It’s clear that buying a house is getting harder, but for those planning on doing it alone, it can seem almost impossible. Despite the obvious issues of covering the entirety of mortgage payments, bills and taxes alone, many hidden costs make owning a home as a single person unnecessarily difficult. These higher costs are even impacting those in relationships who are looking to go solo - many people can no longer afford to live alone, so they stay in relationships to avoid the financial stress of a single life. 

‍

People are now calling 'singles tax' the extra costs faced by single people. According to finance and insurance company Ocean Finance, UK singles pay about £3,195.24 more every year on rent, mortgages, and utilities, among other things. 

‍

House‍

When it comes to buying a house, single individuals face a significant hurdle right from the start - the house deposit. Splitting a 10% deposit for your first home and embarking on your saving journey can already feel like a daunting task, but imagine having to save that entire amount on your own. Furthermore, single individuals lack the financial cushion of a second income to support their mortgage offer. As a result, the loan they are offered may not be as substantial as that of a dual-income household, thereby limiting their housing options. 

‍

Bills‍

Of course, it makes sense that if you are living alone, you are responsible for the bills. However, this can be quite a shock to those moving out of a home with a partner. No longer splitting the costs can make things like owning a car much less affordable. You may not realise how much things are really costing you until you have to pay the whole bill yourself. The cost of food can also be a shock. Even though only buying food for one person may seem like the costs should be less, most foods are already in portions for two or four people. Therefore, it can be more expensive and create more food waste. 

‍

Subscription Services

‍With organisations like Netflix cracking down on sharing passwords, sharing subscriptions with friends or family you don’t live with is more difficult. A payment that is usually split between two or more people is now the responsibility of one person. This means that single people pay much more for the same services as others or choose between ‘luxuries’ such as Netflix and Spotify. 

‍

That’s not all...‍

Travel is another area where singles see a more costly bill. Hotels, for example, charge the same amount for a standard room whether one or two people are staying. Also, a marriage allowance can reduce a couple’s taxable income by around £1000. 

‍

The cost of living crisis highlights how much the world is made for partners or families, but there are ways to reduce costs for singles, talk about your financial issues with a trusted person and take control.