How A Home Purchase Can Affect Consumer Spending

How A Home Purchase Can Affect Consumer Spending

Purchasing a new home seems to create an increase in consumer spending that can last for up to two (2) years according to analysis by the National Association of Home Builders. Buying new appliances and furnishings as well as remodeling all affect the results that they found in their Consumer Expenditure Survey. The study was designed to place a dollar value on how much more home buyers who purchase new and existing homes will spend  after a move compared to those that don't move.

During the first two (2) years after closing on a home purchase, a buyer of a new single-family home will spend an average of $7,400 more than similar home owner who does not move. The first year accounted for $4,900 of that total. In comparison, the buyer of an existing single-family home will spend around $4,000 more than a home owner that does not move with $3,600 being spent in first year.

A new-home buyer will spend on average $3,000 more on furnishings than a comparable household that has not moved. In the second year, new buyers will spend an average of $2,000 more on furnishings. They will also spend more on appliances, especially in the first year of owning, with spending $1,005 more in that first year than a home owner that did not move. The smallest difference in expenditures was with regard to property repairs and alterations. The average in that category was $740 when comparing new-home buyers and non-moving households. Source: Eye on Housing

Steve Lester is a REALTOR living in Allen, Texas.
stevelesterhomes@gmail.com
http://stevelesterhomes.net/


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Phone: 940-337-1821
Dated: November 11th 2013
Views: 1,656
About Seana: Seana is a native Texan and has lived all over the Lone Star State. She & her family now call Frisco...

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