17 Million Americans Are Renting Alone — A Sign Of The Times? Here’s What Solo Renting Looks Like Across The U.S.
There are 16.7 million people in the U.S. who rent by themselves – three times the population size of the Phoenix metro.
In pricey cities, this comes at a premium: Renters who live alone need to earn an extra $8,600 per year. Is this number a matter of personal choice or an effect of the loneliness epidemic?
For RentCafe’s latest study, they were curious to know “who rents alone”, “where it’s easiest for renters to have a place of their own” and “where do renters need to go the extra mile financially” just to have personal bliss.
Baby Boomers and Millennials take the largest slices of solo renting, while very few Gen Zers are venturing on their own. That’s mainly because living alone comes at a premium: To afford renting alone, a renter needs an extra annual income of $8,600 compared to the average renter.
Renting alone has become the most popular living arrangement. In fact, solo renting increased by 1.1 million people (or 6.7%) in recent years, while renting with a roommate grew by only 324,000 people (5.9%). On the other side, living with family decreased the most, by 3.2 million people (down 4.5%).
Renters need to pay a premium for living alone in California and the nation’s capital. In San Jose; Santa Maria; Salinas; Washington, D.C.; and Los Angeles, they identified the biggest gap between the income of an average renter versus a solo renter. More exactly, you need an outrageous $1,500 to $2,500 in extra income each month to afford to live alone in those locations.
On the other hand, the absolute leaders in terms of affordable solo renting are Ohio’s Akron, Toledo, and Dayton, as well as Pittsburgh, PA, and Providence, RI, where you need between $250 and $390 per month in extra income to live by yourself.
Salt Lake City, together with Texas’ Austin and San Antonio and Charlotte, NC, boast the highest rise in renters living alone. Here, people renting alone grew between 20% and 25% in recent years. Salt Lake City alone gained 10,000 people renting alone in five years. What do these cities have in common? The income gap between an average renter and someone choosing to live alone is not that significant to stop them from pursuing this living arrangement.
Don’t miss out on the complete report, in which you’ll find additional data and insights. Curious about your own metro area? Check it out HERE.