Living as a single person can make a dent in your wallet, as single households tend to spend upwards of $6,000 more a year than someone in a couple.
According to data from the U.S. Bureau of Labor Statistics, a household of two spends on average $69,382 annually, while a single person’s expenses are an average of $40,859.
While the household of two may spend more altogether, when divided up, each person in the couple pays around $6,000 less than someone on their own.
The cost of living has only increased in recent years with inflation pushing prices and consumers to their breaking point.
In total, the U.S. Census Bureau reports that 46% of the population is unmarried, divorced, or widowed and older than 18. This accounts for 117.6 million Americans.
Other factors also play a role in the cost of living, as where you live can make a major impact on both how much you’re spending and how much you’re making.
For example, a GoBankingRates report from August found that Hawaii has the highest living costs for those who are single, with individuals needing to make $112,411 to have what’s considered a “living wage” in the state.
Other states among the most expensive to live in include Massachusetts, as residents need a salary of $87,909, followed by California ($80,013), New York ($73,226), and Alaska ($71,570).
The cheapest place to live as a single person is Mississippi, where a salary of $45,906 is needed to make ends meet.
Other cheap states include Oklahoma, Alabama, and Arkansas, all of which require a living wage less than $47,500.
Still, across the country, no matter the state, Americans have been working to make ends meet, leaving many forced to spend outside of their savings, piling up a healthy amount of credit card debt.
Data from the New York Federal Reserve from earlier this year found that Americans have accumulated $1.079 trillion worth of credit card debt.
This comes as the average long-term mortgage rate sits above 7% — a 20 year high — and as homes are their least affordable since 2006, according to the Atlanta Federal Reserve.
However, hope is on the horizon as the latest data from the BLS showed that inflation cooled last month, rising under what it had a year ago, giving experts hope that a slash to interest rates could be coming.
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