Singles in the US pay thousands of dollars in so-called ‘single’s tax’, as housing rental prices soar

Ms Emily McDonald, a communications manager for rentals at real estate firm Zillow, told CNA: “If mortgage rates are high, people tend to stay in the rentals market for longer.”

The average age of the first-time home buyer is now around 37 years old, compared to around 33 or 34 before the pandemic, said Ms McDonald.

“People are staying in the rentals market for longer, and just putting that additional pressure on the rentals market and causing prices to rise.”

In New York City, the average studio costs US$2,900 per month, according to data from Streeteasy.

In Manhattan, the price for a similar space has climbed to almost US$3,200, and US$4,000 for a one-bedroom apartment.

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