Cohabitation saves New York couples nearly $30,000 a year

You can’t buy love, but love can get you a massive rent discount.

Cost-sharing is always a great way to spend less, but when it comes to New York’s rental market, the amount co-housing couples save is extreme: nearly $30,000 a year, according to a new report released just before Valentine’s Day.

“The typical couple in town would save $28,800 each year by sharing a one-bedroom apartment,” reads an article from home listing website StreetEasy. Assuming the rent is split equally between the couple, that comes to $14,400 saved annually per person.

Results are based on the citywide median one-bedroom rental price of $2,400 per month in the last quarter of 2021 and vary by borough. Manhattan-based couples save even more — $19,500 per person — while Queens couples save slightly less — $11,700 — and Staten Island lovers save the least — $9,000. In Brooklyn, couples save $13,200 per person by living together, and in the Bronx, they save $10,200.

The savings can be enough to buy a house in just a few years. “The median asking price for a home in New York in the fourth quarter of 2021 was $950,000. A couple who banked their $28,800 in annual savings living together could amass a 20% down payment on a home at that price in 6.6 years,” the StreetEasy post reported.

And then there are even more savings to be made for couples who want to live together and be roommates. “While only a small portion of married couples live with non-relatives, those who often accept roommates, either as a financial strategy to meet housing costs or as a way to help others burdened with housing costs,” Trulia reported in 2019.

Although a financial miracle cure, living together has proven to be a fast track to disaster for some couples, especially those who lie down as a relationship test. A 2013 survey that tracked more than 100 cohabitation studies over 25 years found that couples who moved in together before getting married or engaged were more likely to dissolve their marriages and had lower levels of marital satisfaction.

A 2018 study from the Journal of Marriage and Family further found that couples who lived together before marriage had higher divorce rates after five years of marriage.

If the goal is to save money, pre-move-in therapy probably isn’t feasible, but it’s become a trend for some millennial couples who can afford it.

New York Post

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