Emily Merkley, association executive, Cache-Rich Association of REALTORS®
In addition to producing civic and social benefits, homeownership also produces powerful economic benefits in our local, state and national community economies. The economic benefits of the housing market and homeownership are immense and well documented.
“Homeownership around the valley has everybody feeling the movement, the momentum, and it seems to create a more positive environment,” explained Dennis Parry of Coldwell Banker Gold Key Realty. “Regardless of what national media reports on the housing sector and economy, the market in Cache Valley is consistent with subtle peaks and troughs, which create a steady, healthy economy. Homeownership in Cache Valley correlates directly with commerce around the community, and the success of each business is connected with each other.”
A single real estate transaction is connected to the success of other businesses within the local economy, as highlighted in 2015 data from the National Association of REALTORS®, Census Data & National Home Builders Association. The total economic impact of real estate-related industries also includes the expenditures that result from a home sale, such as real estate brokerage, mortgage lending and title insurance, as well as home repairs and construction materials. For example, when a home is sold in Utah, an average of $14,355 of revenue is generated from real estate-related industries, and an additional average of $4,494 is spent on consumer items such as furniture, appliances and minor improvements.
Kim Phipps of Youngblood Real Estate said homeownership provides “an emotional investment in the community, which means that those established households create stability that contribute to the health of the local economy.”
REALTORS® around the Cache Valley community work hard to aid in the growth and stability of the economy and continue to promote homeownership to help Cache Valley and the surrounding areas thrive.