In the age of
"selfies," the majority of adults are sticking to themselves. Single
Americans now make up more than half of the adult population, the first time
the number of singles has passed the 50 percent mark since the government began
tracking such data in 1976.
About 124.6 million
Americans indicated they were single in August; 50.2 percent were age 16 or
older, according to new data from the Bureau of Labor Statistics. The
percentage has been gradually trending upward since the beginning of 2013.
The rise of single
households has "implications for our economy, society, and politics,"
writes Edward Yardeni, president of Yardeni Research Inc., in a report called
"Selfies." He called the proportion of singles today "remarkable."
What are the implications
for real estate? Singles, particularly younger professionals, are more likely
to rent than own a home. They are less likely to have children, and the growth
in single households likely will exaggerate income inequality, Yardeni notes.
"While they have less
household earnings than married people, they also have fewer expenses,
especially if there are no children in their households," Yardeni writes
in his report.
The number of never-married
adult Americans has been on the rise, too, increasing to 30.4 percent from 22.1
percent in 1976. The number of divorced, separated, or widowed adults also has
risen up to 19.8 percent from 15.3 percent.
Some real estate analysts
are expecting an increase in singles heading into home ownership in the coming
years. For example, single women make up the second largest segment of home
purchases, with one out of every five homes purchased by a single woman,
according to National Association of REALTORS® data. More than 25 million
single women over the age of 45 — who may be either divorced, widowed, or never
married — are also making up a growing number of home owners, real estate
professionals report.
Some builders are even
catering to this growing segment, reportedly adding two master bedrooms to
appeal to the 40 percent of single women who choose to have non-romantic
roommates, according to AARP surveys.
SOURCE: Daily Real Estate News
If you have any questions, feel free to contact James Y. Kuang at (626) 371-5662 or by email - james.kuang@coldwellbanker.com
Get a FREE over the net home evaluation: www.EasyHomePricing.com
If you have any questions, feel free to contact James Y. Kuang at (626) 371-5662 or by email - james.kuang@coldwellbanker.com
Get a FREE over the net home evaluation: www.EasyHomePricing.com
