The Real Estate Industry accounted for $171,017 million or 14.5% of the Gross State Product in 2011.
Economic Contributions are derived from …
–Real estate brokerage
–Rental and Leasing
–Moving truck service
–Other related activities
When a Home is Sold in New York,
Income Generated from real estate related industries is: $20,601
Additional expenditure on consumer items such as on furniture, appliances, and paint service is: $5,647
Expenditure on remodeling within 2 years of purchase: $4,833
It generates a multiplier impact.
There is a greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be: $14,919
Additional home sales induce additional home production. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimate in the state to be: $28,613
The Total Economic Impact of a Typical Home Sale in New York
Median Priced Home: $228,900
Total Income Derived from a Sale of a Home: $74,612
There you have it! Real Estate has always been the pillar of our economy!
Are you ready to purchase? We are here for you as Real Estate Makes A Dramatic Comeback!
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