Biggest Expenditures for New Home Buyers

Trends
Published

NAHB analysis of Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics shows that during the first year after closing on a home sale, home buyers tend to spend considerably more money on furnishings, appliances and remodeling compared to non-moving owners. Buyers of new homes spend four times as much as non-moving owners and twice as much as buyers of existing homes.

Top Expenditures

Alterations and repairs:

  • New home buyers - $11,930
  • Buyers of existing homes - $5,761
  • Non-moving owners - $2,966

Furnishings:

  • New home buyers - $5,122
  • Buyers of existing homes - $2,665
  • Non-moving owners - $904

Appliances:

  • New home buyers - $4,254
  • Buyers of existing homes - $2,499
  • Non-moving owners - $1,442

Although home buyers tend to spend considerably more on furnishings, appliances and property alterations compared to non-moving owners, most of the demand for appliances, furnishings and remodeling projects in a given year is generated by non-moving home owners, because they outnumber home buyers by such a wide margin.

Dr. Natalia Siniavskaia, NAHB assistant vice president for housing policy research, details popular items among these categories and helps explain spending behavior in this Eye on Housing post.

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