Cost of Living Downtown vs the Suburbs

February 12, 2014

downtown landscapeThere is a major difference between living downtown or in the suburbs. Many developing families and newlyweds choose to live in the suburbs because they believe that it is much cheaper, and allows them to cut some essential costs. However, the question is, does living in the suburbs really save you money in comparison to living downtown? Here’s a brief comparison to help you make your decision:

Costs of living downtown

When it comes to living downtown, you will obviously have to pay more. Living downtown increases your rental costs, because the apartments or condos that are available certainly do not come cheap. If you are looking to purchase a condo or a house in the downtown area, the prices will obviously be much higher than what you will pay for the same sized house in the suburbs. However, there is a small difference in costs when we consider other departments. For instance, the amount of money that you pay for traveling will be certainly reduced. Everything can be found downtown, since there are vast shopping centers and malls. Secondly, getting to and from your office also becomes much easier if it is located downtown.

There’s a downside too. Most of the services that you get downtown are slightly more expensive. For instance, getting a haircut from a busy hair stylist in the downtown area is obviously going to cost you significantly more than what you will pay a suburban hair stylist. Similarly, prices of clothes, shoes, and other requirements might also be significantly higher.

Costs of living in the suburbs

Maintenance of living in an old, suburban home is obviously much higher. However, if your home is a newly built one, then it is likely that it is energy efficient and can curtail unnecessary expenditure on utilities. For example: This new Etobicoke condo is one of the first to join Canada’s Geo-Exchange program, which means that the condo will be cooled and heated by a Geothermal energy system. The costs of living in the suburban areas are obviously much lesser than downtown, but moving around is slightly inconvenient. The further you move away from the city, the lesser will be the prices that you pay for your house. However, most of the ‘happening’ stuff is found downtown, which means that your travel costs will rise substantially if your office is located downtown. However, it really depends upon your lifestyle. If you like moving around excessively and visiting hip places, then finding a place downtown might be a good idea. While for those who are looking to cut down costs and adopt a peaceful lifestyle, the suburban way of life is better.