The decision to live alone, driven by various social factors, be it personal preference or circumstantial necessity, comes at a notable price tag.
Living in the US as a solo renter is a choice embraced by a staggering 16.7 million individuals, a number that eclipses the entire population of the Phoenix metro area threefold
In cities known for their higher cost of living in the US, opting for solo tenancy demands an additional income of $8,600 per year, reveals research conducted by the property experts at Rent Café. This enlightening report, titled “16.7 Million Americans Are Renting Alone,” has now been shared with Digital Journal for comprehensive evaluation.
Analysis of the data discloses that the Baby Boomer and Millennial generations constitute the largest segments of solo renters, a clear indicator of the burgeoning trend known as “gray divorce.” Conversely, Generation Z demonstrates a distinct preference for shared living arrangements over solo renting, making them the dominant force in the rental market, comprising a substantial 74 percent share. Remarkably, the last five years have witnessed a staggering surge of 4.5 million new renters.
Over the past decade, solo renting has experienced substantial growth, with 1.1 million people, a 6.7 percent increase, opting for solo living in the US arrangements. In contrast, cohabitation with roommates witnessed a more modest increase of 324,000 people, representing a 5.9 percent growth. Interestingly, the choice of living in the US with family members saw a decline of 3.2 million people, marking a 4.5 percent decrease.
The disparity in income required to sustain solo living in the US is most pronounced in California and the US capital
Cities such as San Jose, Santa Maria, Salinas, Washington, D.C., and Los Angeles stand out as locations where the income gap between the average renter and a solo renter is the most pronounced. Here, the additional income needed to live alone ranges from $1,500 to $2,500 per month.
Conversely, for those seeking more affordable solo renting options, Akron, Toledo, and Dayton in Ohio, as well as Pittsburgh, PA, and Providence, RI, present opportunities where an extra monthly income of $250 to $390 would suffice to maintain a solo living in the US. Notably, Salt Lake City, along with Austin and San Antonio in Texas, and Charlotte, NC, are experiencing a significant surge in solo renters, with growth rates ranging from 20 to 25 percent in recent years. Salt Lake City, in particular, has witnessed a remarkable increase of 10,000 solo renters in just five years.
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