Homeowners in their first year spend an average of more than $10,000 on home-related expenses, including appliances, housewares and improvement projects, giving the economy a lift, according to a recent study by the National Association of Home Builders (NAHB). First-time owners in year one, in fact, spend over two times more than seasoned homeowners. In year two, they spend another $4,500, on average.
“While construction jobs are the most obvious impact of new homes on the economy, it’s important to realize that it doesn’t stop there,” said Granger MacDonald, chairman of the NAHB, in a statement on the study. “It’s the architects, the heating technicians, the lumber suppliers…and it’s the mom and pop owners at the local furniture or appliance store who are helping these buyers make their house a home.
“The health of housing—and new home-buying—is key to the overall state of our economy,” MacDonald said.
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