This is something that most people don’t consider when buying or selling a home. Your choice affects not only your life and the lives of your family members, but also your entire community in a positive way.
The National Association of Realtors (NAR) releases an annual report that details the financial impact of home purchases and sales.
According to the data, purchasing an existing home that has been occupied by someone else contributes slightly more than $60K to the local economy. Additionally, that figure rises to over $125K if you purchase a newly constructed home (see the illustration below):
This is a result of the large number of people required to construct, renovate, and sell homes. The National Association of Home Builders’ (NAHB) Chief Economist, Robert Dietz, describes how the housing sector boosts employment in a community:
Housing plays a major role in creating jobs. In actuality, enough economic activity is produced for each single-family home constructed to support three full-time jobs for a year.
It makes sense when you think about it. A network of individuals, including contractors, city officials, real estate agents, attorneys, specialists, and others, work behind every home sale. To ensure that your deal closes, everyone has a role to play.
Simply put, you are assisting your neighbors when you purchase or sell a home. Therefore, your choice to relocate not only serves your needs but also those of their families, fortifies your town, and influences the course of your community.
Imagine entering the front door of your future house knowing that your choice contributed to the success of a small business or the continued employment of a local contractor. As you make your choice this year, keep that emotion in mind.
Bottom Line
Moving is an investment in your community as well as a personal milestone. Speak with a local real estate agent if you’re prepared to move. You won’t realize how many people you’ll impact.