Toronto rent is the most expensive rent in all of Canada. So, we all know the Toronto housing rental market is out of whack. But how bad is it really compared to other cities? Let's say the 25 biggest U.S. cities?
The answer: pretty bad.
The average monthly rent for a two-bedroom apartment in Toronto is $2,820, according to September 2018 data from Padmapper.com.
READ: Toronto Vs. Each American State: Salary Needed To Afford An Average Home
That’s higher than the average for a two-bedroom in most U.S. cities, according to a recent survey from SmartAsset. In fact, were Toronto an American city, it would place in America's top-10 most expensive rental cities.
At least our rent is less expensive than rent in San Francisco — the current poster child for a dangerously stratified society and out of control housing market.
In policy terms, affordable housing costs are generally considered to be no more than 30 per cent of pre-tax income. So a Torontonian would have to earn a little more than $101,520 annually to comfortably afford a two-bedroom apartment.
READ: Toronto Rent Is STILL The Most Expensive In Canada, GTA Dominates List
In 2015, the median household income in Toronto was $65,829, according to the census.
It's no wonder stories like this are cropping up about the lack of affordability pushing people out of the city. It's not just the high rent, it's how that number stacks up to a person's income that starts to tell the whole story.
On that front, Toronto housing was recently named the fifth least affordable relative to income by consultant Demographia.
READ: Majority Of Renters 'Seriously' Consider Leaving GTA: Housing Affordability Worsening [POLL]
So while recent news might not make the U.S. look like the most appealing place to live right now, on this one metric it’s not so bad.
(That said, you can find more affordable rent right here in Ontario: in nearby Hamilton, a two-bedroom comes in at $1,370, while in Windsor it’s $950. Farther afield, in scenic St. John’s, Nfld., it’s only $840, according to Padmapper.)
Now, let's take a look at how Toronto rent and affordability compares to some of the biggest cities in the U.S.
Toronto Vs. 25 Biggest U.S. Cities:Salary Needed To Afford The Average Two-Bedroom Rental
(American city data source: SmartAsset/Business Insider. All values converted to CAD values at time of publishing.)
Toronto
Average two-bedroom rent: $2,820Annual income needed: $101,520
25. Memphis, Tennessee
Average two-bedroom rent: $986
Annual income needed: $42,247
24. El Paso, Texas
Average two-bedroom rent: $991
Annual income needed: $42,467
23. Indianapolis, Indiana
Average two-bedroom rent: $1,092
Annual income needed: $46,806
22. Columbus, Ohio
Average two-bedroom rent: $1,175
Annual income needed: $50,378
21. Phoenix, Arizona
Average two-bedroom rent: $1,333
Annual income needed: $57,134
20. Jacksonville, Florida
Average two-bedroom rent: $1,356
Annual income needed: $58,124
19. San Antonio, Texas
Average two-bedroom rent: $1,391
Annual income needed: $59,607
18. Fort Worth, Texas
Average two-bedroom rent: $1,441
Annual income needed: $61,749
17. Detroit, Michigan
Average two-bedroom rent: $1,455
Annual income needed: $62,354
16. Charlotte, North Carolina
Average two-bedroom rent: $1,506
Annual income needed: $64,551
15. Houston, Texas
Average two-bedroom rent: $1,545
Annual income needed: $66,200
14. Dallas, Texas
Average two-bedroom rent: $1,697
Annual income needed: $72,737
13. Nashville, Tennessee
Average two-bedroom rent: $1,338
Annual income needed: $57,343
12. Austin, Texas
Average two-bedroom rent: $1,834
Annual income needed: $78,616
11. Philadelphia, Pennsylvania
Average two-bedroom rent: $2,143
Annual income needed: $91,855
10. Denver, Colorado
Average two-bedroom rent: $2,205
Annual income needed: $94,492
9. San Diego, California
Average two-bedroom rent: $2,829
Annual income needed: $121,247
8. Seattle, Washington
Average two-bedroom rent: $2,878
Annual income needed: $123,334
7. Chicago, Illinois
Average two-bedroom rent: $3,052
Annual income needed: $130,806
6. Washington, D.C.
Average two-bedroom rent: $3,239
Annual income needed: $138,827
5. Los Angeles, California
Average two-bedroom rent: $3,554
Annual income needed: $152,341
4. San Jose, California
Average two-bedroom rent: $3,689
Annual income needed: $158,110
3. Boston, Massachusetts
Average two-bedroom rent: $4,302
Annual income needed: $184,370
2. New York City, New York
Average two-bedroom rent: $4,857
Annual income needed: $208,158
1. San Francisco, California
Average two-bedroom rent: $5,617
Annual income needed: $240,736
