“Most of my friends who are single and live alone are stressed about the cost of living.”
Nearly half of US adults are currently single.
The 117.6 million single, divorced or widowed Americans over the age of 18 represent 46 % of the population, according to data from the US Census Bureau.
This number has been rising slowly but steadily since the 1960s. As more adults are without a partner for long periods of time, many feel overwhelmed by the overall burden of living expenses, which has also continued to rise in recent years.
< p>“Most of my friends who are single and single are stressed about the cost of living,” Kaishon Holloway, a single man living in New York, tells CNBC.
In addition to being solely responsible for the living costs that couples can share, single people are excluded from many financial benefits reserved for married couples.
In absolute terms it is cheaper for a one-person household, since the basic expenses are less.
But when you add up all the expenses for two people, maintaining a household with one doesn't exactly cost half as much. This is why it is more expensive to be alone than to share expenses with a partner.
In expensive cities like New York, renting a studio apartment costs an average of $3,550 a month, according to data from October 2023. That means someone living alone would pay $42,600 a year in rent, while a couple living split the same rent down the middle they would pay just $21,300 each.
“The financial freedom that comes from being single is really awesome because I spend all my money on me and my loved one is me , so that's really great,” says Holloway.
That said, you may want to pay extra attention to your finances if you're single because you don't have the financial safety net of a partner's income. His parents, friends, or other family members may be able to help him, but for the most part, he's on his own.
Since housing is such a huge expense, the most effective advice to save money it might be getting a roommate or reducing the rent as much as possible.