LANSING, Mich. (WLNS) – Being married is more financially beneficial than being single and that has almost always been the case.
But inflation and rising home prices have made the gap even wider.
The median net worth of couples ages 25-34 who make that trip down the aisle is nearly nine times as much as the median net worth of single households.
“I had planned to move and buy a home by July 2022. But the interest rate was so high and inflation just dramatically increased everything to the point where I basically have had to take a pause on the goal of home buying and moving at this time,” said entrepreneur Taylor Hurles.
In June 2022, housing prices hit their highest levels since June 1989. Home prices are up 44% over the past two years alone.
With costs so high and starter-home inventory so low, more single people are struggling to find affordable houses to buy.
“Having a second income. Somebody else to lean on financially is extremely helpful. Having a two-income household, having a marriage and a partner to sort of lean on another income for banks to look at into co-apply with it can be instrumental in progressing,” said Hurles.
The financial gulf gets wider and wider every year. For example, in 2010, married households’ median net worth was only four times as much as a single person’s.
For young couples with children, having two adults in the mix lets each one focus more on their careers, since they know they each have backup.