The decision move in with your significant other can prove to be a difficult one. However, financially speaking, cohabitating can be a cost-effective option for living in New York City.
Just in time for Valentine’s Day, StreetEasy released a report explaining why love is cheaper than roommates — or, more specifically, how couples who live together can save more money for a one-bedroom apartment rather than splitting the cost with roommates for a two or three-bedroom apartment.
In New York City as a whole, the median price for a one-bedroom is around $2,500. According to Streeteasy’s findings, a person living with their significant other can save up to $15,000 per year, or $30,000 per couple, in a median priced one-bedroom apartment in New York City.
Cohabitation makes living in one of the city’s more expensive boroughs more attainable. In Manhattan, the median price for a one-bedroom can be around $3,200. Should someone move into a one-bedroom apartment in Manhattan with their partner, that could save them $19,200 per person, or $38,400 per couple, per year.
As you head into the outer boroughs, you can still save a good chunk of change by moving in with a significant other. In Brooklyn, where one-bedroom apartments can cost $2,250, a person can save $13,500, or $27,000 per couple, a year by cohabiting with their significant other. Out in Queens, one-bedrooms have a median price of $1,900. At this price, a pair of lovebirds could save $22,800, or $11,400 per person, a year.
The median cost of a one-bedroom in the Bronx can cost a person $1,636 per month. Should you decide to move in with a significant other, you can save $9,816, or $19,632 per couple, a year. Similar savings can be found on Staten Island, where the median price of a one-bedroom apartment is around $1,600. If you move in with your significant other there, you could save $9,600 per person, or $19,200 per couple.
Read the full report at streeteasy.com.