Simplifying The Market” loading=”Idle” style=”display: block; margin-bottom: 5px; clear: both; max-width: 100%” link_thumbnail=”” srcset=”https://okchomesellers.com/wp-content/uploads/2020/11/20201104-KCM-Share-549×300-1.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2020/11/03115922/20201104-KCM-Share.jpg 750w” sizes=”(max-width: 549px) 100vw, 549px”>
As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call”home” is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later. Housing, therefore, has thrived in an otherwise down year.
“The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth. ”
These factors are driving a positive impact on the economy as a whole. According to the National Association of Realtors (NAR), the real estate industry provided $3.7 billion dollars of economic impact to the country last year. To break it down, in 2019, the average newly constructed home contributed just over $88,000 per build to local economies. Across the country, real estate clearly makes a significant impact (See map below): Simplifying The Market” width=”650″ height=”488″ srcset=”https://okchomesellers.com/wp-content/uploads/2020/11/20201104-MEM-Eng-1.jpg 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2020/11/03115923/20201104-MEM-Eng-1-400×300.jpg 400w” sizes=”(max-width: 650px) 100vw, 650px”>In addition, last week, the Bureau of Economic Analysis announced the U.S. Gross Domestic Product increased at an annual rate of 33.1percent at the 3rd quarter of this year, after declining by 31.4percent in the second quarter. There is no doubt that the expanding economy is being fueled in part by the soaring housing industry. Experts predict this housing growth to carry into 2021, continuing to make a big impact on the economy next year also.
The American Dream of homeownership has continued to thrive in the midst of this year’s economic recession, and”home” has taken on a new significance for a lot of us during that time. Best of all, the housing market is making a significant impact as the economy recovers.
This post was originally posted on Simplfy the Market