The Total Economic Impact From a Home Sale in Illonois

The Real Estate Industry accounted for $107,515 million or 15.4% of the Gross State Product in 2012.
Economic Contributions are derived from …
– Home construction
– Real estate brokerage
– Mortgage lending
– Title insurance
– Rental and Leasing
– Home appraisal
– Moving truck service
– Other related activities

When a Home is Sold in Illinois Income Generated from real estate related industries is:
$12,942

Additional expenditure on consumer items such as on furniture, appliances, and remodeling is:
$4,429

When a Home is Sold in Illinois
It generates economic multiplier impact. There is a greater
spending at restaurants, sports games, and charity events.
The size of this “multiplier” effect is estimated to be:
$8,338

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:
$17,975

The Total Economic Impact of a Typical Home Sale in Illinois
Median Priced Home:
$143,800

Total Income Derived from a Sale of a Home:
$43,684

Source: Bureau of Economic Analysis; National Association of Realtors

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