As of November 2024, there were 132,000,000 households in the U.S., a net increase of 782,000 from the previous year. Family households grew by 351,000; married couples grew by 122,000; and non-family homes (single-person occupancy) grew by 432,000.

Meanwhile, researchers found average household sizes declined from 2.58 members in 2010 to 2.53 members in 2024. According to the U.S. Census, 64% of households are family homes, down from 79% in 1974. In 2024, there were 38.5 million one-person households, or 29% of all U.S. households—a huge increase from 19% 50 years ago. 

The trend of smaller households is yet another factor influencing the appetite and need for smaller homes. Bigger homes used to be more desirable to homebuyers, but between lack of affordability and rising eco-awareness, smaller homes are becoming the new standard. And the icing on the cake? Small homes appreciate faster than larger homes. Realtor.com notes that homes of 1,200 square feet or less appreciated at 7.5% over the last five years, while homes 2,400 feet or larger appreciated at only 3.8%.