Buying or selling a property does more than just change your living situation—it has large, positive impacts on the local economy and community. Here’s a breakdown of how these transactions trickle down through the economy:
Economic Impact: According to the National Association of Realtors (NAR), selling an existing home generates about $59,900 in economic activity. This figure includes income from real estate-related jobs, expenditures on home-related services, and the economic multiplier effect of this spending. New home sales have an even larger impact, around $124,700, due to additional spending on construction and materials.
Job Creation: The housing industry is a major job creator. Robert Dietz from the National Association of Home Builders (NAHB) notes that each newly built single-family home supports three full-time jobs for a year. This is due to the variety of roles involved, from construction workers to city officials to legal professionals.
Local Boost: The process of buying or selling a home involves a collection of professionals—real estate agents, contractors, inspectors, and more. Each transaction helps sustain their jobs and supports local businesses. This interconnected industry means that each home sale or purchase boosts the local economy by circulating money through various areas.
Community Benefits: Beyond the immediate economic impact, these transactions help with community growth and stability. When you move, you contribute to a more vibrant and economically active community, benefiting not just yourself but your neighbors and the local area.
Ultimately your decision to buy or sell a home has broader implications, positively influencing the local economy and supporting numerous jobs. So, when you’re thinking about making a move, you’re not just planning for your future—you’re also contributing to the well-being of your community. If you’re ready to take the next step, reach out to me so we can set this positive cycle in motion.
