Zillow reveals that Americans cohabitating or living together pay $7,000 less on rent compared to singles living alone
Per Zillow
On Valentine's Day, Zillow discovered that Americans who cohabitate or live together pay $7,000 less than singles. Cities deemed "more expensive" saw singles having to pay as high as $19,500 more in New York City, per StreetEasy.
An analyst at Zillow found that single renters that lived in a one-bedroom apartment had to pay $7,000 more a year. What was described as a "single tax" depends on where the renters live.
Without the "single tax," people cohabitating or couples living together could collectively save $14,000 on rent per year. In Manhattan, singles have to pay up to $24,000 more.
In San Francisco, the report shows that the single tax sits at $14,000 for a one-bedroom apartment, and the lowest single tax was in Detroit and Cleveland. Out of the 50 largest cities in the US, Detroit had a single tax of $4,483, and Detroit saw singles having to pay $4,387 more.
Zillow home trends expert Amanda Pendleton shares how although living alone has perks, it does come at additional costs. She also shared how despite rent prices cooling down, singles still have to pay significantly higher compared to 2022.
Pendelton: "Even though rent prices are starting to cool, they are still significantly higher than they were a year ago. Renters considering going solo this year must decide how valuable living alone is to them, and if the cost is worth it."
While single and residential properties have renters struggling, commercial real estate saw increased vacancies. San Francisco saw a 27.2% increase in vacancies after continuously increasing for 12 quarters.
While interest rates have dropped, making it easier for buyers to purchase homes, analysts previously expected US home prices to drop by as much as 20% in 2023. Ian Shepherdson, the person who called the housing bubble of 2008, of Pantheon Macroeconomics, gave the prediction.
See flow at unusualwhales.com/flow.
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