The demographic of those buying homes in today’s world is changing. For the first time since the government began collecting data on homebuyers in 1976, more than half of the population is single. According to the data 50.2 percent of Americans over the age of 16 indicated that they were single, a trend that’s been on the rise for years. Never married adults comprise over 30 percent of this number while divorced, separated or widowed individuals account for the other 20 percent. But what impact does this have on real estate markets? 
First, single people are often more inclined to rent rather than own a property. This is a trend exaggerated in young professionals in particular as they often seek mobility for career purposes. As singles don’t often have children, they have larger discretionary budgets than many traditional families might. This lack of additional expenses for singles may also push the income inequality gap in the United States wider.
On the other hand, some homebuilders are taking in to consideration this shift in demand and using it to their advantage. Reports of homes with two master bedrooms are becoming widespread as many single women, who buy one out of every five homes according to National Association of Realtors data, chose to live with a non-romantic roommate to control costs. So, if you’re in the market to rent a Miami condo, buy a home in the area, or just have general questions about the Miami-Dade area, feel free to reach out to a RE/MAX agent today!