It’s expensive to be single in New York City.
While the unattached may save on the costs of an expensive Valentine’s Day date, they’re paying a much higher “singles tax” to live by themselves, according to real estate firm Zillow. New York renters living alone in one-bedroom apartments are forking over $19,500 more a year than couples who live together, Zillow data show. In Manhattan, the annual singles tax rises to a whopping $24,000.
Zillow’s singles tax is based on how much a renter living alone will have to pay each year for a median one-bedroom apartment, compared to those splitting rent on the same unit with a partner.
Between them, partners who live together in one of the most expensive cities in the world will save an average of $39,000 a year.
Singles with a one-bedroom all to themselves in California’s pricey Bay Area also pay a significant premium. Those in San Francisco face a singles tax of $14,114, the second highest of any city, followed by San Jose at $12,401.
While living alone allows renters to live as they please, “all that freedom comes with a cost,” said Amanda Pendleton, Zillow’s home trends expert.
“Even though rent prices are starting to cool, they are still significantly higher than they were a year ago,” Pendleton said. “Renters considering going solo this year must decide how valuable living alone is to them, and if the cost is worth it.”
Nationally, singles pay nearly $7,000 extra per year for a median one-bedroom apartment.
This article was provided by Bloomberg News.