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Cost of Living in Victoria

Is it better to rent or buy in Victoria? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$71,189
$1,103/mo

Median in area: $1,103

$201,759

Median in area: $201,759

$40,352

If you Rent

🔑
$1,208 /mo
Base Rent$1,103
Est. Utilities$105
% of Income20.4%
Pre-tax Residual$4,724

If you Buy

🏠
$1,648 /mo
P&I (6.5%)$1,020
Taxes & Ins$523
Est. Utilities$105
% of Income27.8%
Pre-tax Residual$4,284

Cost of Living FAQs

Is it cheaper to rent or buy in Victoria?›

Based on median housing data, renting is currently more affordable on a monthly basis in Victoria. The estimated all-in monthly cost for renting is $1,208, while owning a median-priced home with a 20% down payment is roughly $1,648 per month (a difference of $440).

How much do utilities cost in Victoria?›

The average monthly utility cost (electricity and natural gas) for a typical home in Victoria is approximately $105. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Victoria?›

To comfortably afford the median rent and utilities in Victoria without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $48,320 per year.