Real estate isn’t typically one of those topics brought up at gatherings to trigger interesting discussion. In fact, most people find it a bit dry – borderline boring. There are some fun statistics to think about, though, and these are always good conversation starters.
#1 – Homeownership Has Nearly Tripled
Back in 1900, 75% of Americans living in cities did not own homes. Instead, they lived in rented apartments, homes, or flats. Today, about 68% of all Americans in urban settings own homes.
#2 – Benefits over Renting
The next time someone points out the benefits of renting, let them know they can save 20% to 40% over renting – even with maintenance and homeowner’s insurance factored in – over the course of the first four to seven years of homeownership.
#3 – The Impact on the GDP
The housing market makes up some 15% of the United States GDP (Gross Domestic Product).
#4 – Vacancies
Despite the fact that more people than ever before own homes, the number of vacant homes in the US is startling. In fact, back in 2015, it was estimated that 18.5 million homes sat empty.
#5 – Online Marketing
Nearly $16 billion per year is spent on internet real estate marketing alone. The total number is $36 billion, which includes all forms of advertising.
#6 – The Worth of Commercial Real Estate
Estimates show that the total worth of commercial real estate in the United States – buildings used as office space, rental apartment space, small businesses, and more – is $5 trillion.
#7 – Impact on the Job Market
The real estate industry is directly responsible for the creation and maintenance of nearly nine million jobs across the country.
#8 – The Largest Group of Homebuyers
Generation X buys more homes – and spends more on those homes – than any other generation, including the baby boomers and Generation Y.
#9 – Fighting Homelessness in Utah
The State of Utah may be on the right track. They’ve been giving homeless people free housing since 2005. Homelessness in that state has been reduced by 74% as a result.
#10 – Size Matters
People in the US often feel their homes are too small. However, the average square footage of an American single-family home is roughly 2,477 square feet. In developing countries, the average size of a single-family home is a mere 75 feet.
#11 – Real Estate Agents Are Important
If you choose to use a real estate agent when you sell your home, your chances improve by 120%.
#12 – Underwater Homes
Some 28.4% of all single-family American homes with mortgages in the US are underwater. This means that the families owe more on their mortgages than their homes are actually worth.
As you can see, there are plenty of interesting facts about real estate that can help you better understand the market, start conversations, join debates, and even make a difference in how housing works in this country. The amount of money spent, the number of people who struggle, and the impact the industry has on the job market are all very important pieces of information.