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Report finds second homeowners boost local economy

May 04, 2017 7:40 am

Amanda Purcell is reporting in The Daily Mail a recent study found that second homeowners have a major impact on the Greene County economy. Homes owned by part-time residents make up 27 percent of Greene County's housing stock. According to the “Greene County Second Home Owner Study” conducted by a consulting firm based on Saratoga Springs, 3,400 in-county jobs have been created to provide products and services to the second homeowner market. The part-time residents spend $135 million a year at county businesses, and are the source of approximately $53.7 million in property tax revenue and $3.4 million in sales tax revenue. Thirty-three percent of those who participated in the survey said they chose the region based on the environment, while 26 percent chose the area based on its location. The majority of survey respondents were between the ages of 55 and 64, and report an annual income between $50,000 and $99,999. “Retail sales per capita in Greene County are above the state average, and that is certainly from the extra spending that is coming from these second homeowners,” said Karl Heck, community development specialist with Economic Development, Planning and Tourism for Greene County. Read the full story in The Daily Mail.