NYC vs Toronto living costs

When moving to a different country, or even a different city, it’s not only your surroundings that are changing. So are the prices. The cost of living is a major factor when choosing a city to move to. And when talking about NYC vs Toronto living costs, there are many differences. The Big Apple is famously expensive to live in. But Toronto is not lagging too much behind. With that said, here is a breakdown of some of the most important living costs in those two cities. It’s a home moving guide like no other, and it helps you make a decision between these two, equally appealing cities. 

NYC vs Toronto living costs compared to income

Whenever we are comparing the living cost of two cities, we need to pause and take a look at median household income. NYC vs Toronto living costs alone doesn’t mean too much. It’s only when you put them up against incomes that you can expect to really see the differences. And in this regard, the two cities are fairly close. Toronto has a slight advantage here. Of course, this greatly depends on the work you are doing. And what your career choice will be. But, an average household income in Toronto is around CA $75,000.

New York City lags just a little bit behind at around CA $70,000. That puts it at a slight disadvantage when comparing living costs. So, before you call Divine Moving and Storage NYC and move to New York, take this slight difference in income as a good first step in comparing the living cost of New York City and Toronto.

Housing costs

One of the biggest expense in almost any city is the housing cost. And you need to consider it when moving from Toronto to New York. People spend up to half of their paychecks on housing alone. So, this is a really important factor when comparing NYC vs Toronto living costs. And here as well Toronto holds an advantage.
Housing in Toronto is up to 45% cheaper than in NYC. A standard 85m2 apartment in a regular price category will cost you around CA $2,000 a month in Toronto. While in a more expensive area it can go as high as CA $2,400.
In contrast, New York City has a higher housing cost than Toronto. The same type of apartment in a regular area will cost you around CA $2,200. While expensive areas go for as high as CA $2,700.
This difference might be a good reason why people often move from Upper East Side to more affordable areas. New York City is notorious for its high housing costs.

Those are, of course, the average prices. And of course, in both cities, you will be able to find both cheaper and more expensive housing.  And what you are willing to give up to save some money.
Another thing worth mentioning is that smaller apartment prices are a bit evener. 45m2 apartment in New York City can even be a bit cheaper than in Toronto. Those differences show us that living with a family in New York City might not be such a great idea from the cost standpoint. While living alone can actually be on par with Toronto.

Other housing-related costs

So far, New York City isn’t fairing very well. With a slightly lower median income and higher housing costs. It seems that it might be more expensive to live in NYC.  But, housing is not the only expense that you will have. Things like utilities, internet, cost of appliances and so on.
In this regard, New York City is fairing a little bit better. And NYC vs Toronto living costs is a bit evener. The average utility bill for the 45 m2 apartment is going to cost you around CA $100 in Toronto. While for the same apartment type, utilities are closer to the US $90 mark in NYC. It’s a small difference, but a good indication of other expenses. The Internet bill is also cheaper in  NYC. A regular 8Mbps connection is going to cost you CA $39 in NYC compared to CA $47 in Toronto.
It’s also cheaper to buy household appliances in New York. If you were to buy a 40 inch TV in Toronto it can cost you upwards of CA $450. While the same TV can be found in NYC for just CA $282. That’s not a small difference. Same goes for other household items. An average microwave will cost you around CA $140 in Toronto. In NYC you can get it for around CA $111.

Food

Everyone needs to eat. And food ends up being one of the biggest expenses. Alongside with housing costs. So, when you are comparing NYC vs Toronto living costs, it’s a big factor. And here, as well, New York City holds a slight advantage. So take that into consideration if moving to Toronto.

Basic lunchtime menu in a business district is around CA $12 in NYC. In Toronto, the same menu will cost you around CA $17. Fast food is also cheaper the Big Apple.  A fast food meal is around CA $3 cheaper than in Toronto.
And it’s not just the restaurants that are more expensive in Toronto. Same goes if you are preparing food on your own. Bread is 2.5 dollars more expensive in Toronto. And 500 gr of boneless chicken breast in NYC goes for CA $4,75. In Toronto, it will cost you around CA $7. Food prices in New York City are lower across the board. From vegetables and fruits to meat prices.
While the differences in food prices are not as obvious as with housing, they are still there. And when you consider that you have to eat every day, the costs add up.

Conclusion

When comparing NYC vs Toronto living costs, there are many factors that you need to consider. While housing is a bit more expensive in NYC, utilities and food are cheaper. But, living with a family in New York is a bit more expensive than in Toronto. So, when deciding on where to move, take a good look at your situation. But no matter which city you choose, they both offer excellent living conditions.