Single-Person Households Surging

In 1940, single-person households accounted for only 7.8% of households in this country; however, times have changed. According to a new article from The Harvard Joint Center for Housing Studies, households consisting of a single person make up 28% of all households in the United States as of 2013, trailing only married couples without minor children (29%). Furthermore, the majority of these households now consist of women, whereas they traditionally consisted mostly of men. A number of factors are likely contributing to this change, including higher divorce rates, greater financial independence for women, and smaller family size.

Continue reading to learn about who heads single-person households and whether they rent or own their home.

The age of the people heading these households is fairly split, with 28% under 45 years old, 36% between the ages of 45 and 65, and 36% over 65 years old. The older the head of the household, the more likely they are to live alone. In fact, the majority (52%) of households headed by those over 75 years old are single-person. This number is expected to rise in the near future due to the aging baby boomer generation.

There have also been recent changes in the proportion of single-person households that are owned by their occupant. In 1940, 61% of these households were held by renters; in 2013, the majority (54%) of single-person households are now owned by their occupant. Indeed, owners have made up 55% of growth for these households between 2003 and 2013. Unsurprisingly, older people living alone are more likely to own their home than younger people.

Follow the source link below for more information regarding this interesting trend.

Source: The Rise of the Single-Person Household

 

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