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Is it cheaper to live single?

Overall, the cost of living as a single person is higher than living with a spouse. Married couples share many basic expenses, including housing, while a single individual must cover those costs alone.

bankrate.com - 2022 Cost Of Living Data: Singles Vs. Married Couples - Bankrate.com

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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money . Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate follows a strict editorial policy , so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts , who ensure everything we publish is objective, accurate and trustworthy. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Bankrate follows a strict editorial policy , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate follows a strict editorial policy , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

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Throughout the country, stubborn inflation has raised the overall cost of living dramatically. At the same time, the housing market remains volatile, with home prices high, inventory low and mortgage rates through the roof. When every dollar counts, many are examining the affordability of their housing situation. So which is cheaper: living single, or cohabiting as part of a married couple?

Lightbulb Key takeaways Overall, the cost of living as a single person is higher than living with a spouse. Married couples share many basic expenses, including housing, while a single individual must cover those costs alone. Getting a mortgage can be simpler as an individual than as a married couple, as there is only one person’s financial history to consider. When applying for a mortgage as a couple, the lender will analyze both spouses’ finances and typically use the lower of the two credit scores to base their lending decision off of. More than 57 percent of single homeowners are women, according to Census data.

2022 single vs. married living statistics

According to the U.S. Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey, the average single person spends about $48,000 annually, of which $17,899 is spent on housing. In comparison, the average married couple spends about $76,000 annually, of which $24,811 is spent on housing — $12,405.50 each. So married people living together are spending nearly $5,500 less on housing expenses each year than single people are.

Is being single bad for your financial health?

Financially, single people who shoulder living costs on their own can have a rougher go of it than married couples, who can share costs. But that doesn’t mean being unmarried is a negative — actually, it can simplify things. The concept that you need to be married to buy a house is outdated and toxic. — Jennifer Beeston SVP of Mortgage Lending, Guaranteed Rate “Whereas a partner may split mortgage payments or utility payments, single people are generally more likely to cover all bills themselves, and to do so with one income,” says Rachel Bennett, a broker and senior manager of sales training with Orchard in Austin, Texas. “However, that does not necessarily mean married couples have an advantage. Many people bring debt and poor credit history into their relationships, making finances difficult for their partner.” “Being single is not bad for your financial health,” says Jennifer Beeston, senior vice president of mortgage lending with Guaranteed Rate Mortgages. “The concept that you need to be married to buy a house is outdated and toxic. Single people buy houses every single day with zero trouble.” And in fact, more and more people are choosing to stay single these days. Census data shows that in 2021, 50.4 percent of adults lived with a spouse. That number is down from 55.8 percent in 2001, and 52.4 percent in 2011. The U.S. marriage rate in 2020 was 5.1 marriages for every 1,000 people — the lowest in at least 20 years.

How much should you spend on housing?

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Conventional wisdom states that you should spend no more than 30 percent of your income on housing. A similar concept is posited by the common 28/36 percent rule, which states that you should spend no more than 28 percent of your income on housing and 36 percent on total debt. These guidelines apply to all housing costs, whether they be mortgage payments or monthly rent. According to a Rent.com analysis, the median monthly rent in the U.S. in September 2022 was $2,002. Using that figure, a single person would have to earn more than $80,000 a year to afford a rental on their own and keep their housing costs under 30 percent of their income. Here is a breakdown of October 2022 rent prices in five major cities, according to the Zumper National Rent Report. City Median monthly rent on a 1-bedroom unit New York City $3,860 Boston $3,060 Los Angeles $2,410 Washington, D.C. $2,310 Chicago $1,830 Rent prices have generally increased with the rise of inflation. The Bureau of Labor Statistics reports that the average increase in rent for a new tenant in the first half of 2022 was 12.2 percent.

Buying a house: single vs. married

At the end of 2021, Census data showed the overall homeownership rate in the U.S. at 65.5 percent. Of those homeowners, 46.6 percent were married couples, 22.7 percent were single men and 30.7 percent were single women.

Buying a house as a single person

Purchasing a home as a single person can be harder or easier than as part of a married couple, depending on your income and credit profile. “When getting a mortgage as a single person, the total amount of the loan may be less, giving you less overall buying power,” says Bennett. “However, single people need only consider their own unique financial situation and debt obligations, and they have full control over their home if they later decide to sell.”

Buying a house as a married couple

Two incomes will likely mean more buying power than one, and if both parties in a married couple are qualified borrowers, they may have an easier time of it. But that changes if only one spouse is viewed as a safe bet by lenders. “If both spouses are in good shape financially, then applying for a joint mortgage can result in a bigger loan and better rates,” Bennett says. “However, for married couples where one spouse has low income, high debt or a mark on their credit report, it may be preferred to put just one person’s name on the mortgage. That will ensure a better rate, and protect the house from creditors.”

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bankrate.com - 2022 Cost Of Living Data: Singles Vs. Married Couples - Bankrate.com

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