icki

I'm a recent grad with about 2 years of professional experience, currently working as a software developer. Even though I think my salary is higher than average for where I work, I am still struggling to come to terms with the high cost of living in my city.

The average cost of a detached home in Toronto has just passed $1M Canadian dollars (~$820k US). Even if I were to commit to a commuter lifestyle and live outside the city, a 20% down payment could require upwards of $100,000. Some say that a recession in the housing market is inevitable, but with so much foreign investment and insatiable demand for detached homes, I just find it hard to believe. Worst of all, with real estate prices having climbed ~10% each year for the past few years (faster than the average salary, and at a higher rate than a typical mortgage), real estate ownership is getting further and further out of reach.

When I look southward, I see such vibrant cities in the US where developers are getting paid more, and the cost of living (and real estate ownership) are much lower.

I fear that I am coming off sounding as entitled, as many of my non-techie friends are struggling to find jobs relevant to their studies, while I am in a situation where I am quickly paying off my student loans and trying to increase my savings. I'm still young, and perhaps I am just asking for too much. I would very much like to spend more time working on my own projects, and would like to one day do that full-time. However, I can't imagine that happening without a large safety net (not having to worry about a mortgage, or rent).

I guess I haven't really asked a question yet ... I was just hoping to discuss this topic and hear your stories.