Which of the following social influences includes changes in population characteristics?

The correct answer is demographic changes because this term specifically refers to shifts in population characteristics, which can encompass factors such as age, race, gender, income level, education, and family composition. These changes are significant because they directly impact market dynamics, demand for goods and services, and ultimately influence property values and investment opportunities in real estate.

Demographic shifts can lead to variances in consumer behavior and preferences as different groups emerge or alter in size and characteristics. For example, an increase in young families in a specific area might raise demand for single-family homes and schools, whereas an aging population may increase the need for retirement communities or assisted living facilities. Thus, understanding demographic changes is crucial for appraisers as they assess property values and market potential based on the evolving needs of the population.

Other influences in the context of the question, such as consumer preferences, governmental regulations, and cultural trends, while relevant in their respective ways, do not specifically focus on the broad shifts in population characteristics that define demographic changes.