I
n the city that never sleeps, living alone can be a costly affair. A recent study by StreetEasy and Zillow has shed light on the "singles tax" - a phenomenon where solo renters in New York City pay a premium for their independence.

    The numbers are staggering: an estimated $20,100 annually is the price tag for renting a one-bedroom apartment as a single person. This translates to a whopping $40,200 in savings per year if you shack up with your significant other. The study reveals that four out of five NYC boroughs - Manhattan, Brooklyn, Queens, and The Bronx - have some of the highest singles taxes in the US.

    Couples can save big by sharing a one-bedroom apartment, with Manhattan leading the pack at over $50,000 in savings. Brooklyn comes in second, with more than $36,500 in potential savings. Rising rents are to blame for this trend, with citywide rents increasing 24% over the past five years.

    As Emily McDonald from Zillow Rentals notes, "The rental landscape has evolved," with more families renting single-family homes and driving up demand. This shift is prompting young couples to move in together earlier in their relationships to save money. A recent survey found that 80% of Gen Z respondents cited finances as a reason for cohabiting.

    Despite the financial benefits of sharing an apartment, many New Yorkers still value their independence. As McDonald points out, "Living alone comes at a higher cost, but it's still something that renters value." Having control over their space and schedule is a top priority for solo renters.

    Interestingly, the singles tax in NYC didn't increase from last year - a rare bright spot in an otherwise challenging rental market. For local singletons, this news is music to their ears.