Home Sales Generate $52,205 Impact on Economy

    July2014-23

     

    After reviewing the data, they concluded that the total economic impact of a typical home sale in the United States is an astonishing $52,205.

    Here is the breakdown of their report:

    Economic Contributions are derived from:

    • Home construction
    • Real estate brokerage
    • Mortgage lending
    • Title insurance
    • Rental and Leasing
    • Home appraisal
    • Moving truck service
    • Other related activities

    When a House is Sold in the United States:

    $15,912 of income is generated from real estate related industries.

    New homeowners spend an additional $4,429 on consumer items such as furniture, appliances, and remodeling.

    It generates an economic multiplier impact. There is a greater sense of community associated with owning a home; therefore there is greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be: $9,764

    Additional home sales induce additional home production. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy, which is estimated in the U.S. to be: $22,100

    When you add the numbers up it comes to $52,205!

     

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    Source Credit: KCM

    Photo Credit: http://www.keepingcurrentmatters.com/2014/09/18/home-sales-generate-52205-impact-on-economy/

     

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