The number of solo renters is on the rise around the country, according to a new study from RentCafe. Between 2016 and 2021, the number of renters living alone increased by 1 million, reaching 16.7 million and becoming the fastest-rising renter group during those five years.
Who’s living alone? Baby boomers and millennials account for the largest shares of solo renting, while very few Gen Zers are going it on their own since a renter living alone needs an extra annual income of $8,600 compared with an average renter.
Baby boomers make up the largest share of renters living alone, with over 5.3 million in the ranks. According to RentCafe, those renting alone need an income of just under $50,000 to afford it. This is approximately $16,300 more than what the average renter needs to afford rent, based on Census Bureau individual income estimates.
About 4.8 million millennial renters opt for solo living, either by choice or necessity. Those renting alone have an average income of $55,973, which is about $22,300 above the average renter’s income.
Gen X follows, with 3.5 million renters living alone. The silent generation has 2.1 million solo renters in the ranks, followed by Gen Zers with 640,000.
Among all metros analyzed by RentCafe, Salt Lake City saw the biggest surge in the share of renters living alone between 2016 and 2021. The share increased by nearly 25% to 50,265 renters, with lone renters accounting for 15% of the metro’s overall renter population.
Several Texas markets also dominated the top 10, with McAllen growing 24.2% to a total of 19,579 solo renters to come in No. 2. Austin, San Antonio, and Dallas also saw their solo renter shares spike between 2016 and 2021.
Philadelphia and Indianapolis came out on top for the largest share of renters living alone, both at 20%. Solo renters total about 352,000 in Philadelphia and almost 122,000 in Indianapolis.
When looking at metros easiest on solo renters’ wallets, RentCafe finds that Ohio is the place to be with four in the top 10 for this category. Akron is the top metro for lone renters from a financial standpoint. Solo renters in Akron have an average annual income of $30,520, while the average renter makes $27,384 a year. The metro has 42,515 renters living alone. Toledo, Dayton, and Cleveland also made the top 10.
Pittsburgh comes in at No. 2 for the easiest to rent alone. Those renting in the Steel City have an average annual income of $36,706, about 10% more than what regular renters earn.
On the other end of the spectrum, California claims 10 of the top 20 metros where it’s hardest to be a solo renter, with San Jose leading the list. Solo renters comprise just 9% of all people renting in San Jose. These renters have an average income of $93,288, which is 37% more than the average renter in the metro. In comparison, those living with roommates or family in rentals have an average income of $63,912. Other challenging California markets for solo renters include Santa Maria, Los Angeles, and San Francisco.
On the East Coast, solo renters in Washington, D.C., earn $67,272 per year on average, or almost 30% more than the average renter’s income. In New York City, renters living alone make an extra $13,839 annually compared with the average renter.
