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Recent Buyers Boost Spending on Remodeling, Furnishings
Home buying is good for the economy. Each home purchase triggers significant spending on furnishings, appliances and remodeling.
A recent study from the National Association of REALTORS® estimated that, in 2021, the housing market generated a median of about $113,000 in economic impact per home sale. Read more: How Home Sales Help Local Economies
The National Association of Home Builders recently released a study documenting the economic benefit of a home sale. During the first year after closing on a house, a typical buyer of a newly built single-family detached home spends, on average, $9,250 more than a similar non-moving homeowner. A buyer of an existing single-family detached home tends to spend over $5,240 more than a similar non-moving owner, the NAHB analysis found.
The study finds that buyers of newly built homes spend the most on property alterations and repairs following a move, despite the home being brand-new. “A typical new-home buyer ... is estimated to spend almost twice as much on these projects ($9,288) compared to an identical household that stays put in a house they already own,” the NAHB notes on its Eye on Housing blog. Researchers say the extra spending is most common for building outdoor features, like patios, pools, walkways, fences, landscaping and various additions to the new home.
Buyers of new homes also spent considerably more on furnishings following their move. They spent an average of $4,729 on furnishings and $4,138 on appliances following a move.
Buyers of an existing home also tended to spend the most on property alterations and repairs following a move—$7,391. (That is still below the $9,288 that new-home buyers spent.)
“In the case of buying an older home, most of this extra spending goes to property repairs, alterations, and various remodeling projects,” the NAHB notes.
Buyers of existing homes spent $2,988, on average, on furnishings and $2,799 on appliances, also less than purchasers of new-home construction, the study finds.
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Local Spotlight
Fishing and Outdoor Mecca Picks Fort Worth For Its First Flagship Store — Your First Look at Karl’s Fishing
Something fishy is going on at Fort Worth’s WestBend. Karl’s Fishing & Outdoors is opening its first-ever brick-and-mortar store in the development at 1621 River Run. Created for both novice and seasoned anglers alike, Karl’s Fishing started as a direct-to-consumer digital platform. Now, it is marking a new chapter with the opening of this immersive store.
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New Breakfast, Sushi and Korean Fried Chicken Restaurants Opening in Fort Worth — The Interesting Chains Are Coming
Dallas and Fort Worth remain among the fastest growing cities in America. To feed those multiplying masses, a number of interesting (non fast food) restaurant chains are planning to expand their footprint around DFW soon. These are just some of the spinoff restaurants that will soon be dotting the North Texas food landscape.
The Toasted Yolk’s brunchy menu has everything from power bowls to pancake specialties. There are omelets, crepes and eggs Benedict ― which are called eggs Arnolds at Toasted Yolk. Still, the cinnamon sugar dusted, churro-style donuts just might be the favorite of all.
Akarii Revolving Sushi , with its original restaurant in Mansfield, took over the shuttered 85°C Bakery Cafe in Fort Worth’s Left Bank development more than two years ago. The Coming Soon sign taunted us every time we passed by and saw no progress at 628 Harrold Street. The owners confirm that they expect Fort Worth’s Akarii Revolving Sushi to open by the end of this month. Really. It will introduce locals to kaiten-zushi, conveyer belt sushi where small plates of sushi (and other dishes) are placed on a conveyer belt that winds through the restaurant. You just grab the dishes you want off the belt. If you’ve never tried it, it’s an entertaining way to eat.
The worldwide takeover of Korean fried chicken is just picking up steam. Trust me, this trend is only growing. One international Korean fried chicken restaurant — bb.q Chicken , the brainchild of Genesis BBQ Group — started in Seoul, Korea in 1995. bb.q Chicken celebrated its 1,000th restaurant by creating its Chicken University in 1999. This is where franchisees are taught the art of the two-day prep process — from marinating to frying the chicken.
