paying $641.13 per month for car payments, insurance, parking permits, maintenance, and gas.

Typical food costs come out to $649.36 per month, with $302.36 allocated for groceries and $392 for eating out at restaurants. Phone and internet costs totalled $192.63 and entertainment, which included things like trips to the movies and paying for streaming services, came out to $132.39. To determine the monthly cost of gyms, the report looked at a handful of common fitness memberships in the city to get an average price of $61.59.

So how high of a salary do these Torontonians need to be making to afford this kind of lifestyle?

For renters who commute, they'd need to make at least $52,850 before tax to make ends meet. For renters who drive, they'd need $59,500. Homeowners who take transit would need a much steeper $114,870 before tax, with homeowners who drive requiring an even higher $122,550.

With income in Toronto averaging $52,700 in 2020, according to Statistics Canada, it comes as no surprise that the city is increasingly unaffordable for people who already live here, with the dream of homeownership out of reach for many.