Airbnb, the world’s leading marketplace to list, discover and book unique, local accommodations today released a new study highlighting the Airbnb community’s positive economic impact in the United Kingdom. Conducted in conjunction with London-based Economist, Dr. Margarethe Theseira, the study found that Airbnb generated £502 million in economic activity in the UK in one year and supported 11,629 jobs.

“Airbnb is creating a door to an open world and bringing tourists to neighbourhoods they might have missed,” said Airbnb CEO Brian Chesky. “With Airbnb, more people are earning the extra money they need to pay their bills or pursue their dreams.”

The study found that 80 percent of Airbnb hosts in the UK rent out the home they live in—their primary residence—and use the money they earn to help afford the increasing costs of living.  63 percent of hosts said that their Airbnb income helped them pay bills they would otherwise struggle to pay, 53 percent use their Airbnb income to pay their energy bills, and 44 percent said that this income helped them afford to stay in their homes. Hosting also helps UK residents to pursue innovative careers and non-traditional forms of work. The study found that 42 percent of hosts are self-employed, freelancers or part-time workers.

Airbnb attracts new travellers who are seeking authentic, local experiences in cities throughout the UK with 85 percent of Airbnb guests wanting to “live like locals.” Additionally, Airbnb guests spend more time and money in the UK than typical visitors. Airbnb guests stay on average 4.6 nights, compared to 3.1 nights for typical visitors to the UK, and spend twice as much over the course of their trips.

“This study shows that Airbnb guests stay longer, spend more, and explore new neighbourhoods,” said Economist Dr. Margarethe Theseira. “This undoubtedly has a positive impact on cities and residents across the UK.”