As the cost of independence rises, Zillow
offers a fresh solution for those flying solo
- The "singles tax" increased this year, now standing at
$7,110.
- Cohabitating renters collectively save $14,220 annually on average by living together,
but that can be as much as $40,200 in
New York City.
- Zillow users can now list and search for individual rooms for
rent, reducing housing expenses by finding a roommate to share
costs.
SEATTLE, Feb. 12,
2024 /PRNewswire/ -- Zillow's latest findings reveal
a steep "singles tax" that could dampen the spirits of solo
dwellers. Renters braving the one-bedroom market on their own are
now paying a premium of $7,110 per
year to live alone, an increase of more than $100 from last year's already staggering
figure.
In New York City, where
personal space comes at a premium, singles still shoulder the most
significant burden in the country for the luxury of living alone.
According to data from Zillow's New York
City brand StreetEasy, the additional annual cost for solo
living has reached $20,100, a
$600 increase from last year.
Conversely, cities like San
Francisco, San Jose,
Boston and Washington, D.C. have seen modest reductions
in their singles tax. While these small declines provide a bit of
financial breathing room, they don't mitigate the broader
affordability challenges in major cities.
"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."
Zillow's analysis also reveals that cohabitating renters across
the country enjoy annual savings of $14,220 over their solo-dwelling counterparts.
The financial benefits of living together becomes even more
pronounced in pricier cities, with couples in New York City seeing potential savings of
$40,200. This considerable sum could
be used to help erase credit card debt, invest in a retirement fund
or contribute to a down payment on a home.
For singles looking to dodge the singles tax, embracing the
roommate route presents a popular solution to keeping housing costs
in check. Zillow recently rolled out room listings, aimed at
alleviating the financial strain of living alone. This new listing
type offers users the flexibility to both find and offer individual
rooms for rent, seamlessly bridging the gap for those seeking a
more budget-friendly living arrangement.
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and
ZG) is reimagining real estate to make home a reality for more and
more people. As the most visited real estate website in
the United States, Zillow and its
affiliates help people find and get the home they want by
connecting them with digital solutions, great partners, and easier
buying, selling, financing and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include
Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out
East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up
Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow
affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS
#10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a
Zillow affiliate.
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SOURCE Zillow