How is the housing market in your state affecting our local economy?
The real estate industry accounted for $227.3 billion or 21.9% of the gross state product in 2018. This includes aspects like home construction costs, real estate brokerages, mortgage lending, and title insurance.
When you buy a home, you’re making an impact that is felt across the entire local economy, and perhaps beyond. You’re fulfilling your need for shelter and a place to live, and you’re also generating jobs and income for the appraiser, the loan officer, the title company, the real estate agent, and many more contributors to the process. For every person or business that you work with throughout the transaction, there’s also likely a team behind the scenes making it all happen, so the effort multiplies substantially.
According to the National Association of REALTORS® Report of the Total Economic Impact of Real Estate Related Industries on the State Economy, the economic result from a single home sale in Florida was $77,858 in 2018.
As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the extra labor it requires to build the home.
Whenever you purchase a home, you’re an economic driver. Even if you’re not ready or able to make a move now, there are things you can do to keep your own process moving forward so you’re set when the time is right for you. Reach out to a GO Realty real estate professional to keep your home search – and your local contributions – on track.