Buyers of both new and existing homes spend thousands of dollars more than non-moving homeowners on appliances, furnishings, and remodeling, according to research from NAHB.
Buyers of newly-built homes spend on average $4,500 more than non-moving owners, and buyers of existing homes spend on average $4,000 more than non-movers.
NAHB found that buyers, especially buyers of new homes, tend to be wealthier than non-movers, and they are typically households with children.
New home buyers spend roughly $2,500 more than non-movers do on furnishings, for example. Buyers of existing homes spend $2,000 more than non-movers on property repairs and alterations.
The statistical analysis further shows that this higher level of spending on furnishings, appliances and property alterations is not paid by cutting spending on other items, such as entertainment, transportations, travel, food at home, restaurants meals, etc. This confirms that home buying indeed generates a wave of additional spending and activity not accounted for in the purchase price of the home alone.