The Real Estate Market and the Economy

The residential real estate market is one of few that has not suffered any ill effects from the coronavirus pandemic. 

In this episode of Your Money, Leo Daprile of Gem Young Insurance and Financial Services in Canfield explains how the booming real estate market impacts the economy.

“The housing market is on fire,” says Daprile. “Home sales in July up 24.7%, which is significant, and the rate of homeownership is up by about 200,000.”

The increase in home ownership also benefits other industries such as the home improvement industry, the appliance industry and the lumber industry – which is seeing an increase of between 40 and 60% this year.

Daprile says that confidence is one of the driving forces behind such an increase in homeownership. “People are a lot more confident in their jobs and in the economy than they were six months ago,” he says.

To learn more, watch the video above.

Original Air Date: August 25, 2020. Every Tuesday during the Dan Rivers show on AM570 WKBN, Gem Young’s President, Leo Daprile, hosts a radio show called Your Money. Daprile brings his vast knowledge of all things “money” to discuss the topics in language everyone can understand.

About Gem Young
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