The number of men and women who are married from 25 to 29 years of age is currently low with men down by 48% and women down by 43% since 1970. This has been considered one of the major reasons for the changes happening within the housing market.
Perhaps you may wonder, how does this, particularly the marital status, affect the current state of the housing industry?
The housing industry is greatly affected life stage changes of individuals especially when they change their martial status or when the number of children increase or decrease overtime. All of these significantly affects the decision of a person particularly the place, the type of house along with the area where the individual wants to live in.
Here are some samples to help you understand better.
- Single individuals, both men and women, prefer to rent condos, apartments or bed spaces in areas that are closer to their job and their entertainment. This has been historically proven especially that the demand has been increasing these days.
- When a person decides to get married, he/she desires to own a house, which depends on different factors like the type of house, the location and the affordability of the property or cost of living.
- Cohabitation is undeniably common these days however, cohabiting couples’ desire to own a home is much less than married couples.
- When kids are added into a family, owning a home becomes more important to the couple as they need to provide a better environment for their growing family.
- When children grow older and decide to get married and move out, this is another lifestyle change in the life of a family especially the parents as they need to consider different things – the practicality to live in a big home with only the two of them, the location of the property, etc.
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