Real estate has been, and remains, the foundation of wealth building for the middle class and a critical link in the flow of goods, services, and income for millions of Americans. Accounting for nearly 17% of the GDP, real estate is clearly a major driver of the U.S. economy.
How is the housing market in your state affecting the local economy? NAR calculated the total economic impact of real-estate-related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending, and title insurance.
Nationwide, NAR estimates that each home sale at the median generated about $113,000 of economic impact in 2021.
The top 10 states with the highest income generated from a home sale in 2021 are as follows:
- Hawaii – $306,130
- District of Columbia – $280,180
- California – $246,700
- Massachusetts – $191,680
- Washington – $187,630
- Oregon – $176,460
- Colorado – $169,220
- Idaho – $160,600
- New Jersey – $158,100
- New Hampshire – $156,140
