Changing demographics are the most important consideration in residential housing. The fastest growing sector are 18-34 year olds, 5 million of who live alone. 31 million people live alone, mostly clustered in metropolitan areas. In Manhatten 1/2 of all residences are one-person dwellings. 15 million are 35-64, 10 million are 64+, and 5 million are 18-34.
For any company marketing to “households” and consumer buying, these demographic changes are especially relevant. The city of Hartford is adding apartment housing and the demand is all in the studio and one-bedroom sector, which speaks to this changing demographics. Single households look for different housing, buy different furniture, live in different locations, and spend their money differently. These are all important considerations for real estate developers, cities, and consumer products companies. As corporate board members, we need to understand the trends and how they impact our products and the future direction of the company.
Going Solo, The Extraordinary Rise and Surprise of Living Alone by Eric Klinenberg sites the above statistics and the trends in the US today.