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... if you were really frugal you could just sleep in the cafeteria...(not recommended by the way, too many bodies doing that already in a teaching hosp due to lack of call rooms) ... The most frugal resident in my yr lived at home and rented a den downtown for when he was on call/post-call/etc.


your post plus peterk's shared housing suggestion makes me wonder why some enterprising RE type doesn't buy a house near the downtown hospitals & run it as a crash pad for medical students on rotations plus residents on call?

this would permit the students & the residents to actually live somewhere else where they could have a real life. Then during intensely gruelling on call rotations they could move downtown, into the crash.

the place would probably need a live-in housekeeper. A multi-skilled. Everything from running the washer/dryer night & day to maintaining the room booking spreadsheet.

your details re exhausted clerks & residents napping in hospital cafeterias do remind me why foreign medical students who sign up for french classes at mcGill often tend to fall asleep in class though (on top of everything else, med professionals in quebec have to pass proficiency exams in both languages) ...

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If the schedule is really that hectic and demanding then I suppose the choice is clear. Pay the price to get the housing you need - Living at home and commuting will be unacceptable for success at school.

I am skeptical that you cannot find suitable accommodation for $1000/month that is in walking distance. Surely 2 or 3 of you can find an apartment for $2000 or $3000/month in the location you need? Our CMF Toronto condo landlords are regularly reminding of the increasing vacancy, decreasing rents, and false data regarding Toronto condo demand that is being pushed by the realtor cartel.

If it were me, I would just pay the man and get the good apartment for $2000. You can absorb the debt. So long as you are very confident that you are cut out for another 8 years of schooling and residency, that you will someday actually be a highly paid physician.
 

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thebeansterr:

Financial considerations aside, based on your responses to the comments, I think no matter what path you choose, you seem very mature and grounded and will do just fine.
I think so too. :)

Reading this thread reminds me to thank God I am retired from medicine.
 

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My friend's son was renting a room for $450 a week near the hospital when he was doing his rotations there summer 2015 ,this lady only rented to medical students so I am sure there are accommodations close by.We started paying $1550 plus hydro and cable for a 635 sq ft one bedroom + den at Lakeshore/Parklawn for our oldest about 16 months ago ,anything closer to downtown when we looked was about $300 more and under 500 sq ft which makes it difficult to share with a roommate.
 

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your post plus peterk's shared housing suggestion makes me wonder why some enterprising RE type doesn't buy a house near the downtown hospitals & run it as a crash pad for medical students on rotations plus residents on call?
Maybe, just maybe, someone has... in every city and town that has a hospital. I hear it's quite an industry.

He should check the doctor's lounge and the college of physicians. They will have a bulletin board, email list, or some form of group communication for housing facilities. .... or so I've heard. lol!
 

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For context: I lived at home through medical school, graduating at 23 with no debt, and left home two years later, against my parents' wishes, but recognizing that it was time. It was long ago and far away.

Some of the factors I would consider are:
1. How much debt are you likely to rack up by the time you graduate? In 2014, Queens estimated the average debt at graduation to be over $71,000. Medical Student Debt:
Some students will have a much higher number, e.g. $200,000. Attending U of T and paying rent in Toronto, you are likely to end up in a higher debt category, especially since you mention that you have not saved any money from your summer jobs.
2. How is your accumulated debt going to infouence your career choices? I've known several medical students and residents who have chosen surgical specialties because they need the higher income to service their debt, rather than because that was what they wanted to do. Do you still want to be paying off student debt when you are 40?
3. How intolerable would it really be to hang out with Mom and Dad for a couple of years while completing med school? Sure, you may have a longer commute, but when you have worked 30 hours or more, sometimes Mom's home cooking is very therapeutic. BTDT.

In most cases, the practice of medicine is a small business enterprise. In all probability, you will never have a pension. You, and you alone, will be responsible to fund your retirement. Increasing regulation and narrowing tax breaks (see budget 2016) mean that task is getting more difficult. Regardless of your decision, my advice is to start getting savvy about managing your money ASAP. Best of luck!

Endnote: I retired @55 due to starting my career debt free, my frugal lifestyle and an inheritance. You may not have that choice.
[/QUOTE
Stuff was way cheaper back then
 

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If it would inspire you, my son wanted to attend school in another city. Covid, of course, has impacted his decision and he’s currently doing remote access. However, to pay for his school and residence while away, he bought a local three bedroom condo for Z79k, fixed it up and rents it for 1500/month. The profits he makes would have paid for his room and board in the other city and the money comes in every month. If you take the Smokey aspect out of the equation, with a plan to replace it with passive income,you May find out what the real problem is. Plus, you’ll have passive income ensuring your future going forward.
 
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