Why Is Census 2020 Important for Realtors?
It is already April, and Census 2020 has gone online. Everyone in the States can now go to the Census website and participate in this massive data collection through phone or mail.
According to the following infographic by NAR, the census begins in March and continues up to December:
The census is important for all businesses because it defines the distribution of resources and assets by the government. The real estate industry is one of the most resource consuming aspects of the economy, and given the current national and global circumstances, Census 2020 will be one of the most significant for the future of the property business.
Here are a few reasons why?
Appointment of Resources
The federal government uses the data from the census to determine the apportionment and distribution of resources to states and cities. It is so important that a recent investigation suggests for every 100 households that don’t take part in the census, the state will lose up to $6 million of resources.
Resources are dedicated to veterans, children, education, infrastructure and so on. This is very important for realtors since the livelihood of the real estate industry in a region depends on the availability of resources in a region.
Redistribution of Counties
The demographic data from the census is going to be taken into consideration when it comes to drawing lines around counties and defining their representation in Congress. Lack of accurate data will lead to unfair representation of folks on Capitol Hill.
Given the fact that Associations of Realtors across the country are active in political advocacy for better services for their members and clients, participation in Census 2020 is critical.
Budget Planning and Policymaking
Federal budgets and taxation are both planned and decided based on the census. Realtors might pay specific attention to this because it not only affects their own tax decisions but also that of their clients. Taxes and mortgage rates are important factors in property sales in a state.
Census Is Not Just Used by the Federal Government
According to the Office of Financial Management, the data from the census will be used by businesses, residents, local governors, transportations planners and most importantly, developers.
Developers take advantage of the demographic data from the census to plan building new homes and renovate old houses.
Given the significance of Census 2020, all realtors are urged to take part and encourage their clients and communities to do the same.
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