Here’s Why It Is So Expensive to Be Single in the U.S. (2024)

FAQs

Here’s Why It Is So Expensive to Be Single in the U.S.? ›

The biggest factor is housing. Single people often have to choose between getting a roommate or covering the entire cost of a house or apartment on their own. In expensive cities such as New York, renting a studio apartment costs an average of $3,550 a month, according to Zumper data from October 2023.

The cost of housing, shouldering more tax liability and basic expenses are all on you if you're single. CNBC reported that nearly half of adults in the U.S. are currently single — 46% of the population consists of 117.6 million unmarried, divorced or widowed Americans older than 18.

Housing costs might be the most obvious financial burden for single people living on their own. However, there are other costs as well, including food, housing, medical care, transportation and entertainment.

Inflation has pushed up the costs of other components of the American Dream, including child care, groceries and even pet care. According to a Bankrate analysis of labor statistics, overall consumer prices have risen 20% since February 2020, a time before the recent inflation crisis.

The average monthly expenses for a single person will depend quite a bit on where you live, and if you're living alone for the first time, you might be surprised that most things cost more, not just your rent. The national average expenses for a single person living alone are around $3,500 per month.

The outcome seems clear: On average, single people earn less than married people. Depending on your salary and how long you're married, this difference can cost you up to half a million dollars or more throughout your working life.

In 2022, about 132.3 million or 49.3% of Americans age 15 and over were unmarried, according to the Current Population Survey. The 2022 Annual Social and Economic Supplement estimated there were 132.3M unmarried (never married, divorced and widowed) people in the U.S. ages 15 and older.

Why can't today's young adults leave the nest? Blame high housing costs. Nearly one-third, or 31%, of Gen Z are living with their parents because they can't afford to buy or rent their own space, according to a recent report. The year 2023 was the least affordable homebuying year in more than a decade.

The average monthly expenses for one person can vary, but the average single person spends about $3,405 per month. Housing tends to consume the highest portion of monthly income, with the average annual spending on housing at $1,885 per month per person.

The effects of being alone all the time can even shorten your lifespan.

What is the cheapest state to live in the US? ›

West Virginia is the cheapest state to live in the US due to its low cost of living. This affordability is primarily driven by the state's low housing costs and other economic facilities. The median home price in West Virginia is $155,400, and the average rent for a two-bedroom apartment is $930 per month.

Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future.

Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.

The answer is yes, almost 1 in 3 retirees today are spending between $2,000 and $3,999 per month, implying that $4,000 is a good monthly income for a retiree.

The U.S. Department of Health and Human Services uses the Census Bureau threshold to determine who is eligible for certain government assistance programs, like SNAP (food stamps). Under their guidelines, a family of four is considered impoverished if they earn $30,000 or less per year.

You might end up in a higher tax bracket

Single people often face higher income tax rates than married couples filing together. Of course, this depends on your specific income level, but the respective tax brackets have much wider income ranges for married filers than singles.

As you can see in the table above, the average annual cost for a single person is about $5,500 more per year than for a partnered person.

Living alone is a luxury that may be worth every penny. It allows you to enjoy the uninterrupted peace and quiet of your own space. Say goodbye to the unexpected guests in your living room just as you step out of the shower, and hello to a living space that you're always welcome in.