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

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

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

Between them, companions who stay 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 major 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 stay as they please, “all that freedom comes with a value,” stated Amanda Pendleton, Zillow’s house developments skilled.

“Although hire costs are beginning to cool, they’re nonetheless considerably increased than they had been a yr in the past,” Pendleton stated. “Renters contemplating going solo this yr should determine how worthwhile residing alone is to them, and if the price is value it.”

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

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

© 2023 Bloomberg L.P.



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