Summary
New research shows that single people renting alone pay about $10,470 more each year compared to those who share rental costs. This "singles tax" is much higher in cities like New York, where single renters pay significantly more than the national average. The trend indicates renting alone is more expensive, but sharing living costs with someone else can lead to big savings.
Key Facts
- Single renters pay about $10,470 more per year than those who share rent.
- Couples who share rent can save around $20,940 annually.
- In New York City, single renters pay on average $23,400 more than those with roommates.
- The rental price increase in New York-Newark-Jersey City region was 3.9% over the past year.
- San Jose has a singles tax of $19,488, with shared renters saving $38,976.
- Boston's singles tax is $18,084, ranking third in high singles tax cities.
- The average singles tax has only increased by $146 in the last year.
- Recent reports suggest that rental prices are beginning to ease in the U.S., which could improve affordability.
