According to new consumer spending analysis from the National Association of Home Builders, newly minted homeowners are helping drive a healthy U.S. economy. In their first year of ownership, new home buyers spend about $10,601 on appliances, furnishings, and home improvement projects – 2.6 times as much as other homeowners in a typical year.
NAHB economists studied the U.S. Bureau of Labor Statistics Consumer Expenditure Survey to help quantify the wave of activity – and cash – spent to install new refrigerators, buy couches and make other improvements as new owners personalize their homes.
