Being single can be a challenge from a financial standpoint. When you don’t have someone to split the bills with, covering your costs can be tough. This especially applies in the context of housing, which is many people’s largest monthly expense.
Data from Zillow finds that renting a home alone results in a “singles tax” of $7,110 per year on average. To put it another way, couples who rent a home together save $14,220 a year on average.
Of course, it doesn’t make sense to couple up for the express purpose of saving money on rent. It’s one thing to move in with a romantic partner because you’re there emotionally. It’s not a great idea to go out and settle for a partner, so you’re not paying the rent alone.
But still, it’s not easy having to bear the singles tax as a renter. So it pays to do what you can to save yourself some money. Here are some options to consider.
1. Be willing to give up some amenities
Your preference in finding a rental may be to live in an apartment building with a gym, elevator, and doorman. But if you can’t easily afford a rental with those perks, you may need to talk yourself into giving them up.
The more money you spend on housing, the less you’ll have available for other things that could enhance your quality of life. So if giving up perks like the ones just mentioned allows you to shave $300 a month off of your rent, it may be worth it so you can free up that money for not just savings, but also, social plans.
2. Consider a neighborhood that’s less desirable as long as it’s safe
When you’re single and live alone, it’s important to feel safe in your neighborhood. So moving to an area with a high crime rate to save money on rent really isn’t a great option to explore.
That said, you may be able to spend less on rent by moving to a neighborhood with fewer amenities than what you’re used to now. Maybe your current home puts you within walking distance of 23 restaurants, two different parks, and numerous bus stops. A home in a different neighborhood might limit you to two cafes and leave you with a 12-minute walk to the nearest bus stop. But if that saves you hundreds of dollars a month in rent, it may be worth it.
3. Try saving money outside of rent
You can potentially save money on rent by giving up amenities and moving someplace less convenient to where you might prefer to be. But making those moves could also negatively affect your quality of life. So rather than focus on saving money on rent, what you may want to do instead is resign yourself to paying a premium for rent — but try to save money in other ways.
For example, if you pay up for a centrally located apartment, you may be able to get by without a car. That could save you many hundreds of dollars a month. Or, if you live in a building with a nice roof deck, you may decide that instead of spending your evenings inside watching cable, you’ll unload that expense and instead spend more time reading on a lounge chair.
Take a look at your budget and see what non-essentials you’re spending money on now. If you can cut some of those, it frees up extra money you can put toward a more comfortable home.
It’s unfortunate that being single could mean bearing the burden of costly rent without relief. But there are steps you can take to ease that burden and avoid perpetual financial stress.
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