If you were single and living on your own in Vancouver, you would need a salary of $9,000 a month, or $108,000 a year, to pay for an average one-bedroom and keep it to 30 per cent of your income before taxes.
Meanwhile, the average income for those 15 and older, according to Statistics Canada, is $62,250. That number is a bit irrelevant, because not everyone needs or wants to rent a one-bedroom apartment, but it gives a sense of the discrepancy. "It's easy to focus on just one number. But you've got to take a look at everything in balance," she said.Inflation has also driven up costs for other key items like food, as well as housing.
And if anyone is really struggling to put the pieces together, Arbour suggests reaching out to organizations like the Credit Counselling Society to get some fresh eyes on their budget.Steve Bridge, a Vancouver-based financial planner with Money Coaches Canada, agrees, but says the 30 per cent rule is a good benchmark to start from.