Monday, February 13, 2023
HomeWealth ManagementNew Yorkers Pay the Highest ‘Singles Tax’ within the U.S.

New Yorkers Pay the Highest ‘Singles Tax’ within the U.S.


(Bloomberg)—It’s costly to be single in New York Metropolis.

Whereas the unattached could save on the prices of an costly Valentine’s Day date, they’re paying a a lot greater “singles tax” to reside by themselves, in line with actual property agency Zillow. New York renters residing alone in one-bedroom residences are forking over $19,500 extra a yr than {couples} who reside collectively, Zillow knowledge present. In Manhattan, the annual singles tax rises to a whopping $24,000.

Zillow’s singles tax relies on how a lot a renter residing alone must pay annually for a median one-bedroom condominium, in comparison with these splitting hire on the identical unit with a companion.

Between them, companions who reside collectively in one of the costly cities on the planet will save a median of $39,000 a yr.

Singles with a one-bedroom all to themselves in California’s dear Bay Space additionally pay a big premium. These in San Francisco face a singles tax of $14,114, the second highest of any metropolis, adopted by San Jose at $12,401.

Whereas residing alone permits renters to reside as they please, “all that freedom comes with a value,” mentioned Amanda Pendleton, Zillow’s house tendencies knowledgeable.

“Though hire costs are beginning to cool, they’re nonetheless considerably greater than they have been a yr in the past,” Pendleton mentioned. “Renters contemplating going solo this yr should determine how invaluable residing alone is to them, and if the associated fee is value it.”

Nationally, singles pay practically $7,000 further per yr for a median one-bedroom condominium.

To contact the creator of this story: Paulina Cachero in New York at [email protected]

© 2023 Bloomberg L.P.

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