Should I assimilate all address lines to a single line?

I'm new here, so I'll keep my question straight and short. I am building a webapp that lets users select some product, submit their details and place an order. Currently, my ORDER table contains only one field for the address. I was planning to write code to assimilate all address lines to one, including the state, city, etc. I will then add functions to retrieve the address field and parse it for state, city, etc. Is this a good approach, or will the database be faster if there is seperate field for states, cities and the like?