With the Illinois Congress looking for ways to help the state’s economy, they’ve been working on plans for a casino. But the National Association of Realtors has a different suggestion based on a new report: give Illinois residents incentives to buy homes.
According to the data, the NAR reports that every single-family home sale generates $28,581 for the state. This is because buying a home is about more than just buying a home. Other expenses related to home buying and selling factor in too, including making repairs and improvements before listing a property as well as the buyer remodeling and furnishing their new home. Then there’s the fact that most buyers hire real estate attorneys as well as home inspectors and appraisers.
Would a housing tax incentive help the Illinois economy more than a casino?
The report also cites the bump the housing market received when the federal government provided a tax credit incentive to home buyers. A casino in Chicago may boost revenues by as much as $1 million, but providing a real estate incentive will be worthwhile for the Congress to look at too – for a short term lift and long term benefits.