Real Estate Market's Effect on Our Local Economy

Most people don't think about the local economy when they are considering buying or selling a home. The decision doesn’t just impact their life and their family’s, but rather it sparks a ripple effect that has a positive impact on the entire community.

Every year, the National Association of Realtors (NAR) puts out a report that breaks down the financial impact that comes from people buying and selling homes. The data shows that if you buy an existing home, you’re giving the local economy a boost of just over $60K. And if you buy a newly built home, that number goes up to over $125K. So why is that? It may not be the way you are thinking.

When you buy or sell a home these days, it generally helps build equity for the homes around it. But that's not the only way you help the local economy. Think of all the people who work to build, fix up, and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:

“. . . housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year . . .”

When you think about it, it makes sense. Behind every home sale is a network of people involved, including contractors, city officials, real estate agents, title companies, movers, and more. Everyone has a job to do to help make sure your deal goes through. Your decision to move doesn’t just meet your needs; it supports their families, strengthens your town, and shapes the future of your community.

Imagine walking through the front door of your next home, knowing your decision helped a local contractor keep their crew working or a small business thrive. Remember that feeling as you make your decision this year.

Bottom Line

Moving isn’t just a personal milestone – it's an investment in your community, too. If you’re ready to make a move, connect with Arrive Real Estate Group and learn more about our trusted team of experts. You’ll make a difference for more people than you know.