Living alone in New York can be an exciting and liberating experience, as it offers a wide variety of opportunities and experiences to enjoy without the need for a companion, making it a one of the most attractive cities in the world.
However, living alone can be expensive, as New York home prices are high and living expenses can be high as well. A new report suggests that in New York City, the most expensive area in the US, those who live alone in a studio they pay almost $20,000 more a year than someone who lives with their partner.
A study by US real estate company Zillow found that single New Yorkers spend $19,500 more per year than couples who split rent. In Manhattan, this difference increases to a staggering amount of $24,000 a year.
Most of that money goes towards housing and food, so this “bachelor tax” represents the cost of covering rent and other expenses without having someone to divide them with. Compared, couples can save up to $39,000 a year.
Nationwide, the average for this “tax” is $7,000 a year, although Zillow also looked at other large markets in the country, such as Los Angeles, San Francisco, or Seattle. Singles living in the expensive area of San Francisco Bay lies behind New Yorkwith a significant premium of US$14,114, followed by its neighbors in San José, which pay US$12,401.
On the other hand, the cities with the lowest “single tax” would be Detroit and Cleveland, at $4,483 and $4,387, respectively.
Amanda Pendleton, Zillow’s home trends expert, noted that living alone has its advantages, such as not having to share a bathroom, personal freedom or one’s own space, but that freedom comes at a cost. Living with a partner or sharing an apartment with someone can also present challenges, such as adapting to the needs of another person.
“Although rental prices are starting to cool, are still significantly higher than a year ago. Renters who consider living alone this year must decide how valuable it is to them and if the cost is worth it, “said the expert.
