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A new report from Zillow reveals the rising costs for renters living alone.
The cost of living alone in an apartment has gotten even pricier, according to a new report from Zillow. Renters looking to live by themselves in a one-bedroom apartment are now paying a premium of $7,110 per year, an increase of more than $100 from last year’s figure.
New York City tops the list for the highest “singles tax.” According to Zillow’s New York City brand StreetEasy, the premium for solo living has reached $20,100, a $600 increase from last year.
Rounding out the top five for the nation’s highest singles tax are San Francisco, with a $13,438 premium for living alone; San Jose, California, $11,967; Washington, D.C., $11,452; and Boston, $11,399. According to Zillow, those four cities have seen modest reductions in their singles tax, which provide a little bit of financial breathing room, but they don’t mitigate the broader affordability challenges.
San Diego, Seattle, Atlanta, Denver, and Los Angeles complete the top 10, with premiums for living alone ranging between $8,857 to $10,849.
“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, rental trends expert at Zillow, which recently rolled out a new listing type for renters seeking roommates. “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 a comparison, Zillow’s data finds that cohabitating renters across the nation are seeing an annual savings of $14,220 over their single counterparts. The financial benefits are even more pronounced in pricier cities: Couples in New York City are seeing a potential discount of $40,200 annually, followed by San Francisco at $26,876 and San Jose at $23,933.
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