Fox Business | 5 hours ago | Finance
The recent surge in apartment rents across the U.S. has raised the living costs of those who live alone. This has resulted in an additional financial burden of more than $10,000 per year that experts have termed as a "singles tax".
This rise in cost is due to the increased demand for single-bedroom apartments and studios, which has led to their rents skyrocketing. The added expenditure on utilities, groceries, and other household necessities for singles residing alone further exacerbates the problem.
The "singles tax" has emerged as a critical concern because it levies an additional financial constraint on individuals who opt to live alone. Consequently, it can impair the ability of such individuals to save for emergencies or retirement.
Given this trend, it reveals a significant financial downside to choosing an independent lifestyle. It provides a realistic assessment that living alone can result in unforeseen financial implications, thereby upsizing the actual cost of living.