If you are looking for a data point to help you understand your current home value, look no further than the local businesses in your community to help you get a better glimpse. There are essentially four main areas to consider when measuring your home value against the local business economy.
As simple as it may sound, there’s a direct connection between jobs local businesses can provide and how that impacts your home value. Is there a variety of businesses in your local community that employs those who live nearby? For many, the military installation itself might be one of the area’s biggest employers for both active duty and contract employees. What other industries are tied into the city? Where there are plentiful jobs there is a constant demand for housing. Where there is demand for housing, often there are higher home values.
Investment in Community
In addition to jobs, one factor to observe from local fast-growing businesses is how invested and engaged they are within your community. Do they give back in any way? Is there a thriving Better Business Bureau and Chamber of Commerce? Do the businesses support local schools? When you find a correlation and connection between the way these companies invest in the people surrounding them, you will see a thriving community⏤one where people love to work, play, and live.
Economic Growth and Stability
Local businesses can also bring a great amount of stability to a community. Whether a company or industry is a long-time fixture in the area or new on the scene, businesses, directly and indirectly, support families by providing goods and services. A thriving, growing business not only offers economic stability to a city due to the jobs and investment they provide, but they also provide a particular level of quality-of-life stability.
What military family isn’t thrilled (and often relieved) to learn that their newest duty station is located in an area with a wide variety of chain retailers, thriving industries, as well as local small businesses? Often, these are the areas where military families decide to purchase a home instead of renting because they know the community is stable enough to earn them great returns on their investment either by resale or as a rental property when it’s time to PCS.
The Ripple Effect
A thriving community isn’t made up of just one facet or feature. A thriving community is one where people have a positive pattern of life. There are places to enjoy recreation, there are places to shop and boost the economy, there are places to enjoy having a nice residence to come home to after a long day of work. Where that positive pattern of life exists, a ripple effect tends to occur. Booming and prosperous business begets happy families. Happy families beget a town with a reputation for happy families. A town with a reputation for happy families is alluring to businesses looking to invest in a community.
All of these ripples point to one truth: a thriving city with growing businesses attracts families who want to live in a community where homes retain or improve their value.