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Monday, February 13, 2023

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 dwell by themselves, in response to actual property agency Zillow. New York renters dwelling alone in one-bedroom flats are forking over $19,500 extra a 12 months than {couples} who dwell 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 dwelling alone should pay annually for a median one-bedroom condo, in comparison with these splitting lease on the identical unit with a companion.

Between them, companions who dwell collectively in some of the costly cities on the planet will save a median of $39,000 a 12 months.

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 dwelling alone permits renters to dwell as they please, “all that freedom comes with a value,” mentioned Amanda Pendleton, Zillow’s residence developments knowledgeable.

“Although lease costs are beginning to cool, they’re nonetheless considerably greater than they have been a 12 months in the past,” Pendleton mentioned. “Renters contemplating going solo this 12 months should resolve how beneficial dwelling alone is to them, and if the price is price it.”

Nationally, singles pay almost $7,000 additional per 12 months 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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