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How Being Single in 2023 Can Cost You a Whole Lot in Rent
Mar 10

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'reá 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.''á

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.

By The Associated Press, Copyright 2021

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