Listen, not everyone hates living alone. 🤷🏽♀️ Some of us can’t bear the thought of sharing our bathroom with a messy maniac. We like our sink clean, stubble-free, and without toothpaste skids. 🧽🪥
While you’re belting out Celine Dion’s cover of “All By Myself” in the shower, have a little cry over the cost of living alone because it’s going up. 📈 If Stubble Sam’s covering half the rent, we just might let him stay. 🙄
Here’s Five Fast Facts on the cost of living alone:
- 🙈 Big Time Burden - Housing costs don’t care about your relationship status…but your bank account might! A recent survey found that roughly two-thirds of unmarried people report difficulty affording housing, compared to four in ten married households.
- 🍋 Single Squeeze - Whether you rent or own, housing has gotten a lot more expensive. Home prices are up nearly 50% compared to pre-pandemic levels. Rents are up about 20%, mortgage rates are still higher than they used to be, and wage increases haven’t kept up. Many households, especially single earners, are feeling the squeeze.
- 💰 Income Insights - Nearly half of single survey respondents earned below $50,000 annually, while married couples were far more likely to have higher incomes. Couples also benefit from shared costs and certain tax advantages. Singles tend to carry those expenses solo.
- 🌳 Planting Roots - The cost crunch is making moving a lot less appealing. Singles are far more likely than married couples to say money is the main reason they stay put. Many blame both high home prices and steep moving costs. When one paycheck covers everything, relocating for a better job or new city isn’t always realistic.
- 🌆 Sky-scraping By - City life comes with a price tag…especially if you’re flying solo. A condo in D.C. can run close to $3,000 a month with fees included. In San Francisco, monthly costs can approach $7,000. With two incomes, the math might be reasonable but on one, it’s a serious financial workout.
🔥Bottom line: Shacking up isn’t such a bad thing in this economy. Just be choosy with your roommate selection. And maybe stay off the Craigslist personals. Do you live with a sweetheart? How was your Valentine’s Day? Check out this article for how Americans did V-Day this year.
If you live alone, what’s your monthly budget like?
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