DALLAS — The money gap between young married couples and singles is widening.
When you compare the median net worth of couples ages 25 to 34, it’s nearly nine times as much as single households.
“I had planned to move and buy a home by July 2022," Taylor Hurles, an entrepreneur and mother of two, told WFAA. "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."
Hurles said she is struggling to compete with rising prices and interest rates.
In June, housing prices hit their highest levels in 33 years. 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," Hurles said. "Having a two-income household, having a marriage and a partner to sort of lean on another income for banks to look into, and co-apply with, it can be instrumental in progressing."
The financial gap gets wider every year. In 2010, married households’ median net worth was only four times as much as a single person’s.
If you’re single, here are three tips to help with finances:
- Build emergency savings. You will want to prioritize that over discretionary spending and vacations.
- Invest in your career. Boost income with additional training and certifications.
- Focus on staying healthy. It means fewer medical bills and less income due to periods of illness.
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