It's easy to get completely wrapped up in one part of an industry—say multifamily, industrial, medical office, retail, and so on—and not consider another part. Many CRE professionals don't work with residential housing for sale (even if some monitor it for its effects on local apartment trends.) They aren't in that area of development, building, or sales.
But, as the National Association of Realtors recently noted, home ownership has a big impact on economies, whether local, state, or national. According to the organization's estimate, a home sale at median price created a $113,159 economic impact in 2021.
There's the income from real estate industries (28.1% or $31,742), expenditures connected to the purchase of a home (4.4% or $5,000), new home construction (51.9% or $58,781), and a multiplier effect from housing-related spending (15.6% or $17,636).
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