{"id":18482,"date":"2023-12-05T14:38:29","date_gmt":"2023-12-05T14:38:29","guid":{"rendered":"https:\/\/www.renthop.com\/research\/?p=18482"},"modified":"2023-12-21T09:32:05","modified_gmt":"2023-12-21T14:32:05","slug":"singles-index","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/research\/singles-index\/","title":{"rendered":"Single Women Spend 124% More of Their Income on Rent Than Men in Major Cities in the U.S."},"content":{"rendered":"
With housing prices skyrocketing over the past year, many young professionals are now faced with high rent prices as single-income earners. But are certain cities more affordable than others for singles?<\/span><\/p>\n Each year, RentHop updates the Singles Index to calculate the housing burden \u2013 the percentage of income a single renter has to allocate each month to rent a studio home \u2013 in the largest cities in the country. In our third annual edition, we further broke down the data this year to understand single renters’ struggles. Using the median nonfamily income and nonfamily household income by sex data released by the U.S. Census Bureau, we found that:<\/span><\/p>\n <\/a><\/p>\n <\/p>\n It is no surprise to those living in New York City<\/a> that studios are unaffordable for most. The median studio rent in the past year has risen over 9%, reaching $3,308 monthly. Based on a median nonfamily household income of $55,810, a single renter looking to rent a studio would have to spend<\/span> 71.13%<\/b> of their income on rent. However, a single renter can reduce their monthly burden by over $600 by having a roommate<\/a><\/span>.<\/span><\/p>\n Despite the median studio rent being 4.06% cheaper than last year, Miami<\/a> remains the second most unaffordable city for single renters. Given the median nonfamily income of $48,826 and $1,986 for a studio, a single person would need to spend <\/span>48.81%<\/b> of their annual income on rent alone.<\/span><\/p>\n Detroit<\/a> is the third most unaffordable city for singles in the country. While housing costs are relatively low in the city compared to other major cities, the below-average income makes renting a studio challenging for most. With a median studio rent of $895 a month and a median nonfamily income of $25,449, singles in Detroit are required to spend <\/span>42.20%<\/b> of their income to live alone.<\/span><\/p>\n Boston<\/a> is filled with high-income job opportunities, and it has one of the highest median nonfamily incomes, $75,252, in the nation. Even so, the city continues to grapple with expensive housing costs. With a median studio rent of $2,049, singles would have to spend 37.47%<\/strong> of their annual income on housing, meaning it is still unaffordable for renters to rent a studio apartment.<\/span><\/p>\n Philly is the fifth least affordable city for singles in America, with rent commanding 36.94%<\/strong> of an average single person\u2019s annual income. On the bright side, studio homes in Philadelphia<\/a> only saw a slight 1.16% increase in median rent in the past year, currently at $1,264.50.<\/span><\/p>\n <\/p>\n Wichita<\/a> is the most affordable U.S. city for singles. The city has the lowest median studio rent, $565 per month, among all 50 cities included in the index. With a median nonfamily income of $38,412, a single renter can expect to spend just 17.65%<\/strong> of their annual income on rent.<\/span><\/p>\n Thanks to relatively high nonfamily income and cheap housing, Minneapolis<\/a> ranks as the second most affordable city for single renters. Given a median studio rent of less than $1,000 each month, singles can expect to allocate a reasonable 20.43%<\/strong> of their annual income toward housing costs. It is worth noting that Minneapolis is the <\/span>second most friendly city for single female renters<\/b>.<\/span><\/p>\n Compared to the high housing costs in Denver, studio homes in Colorado Springs<\/a> are much more affordable for renters, with a median of $910 monthly. Based on a median nonfamily income of $53,185, single renters can expect to spend 20.53% on renting a studio, taking the place on our affordability list.<\/span><\/p>\n Seattle<\/a> is the fourth most affordable city in the country for singles. Strong income levels boost the average single renter\u2019s ability to live alone despite expensive housing costs. Given a median nonfamily income of $83,237 and a median studio rent of $1,450, singles would only need to spend 20.90%<\/strong> of their income per year on renting a studio. It is the only city among the most affordable markets with a median studio rent exceeding $1K per month.<\/span><\/p>\n Columbus<\/a> closes out our 2023 rankings as the fifth most affordable city for singles. Median studio rent rose only 0.12% year-over-year. With a median nonfamily income of $48,759, an average single renter in Columbus would only need to spend 20.92%<\/strong> of their annual income on a studio home. Meanwhile, the city ranks as the third most affordable market for single women.<\/span><\/p>\n <\/p>\n\n
Least Affordable Cities for Singles<\/span><\/h2>\n
1. New York, NY<\/span><\/h3>\n
2. Miami, FL<\/span><\/h3>\n
3. Detroit, MI<\/span><\/h3>\n
4. Boston, MA<\/span><\/h3>\n
5. Philadelphia, PA<\/span><\/h3>\n
Most Affordable Cities for Singles<\/span><\/h2>\n
1. Wichita, KS<\/span><\/h3>\n
2. Minneapolis, MN<\/span><\/h3>\n
3. Colorado Springs, CO<\/span><\/h3>\n
4. Seattle, WA<\/span><\/h3>\n
5. Columbus, OH<\/span><\/h3>\n
Housing Burden Among Singles, Broken Down by Sex<\/span><\/h2>\n