How much of an impact does your home have on your community
Did you know that when you buy or sell a home typically there are 26 services involved in a single real estate transaction? Think about the 30 days before and after a real estate transaction has closed. There are many services utilized such as movers, painters, contractors, real estate agents, closing companies, attorneys, inspectors, appraisers, lenders, landscapers, etc. If you are building a brand new home it is estimated the number of subcontractors it takes to build the average single family home is 22.
Housing impacts the local economy, as well as the larger national economy. The nation’s gross domestic product (GDP) is measured by how well the economic performance of the country, state or region’s economy is performing. GDP is defined as “the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.” Housing contributes more than 15% on average to the GDP.
While the true economic impact of home building varies by community, the figures for a typical metro area are impressive. Home ownership bolsters a community’s treasury through the collection of property taxes. These monies assist in supporting the infrastructure, police and fire protection, education and community programs. Homeownership also offers a variety of social benefits to the owner and their community at large:
- Increased civic participation & charitable activity
- Better health
- Less crime
- Higher social capital
- Higher student test scores and graduation rates
Residential renovations also contribute to the economy through the use of local labor and businesses for goods, as well as permitting and other government-related fees. Every million spent in remodeling generates an estimated $841,000 in private income, estimated $71,000 in government revenue and an average of 11 local jobs.
So when buying, selling or renovating your next home, take note…you are personally impacting your local and national economies.
Written by: Debbie Gurley, Broker
For those who want to sell their home in Aurora, Geneva, Batavia, St. Charles, Wheaton, Naperville, IL, get in touch with the real estate experts at Miscella Real Estate. Their agents will guide you through every step of the selling process from pricing to closing. Call them today at (630) 232-1570 or email info(at)miscella(dotted)com.