How much does the housing market affect a state’s economy? It’s an important question the National Association of REALTORS® answered with its State Economic Impact Report.1
The report measured the total impact generated by a home sale. This includes‚ among other things‚ income generated from real estate industries‚ expenditures related to a purchase (such as furniture and remodeling expenses)‚ and new home construction costs.
Here in Massachusetts‚ the total impact is $117‚650. Overall‚ the real estate industry accounted for 18% of gross state product. Full state reports can be found here.
1“Economic impact of a home sale‚” National Association of REALTORS®.