Yahoo Finance Are you single and living in the US? Here's the income you'll need to survive in America's most expensive states — and in the cheapest ones, too
Living alone means never having to wait for the bathroom or compromising on everything from what’s for dinner to the temperature you keep your bedroom at night. But this convenience comes with a cost — and it turns out some Americans shoulder a heftier burden than others.
GOBankingRates recently released a survey detailing the salary a single person needs to live comfortably in every state. The site calculated the annual costs of necessities for the uncoupled using Bureau of Labor Statistics (BLS) data, and then doubled that number to account for discretionary spending and savings.
Don't miss
Commercial real estate has outperformed the S&P 500 over 25 years. Here's how to diversify your portfolio without the headache of being a landlord
Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets instead. Get in now for strong long-term tailwinds
Save big on your holiday shopping with an app that’s already saved Americans $160 million
The most expensive state for singles? Hawaii, which requires an annual salary of $112,411. Massachusetts is next, where singles need a salary of $87,909. California comes in third with $80,013 in yearly income needed.
But if you’re looking for a cheap life without a partner, your best bet is to move to Mississippi, which requires the lowest salary for singles of all states: $45,906. Oklahoma comes in at second cheapest at $46,024 per year, and Alabama in third at $46,577 annually.
Yet the median U.S. salary clocks in at $58,136, according to the most recent BLS data. With 18 states requiring a higher salary than that, it means some places like New York and Washington are simply out of the average single’s price range.
Fight the singles tax
Bachelor life often requires you to pay more to get less. The “singles tax” means that a single person’s necessities cost more than those for a person living with a partner. For instance, single renters nationwide pay an extra $7,000 to live alone in a one-bedroom apartment, according to Zillow. In more expensive cities, such as New York, this “tax” can be as high as $19,500.
The singles tax is so hefty that 1-in-3 people stay in a relationship just to avoid it, according to a Forbes Advisor survey. Though the singles tax is real, the uncoupled benefit from having much more flexibility to save money. And there are creative ways to save on costs without having to resort to staying with someone just for the sake of sharing costs. Here are a few examples.
Move to a cheaper state
To quote Deep Throat in “All the President’s Men”: follow the money. The GOBankingRates survey highlights the states with the lowest salaries needed for singles to thrive in. Can you move to one of those places to save on expenses?
With remote work so widespread these days, this is suddenly more possible than it's ever been. If your employer is flexible, why not move to a more affordable locale like North Carolina or Utah to get the most bang for your buck?
However, considering many companies are now calling their workers back to the office, this option won't work for everyone. And you'll also want to consider whether you'll have a support system in your new state. Some singles may choose to pay a premium if it means having family and friends nearby.
Read more: Thanks to Jeff Bezos, you can now use $100 to cash in on prime real estate — without the headache of being a landlord. Here's how
Find a roommate
If moving away isn't an option, you'll want to find a way to cut your largest expense: rent. And roommates are a great way of doing that.
It can be hard to adjust to living with someone new, but the tradeoff is getting to see many of your expenses decrease by 50% with just one roommate. With so many people struggling with high rents, it’s not just college students looking to share apartments or homes anymore. You can find someone who’ll fit into your lifestyle and can help you save on those expenses.
If living with a roommate isn’t in the cards for you, consider putting your home up on Airbnb for a few days every month. You can crash at a friend’s house during that time, if they agree to it, and gain some extra cash.
Couple up — with a friend
Groceries, rent and entertainment can cost less when you share the burden as a couple. But if you’re single and not looking to lock anyone down, you can still find ways to split some of these expenses.
For instance, you can buddy up with a neighbor or friend to chip in for groceries. Buying in bulk is a great way to save money.
What to read next
Worried about the economy? Here are the best shock-proof assets for your portfolio. (They’re all outside of the stock market.)
Here's how much the typical baby boomer has saved for retirement — how do you stack up right now?
'A natural way to diversify': Janet Yellen now says Americans should expect a decline in the USD as the world's reserve currency — 3 ways you can prepare
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
