There’s a cost that comes from living by yourself in an apartment. There’s no one to share the rent or expenses.
Zillow, the online real estate marketplace, has calculated the extra financial cost faced by a single apartment dweller as the “singles tax.” According to Zillow, that “tax” has risen to $7,110 in 2024. In other words, that single apartment dweller could save that amount each year by having a roommate.
"While some renters may envy their coupled-up friends for dodging the singles tax, solo renters enjoy perks that go beyond financial savings. There's no arguing over which show to binge-watch next or disputes about whose turn it is to clean up after dinner," said Emily McDonald, Zillow’s rental trends expert. "Still, it's crucial for renters to really dive into what living alone costs in their area and decide if the price tag is worth it."
Zillow's analysis also reveals that cohabitating renters across the country enjoy annual combined savings of $14,220 over their solo-dwelling counterparts. The savings are much greater in more expensive rental markets.
For example, roommates or couples in New York City are seeing potential savings of $40,200. That’s money that could be directed toward reducing debt or increasing savings.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-02-15 13:43:44
