Being a member of New York City’s lonely hearts club comes with a steep cost.
An analysis by StreetEasy and Zillow revealed that the city’s “singles tax” is at an all-time high for renters across the five boroughs.
The study estimates that choosing to live solo in the city costs $20,100 annually. In other words, shacking up with a Valentine can save renters a combined average of $40,200 every year.
“So whether you’re living with a romantic partner, a friend, or even an acquaintance, it can make a lot of sense for New Yorkers to partner up to make living in the city work,” Casey Roberts, a StreetEasy home trends expert, said in the report.
The analysis ranked the singles tax in metro areas across the US, but four out of five NYC boroughs — Manhattan, Brooklyn, Queens and The Bronx — came out on top, surpassing runner-ups San Francisco, San Jose and Boston.
Unsurprisingly, the priciest borough, Manhattan, topped the list. Couples there can save more than $50,000 by sharing a one-bedroom, rather than living alone. Brooklyn came in second place, with more than $36,500 in savings.
Rising rents affect all New Yorkers. Citywide rents increased 24% over the last five years, according to the report. At $20,100, the city’s singles tax is nearly 40% higher than it was in just 2022, but only 3% higher than it was in 2023.
“We still see strong demand for studios and one-bedroom apartments from solo renters, but the rental landscape has definitely evolved,” Emily McDonald from Zillow Rentals told The Post. “More families are renting now than in previous years, and that’s driving up demand for single-family rentals.”
Every New Yorker knows at least one couple who move in together way too fast.
Faced with record-high housing costs, young couples are indeed moving in with romantic partners earlier in their relationships to save money, the New York Times reported in July. A 2023 survey by Realtor.com revealed that 80% of Gen Z respondents cited finances and/or logistics as contributing to their decision to move in with their partner.
Despite the downsides, plenty of New Yorkers still prefer to fly solo.
“Even though it comes at a higher cost, living alone is still something that a lot of renters value. Having full control over a space, setting their own schedule and making a home entirely their own is a very attractive option,” McDonald said.
The good news for local singletons? New York is one of the few cities in which the “singles tax” didn’t increase from last year. “That’s actually a pretty good sign for the city’s renters,” McDonald said.
