When talking about the cost of living, we must address many aspects such as housing, food, transportation, taxes, and healthcare. That is why today we want to make a review of the Niagara Region economy and its cost of living.
First, we must know that when examining the cost of living in any city or province, the key metric that’s used is the consumer price index (CPI). This metric measures the cost of goods, services, and living expenses compared to the national average.
Now that we know this, we can start talking about housing. For this analysis, we will use a renter as an example. When renting a house, we know that the value will vary depending on the size, location, age, etc. But according to the data available, the average rent for one person in the Niagara region is $1292. In this same line, we also have utilities which cost an average of $221 per month.
If we talk about groceries, based on the Statistics Canada data, the CPI for groceries and food in Ontario is 101, which is just one point above the national average. So, these reports say that the average spend on groceries and food per month is $276.61.
If we talk about transportation, this value may vary depending on whether you use public transportation ($288 per month) or have your own car ($519 per month).
Now that we have covered the essential expenses, we will talk about complementary but important expenses, listed below.
Leisure and entertainment: $148
All this gives us an average of $2,872.61.
The analysis we have made in this blog post is based on official data on the different topics discussed. Obviously, a person’s lifestyle varies, and this value does not apply to everyone, but it is a good benchmark to know the current situation of how much it costs to live in the Niagara region. We would love to hear your opinions on this topic and what aspects you think should be changed to improve the lifestyle of the inhabitants of this area.