How Being Single in 2023 Can Cost You a Whole Lot in Rent

NEW YORK, March 10, 2023 (Newswire.com) - Credello: If you're single, you might find a lot to enjoy about it. You can come and go just as you like, and you can create a lifestyle that suits you without having to consider anyone else. It's not for everyone, but some people like it very much.

It's not all sunshine and roses, though. Being single in 2023 can cost you a lot of money in rent. If you're putting off marriage to avoid debt, you might realize after reading this article that it's not the perfect strategy you thought it was. We'll discuss why living alone can backfire financially in the following article.

What Is the Singles Tax?

There's a concept you might hear about, particularly if you live in a pricey city like New York, San Francisco, Los Angeles, or Chicago. The residents of these cities call it the "singles tax." 

This is not literally a tax that exists on single people. That would be a ludicrous concept. The single-person tax means that you're paying significantly more to rent an apartment on your own than you'd pay if you were married or living with a partner.

If you scoff at this concept, try living in a city like New York on your own. You can easily pay as much as an extra $15K or even $20K if you rent an apartment by yourself versus renting one with a spouse or partner.

Are There Cities Where This Tax Is Lower?

If you don't plan on getting married anytime soon or moving in with a partner, you might wonder whether there are places where this singles tax doesn't hit you as hard. There are certain cities where it's not as bad. Reports indicate that in Cleveland or Detroit, you'll pay less than an extra $5K, on average, if you live by yourself versus living with a spouse or partner.

The cost of living in these cities, as opposed to the ones we mentioned, is cheaper overall, but moving is only an option if you feel you can do it from a professional standpoint. If you have a job in a more expensive city that you'd be reluctant to leave behind, you may have no choice but to stay put.

Are There Other Ways to Avoid the Single Tax?

If you're not at the right point in your life for a relationship, it would be unreasonable to get into one just to avoid the singles tax. If you're not determined to live alone and keep paying the higher rent, then getting a roommate or multiple roommates probably makes the most sense.

If you do this, you don't have quite as much freedom as you'd have if you lived alone, but at least you have people who will share the rent cost with you. If you find some individuals who seem like they could be friends with you or who you can at least tolerate, this becomes a viable option.

The Singles Tax Matters

Though not a literal tax on being single, there's no denying that if you live by yourself, you'll pay a lot more in rent every year, especially if you live in a more expensive city. If you're in a committed relationship already, you might consider proposing marriage so you can move in together and split the rent. You might also think about cohabitating, even if you're not ready to marry. 

If you're not in a relationship and have no plans of getting into one, you might consider moving to a less expensive city to pay less of a single-person tax. You can also look into getting some roommates, especially if you can find some with whom you can be friends. Failing that, you should at least tolerate them.

These are the optimal ways to get around the singles tax. It's real and can impact your life every year until you decide to do something about it. 

Source: Credello