Housing costs have become a burden for many households, but affordability is an even bigger issue for single individuals. According to a recent survey from real estate marketing platform Redfin, nearly 70% of single, divorced, or separated people struggle to afford rent or mortgage payments, compared with 52% of married individuals. Single individuals often struggle more because they rely on a single income, ultimately earning less than married couples. In fact, 63% of single people and 69% of divorced individuals earn less than $50,000 per year, compared with just 26% of those who are married. Meanwhile, 29% of married individuals earn $100,000 or more, while just 7% of singles and 6% of divorced individuals reach that income level.
“The high cost of housing tends to hit single people hardest because they can’t pool resources with a partner to cover the same costs, unless they’re willing to have roommates,” said Redfin Chief Economist Daryl Fairweather. “Married couples make up a smaller and smaller share of U.S. households, so it’s important to include single people living alone or with roommates when examining ways to ease the affordability crisis. People who aren’t yet married, or aren’t interested in getting married or living with a partner, often have to make more sacrifices to cover their housing costs than their coupled-up counterparts, which is one reason the government should consider zoning for single-room housing, like dormitories, and ADUs.” Read more