Topic: Single-family homes in the U.S. (2024)

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    • Everyone wants to feel like the king or queen of their own castle, and there is no other type of home that makes one feel this way more than a single-family house. In the United States, the majority of housing units are single-family houses – about 82 million out of the total 129 million occupied units in 2021. These homes are mostly owner-occupied, but a small share is rented. Most of the sales are of existing homes and just a small share is of newly built homes. In 2023, 4.76 million existing home sales took place, versus 668,000 newly built home sales.

    Fewer single-family homes in the future?

    House prices have increased year-on-year since 2011. That is widely attributed to construction struggling to meet the demand coming from the formation of new households and leading to a chronic shortage of newly built housing. Despite having grown steadily in recent years, the number of permits for the construction of new single-family homes has not recovered since plummeting in 2005. Like many other industries, the challenges facing the construction industry are many: inflation, surging construction costs, and mortgage rates. Another major limitation is that single-family homes require space, and this space is often not available where it is needed. Lately, zoning reform has been the talk of the town. Zoning is criticized for inhibiting construction by limiting housing density through minimum lot sizes, height limits, and the restriction on different building types. Oregon, Massachusetts, Connecticut, and Maine are some of the states that have already taken action, by eliminating single-family zoning, changing parking requirements, or updating the state’s land use law. On a local level, Minneapolis, Raleigh, and Spokane have also made progress with the reform. How far these efforts go and what it means for single-family homes and housing affordability, only time will tell.

    The typical American single-family home

    American homes have gotten larger over the years. In 1975, a new home had an average floor area of about 1,660 square feet. By 2022, this figure had increased by about 862 square feet. Owning a house that is big enough is especially important for families with children, but the price tag coming with a large property can be a discouraging factor. That is possibly the reason why the age group most likely to buy a home bigger than the average was 42 to 56-year-olds. Outdoor features such as porches, patios, and decks are a popular addition to newly built homes. In 2022, about 370,000 new houses came with a patio and porch, making it the leading outdoor feature in the United States. Only about 75,000 new homes were built with no outdoor features.

    This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

    Published by Statista Research Department, Mar 15, 2024

    Key insights

    Total home sales in the U.S.
    4.8m

    Topic: Single-family homes in the U.S. (2)

    Detailed statistics

    Number of home sales in the U.S. 2014-2023 with forecast until 2025

    Median price of existing homes in the U.S.
    391.5k USD

    Topic: Single-family homes in the U.S. (3)

    Detailed statistics

    Median sale price of existing homes sold in the U.S. 2017-2023 with forecast for 2025

    Number of households renting single-family homes in the U.S.
    14.1m

    Topic: Single-family homes in the U.S. (4)

    Detailed statistics

    Number of households and residents renting in the U.S. 2022, by structure type

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    Topic: Single-family homes in the U.S. (2024)
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