A new report from LowestRates.ca revealed just how much Toronto renters have to earn a year to live in the city.

“The average cost of a one-bedroom unit in Toronto was $1,866 a month last November,” said the report. “This represents a 19% year-over-year decrease. The average cost of a two-bedroom was $2,468, representing a 17% year-over-year decrease.”

According to the report, that means renters who commute would have to earn at least $45,500 per annum to afford a one-bedroom, which would amount to $36,104.88 after taxes, or $3,008.74 a month.

Renters who drive, on the other hand, would need to earn $51,500 annually, which, after taxes, is $39,884.76, or $3,323.73 a month.

According to Tom Storey, a real estate broker and investor, he rents out a one-bedroom unit to a couple, but noted credit score is more important than income—“A Credit score about 700 is ideal, and a credit score below 600 is not ideal,” he said. However, while every investor is different, he does have an income cutoff.

“Let’s say the rent is $2,500 a month, I figure out what it would be per year and hope it wouldn’t be more than 40% of their salary,” Storey told CREW. “For a two-bedroom, it would be fairly similar with the 40%, but with two bedrooms you typically have roommates, so it would be less of an issue and also ends up being below 40% because it’s a dual-income scenario. Every investor has a different metric, but that’s what I use.”

For homeowners in Toronto proper, where the average price a home is $894,576—it was $929,699 in the GTA at the end of 2020—assuming a mortgage down payment of 15%, which would involve CMHC insurance, the total mortgage amount would be $781,681 on a 25-year amortization, and that would necessitate $78,500 in annual income. After taxes, the homeowner would be left with $58,638.84, or $4,886.57 a month, and with five-year fixed rate mortgage at 1.68%, their monthly mortgage payment would be $3,191.

“There’s also property tax to take into account, which is based on the following factors: Toronto’s municipal tax rate, the educate tax, the city building fund, and the value of your property,” said LowestRates.ca’s report. “Using the City of Toronto’s Property Tax Calculator, on an $894,576 home, you’d be paying $5,364.80 a year in property tax, which works out to about $447 a month.”