Living alone just got more expensive.
Per a new report from Zillow, a “singles tax” is finding lone renters paying a premium of $7,110 per year to live by themselves, a jump of $100+ from last year.
New York City is the most expensive for single renters. Per its data, Zillow reports that NYC lone renters are expected to pay about reached $20,100/year, a $600 jump from 2023.
“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® 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.”
As ESSENCE previously reported, listed rents across the country for available increased 15% from 2021, with the average rent price being above $2,000 a month across the county. Rent in cities like Austin, Seattle, and Cincinnati is up by 30%. The median asking price for rent in Los Angeles is $3,400.
“While spending to help those impacted by covid initially contributed some small share of the inflation, at this point the leading culprits are cost-plus pricing by firms with substantial market power and the continuing effects of supply chain disruptions,” said William K. Tabb, professor of Economics, Political Science & Sociology, Emeritus – Queens College and Graduate Center of the City University of New York in the report.