A new home is likely to be the biggest purchase the average American makes. But that's just the beginning of a yearlong process of furnishing, decorating, personalization and enhancement for most homebuyers.

Let's take a look at some new research from the National Association of Home Builders (NAHB) on what homebuyers purchase next.

In fact, buyers of new or relatively new single-family homes spend an average of $8,600 on appliances, furnishings and property alterations in the first year of home ownership, about 2.5 times the $3,132 that an average non-moving owner spends in a year. The average buyer of an older home — one built between and 10 and 20 years ago — spends more than $6,500.

What's more, a large share of this spending by new homebuyers takes place soon after the home is purchased. About half of the money the typical new homebuyer uses for property alterations in the first year is spent in the first quarter after the time of purchase, and by the fourth quarter, spending reverts to the normal level of a non-moving owner. Spending on furnishings levels off by the end of the first year, and spending on appliances also returns to a normal level and sometimes even below normal by the fourth quarter. In some cases, this trend is largely exhausted by the end of the first year.

Where does the money go? First, furnishings, from sofas, chairs and tables to linens, rugs and blinds. Buyers of newer homes spend more than four times as much on furnishings as non-moving owners during the first year of home ownership — nearly $3,700 compared to $783. Living room, kitchen, dining room and bedroom furniture is high on homebuyers' shopping lists, along with blinds, curtains, and carpeting.

Property alterations and repairs account for an average of just over $3,000 in spending for the typical new homebuyer's first year. As you might expect, additions, decks and porches are among the high-ticket items on the list. Painting, fences, driveways and walks are common first year expenses, while non-moving owners are more likely to spend their money on kitchen and bath remodeling, repairs and roofing. Buyers of older homes spend the most on remodeling and repairs, including plumbing fixtures and heating equipment replacement.

Appliances account for about $1,900 in spending in the first year after a new home purchase. Interestingly, computer hardware, which might not fit the traditional concept of an appliance, makes up the largest share of spending in this category at an average cost of $249. Lawn mowing equipment, refrigerators, stereo equipment and television sets (items usually not included in the price of a new home) account for a high percentage of appliance spending.

The impact of home building on the nation's economy is stunning: the construction of 1,000 single family homes generates just under $80 million in wages and $42.5 million in tax revenues and fees. NAHB's study shows that after homes are built, homebuyer spending continues to benefit local economies, from landscaping and contracting businesses to appliance and furnishings retailers.

(Jeff Betsill, owner of Jeff Betsill Homes, is president of the Home Builders Association of Midwest Georgia, which serves a membership of approximately 440 builders and associate members in Fayette, Coweta, Spalding, Heard and Meriwether Counties.)