Get & compare mortgage quotes anonymously Start in My Home

Safe Rate Local

Cost of Living in Markham

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

← Back to Markham Hub

Rent vs. Buy Affordability Calculator

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

$64,459
$1,627/mo

Median in area: $1,627

$140,101

Median in area: $140,101

$28,020

If you Rent

🔑
$1,912 /mo
Base Rent$1,627
Est. Utilities$285
% of Income35.6%
Pre-tax Residual$3,460

If you Buy

🏠
$1,405 /mo
P&I (7.348%)$772
Taxes & Ins$348
Est. Utilities$285
% of Income26.2%
Pre-tax Residual$3,967

Cost of Living FAQs

Is it cheaper to rent or buy in Markham?›

Based on median housing data, buying is currently more affordable on a monthly basis in Markham. The estimated all-in monthly cost for renting is $1,912, while owning a median-priced home with a 20% down payment is roughly $1,405 per month (a difference of $507).

How much do utilities cost in Markham?›

The average monthly utility cost (electricity and natural gas) for a typical home in Markham is approximately $285. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Markham without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $76,480 per year.