More Americans Chose to Own a Home Than Rent in First Qtr 2017

According to the latest report from the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households.

Of the 1.22 million new households that were formed in the first quarter, 854,000 were new-owner households making the jump straight to homeownership rather than renting first.

That means that the homeownership rate amongst new households was 70%!

This is huge news as the national homeownership rate is currently 63.6% and has only ever come close to this figure in the second quarter of 2004 when the homeownership rate reached an all-time high of 69.2%.

A recent Wall Street Journal article pointed to the uptick in first-time homebuyers coming to market as a reason for the jump:

“The return of first-time buyers is accelerating. In all they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.”

Ralph McLaughlin, Trulia’s Chief Economist, had this to say about what a bump in new homeowner households could mean for the housing market:

“Strong renter household formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of. We look forward to future releases of these data to determine whether this is a statistical blip or a trend.”

Bottom Line

As more and more potential first-time buyers realize their ability to buy a home without having to rent first, not only will the homeownership rate benefit, but so will the overall economy.   Give me a call to get started on your path to homeownership – J.P. Cook – 602-510-6430.

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26615 N 71st Place Scottsdale, AZ 85266

$1,725,000

5 Beds

4.5 Baths

4,188 SqFt

Status Active

MLS # 6765804

Property Type Single Family Residence

Price Type --

Custom single-level home on over an acre. Gourmet kitchen complete w/upscale stainless steel appliances, granite countertops/island, ample cabinets/storage & large walk in pantry. Resort style backyard w/pebble tech heated pool/spa, built-in grill, fireplace, large grass area, mature trees & oversized covered patio. Master suite features gas fireplace, french doors leading to backyard, stunning bathroom w/dual sinks, marble countertops, separate tub/shower, & spacious walk in closet. All 5 bedrooms are ensuite. Hardwood floors in all bedrooms as well as living & dining rooms. Travertine tile in halls, bathrooms, kitchen, family room & outdoor patio. Oversized three-car garage. NO HOA!! Great location in North Scottsdale near world class golf, restaurants, shopping, hiking & more!

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6525 E Cave Creek Road Unit 14 Cave Creek, AZ 85331

$1,725,000

2 Beds

3.5 Baths

2,775 SqFt

Status Active

MLS # 6779783

Property Type Single Family Residence

Price Type --

Nestled in the exclusive enclave of Hidden Rock, this luxurious two-story residence in Cave Creek seamlessly blends contemporary design with the natural beauty of the desert surroundings. This beautiful home boasts a spacious layout, featuring two bedrooms, three and a half baths, a bonus room, and a two-car garage. The main level showcases wood flooring, a front guest bedroom with a private bath and walk-in closet, an open kitchen with top-of-the-line stainless steel appliances, a formal dining area, and a great room with a contemporary built-in electric fireplace and shelving. The master suite, with sliding barn doors, offers a walk-in closet with built-ins and a full en-suite bath with dual sink vanities, a soaking tub, and a seamless walk-in shower. Additional conveniences on this level include a laundry area and a powder room. Take the stairs to the upper level, where a lounge area leads to a front viewing deck with breathtaking mountain views. An expansive bonus room awaits, perfect for a theater or entertainment space, with an adjacent full bath. The rear-view deck offers more mountain vistas and features a built-in BBQ, eat-up bar, sink prep area, mini-fridge, and an electric fireplace. The beautifully landscaped backyard extends the length of the home, and provides plenty of privacy while offering incredible views surrounding the home. The property is thoughtfully designed with block and view fencing that harmonizes with the desert surroundings. Residents can also enjoy a community pool and spa. Just minutes from downtown Cave Creek, this home offers easy access to world-class retail shops, art galleries, and dining, making it the epitome of luxurious desert living.

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3791 W Highway 80 Highway Bisbee, AZ 85603

$1,725,000

4 Beds

2 Baths

2,523 SqFt

Status Active

MLS # 6121153

Property Type Single Family Residence

Price Type --

Seller will carry with $950K down and up to 8 years! FOUR registered wells in all, surface water rights & possible mineral rights are included with this majestic 168 acre historic mountain ranch, appropriately named Rocky Creek Ranch. Upon crossing over Banning Creek via the driveway's bridge and under a lush canopy of mature trees, it's like you've stepped back in time as you approach several rustic outbuildings, 2 historic homes including the charming Rock House w/ concrete walls, corrals, windmills & lush grassy meadows that teem with wildlife. Nestled in Bisbee's beautiful Mule Mountains along the jaw-dropping stretch of Hwy 80, magnificent rock formations, waterfalls & seasonal streams abound. ~20 miles East of Fort Huachuca, home to the Buffalo Soldiers.

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10432 E Winter Sun Drive Scottsdale, AZ 85262

$1,725,000

3 Beds

3.5 Baths

3,952 SqFt

Status Active

MLS # 6720599

Property Type Single Family Residence

Price Type --

Motivated Seller so briing your offer on this private DREAM home in the gated Cresta Norte! Nestled on a HUGE an acre and an half lot on a cul-de-sac, this stunning property has all the bells & whistles. Surrounded by breathtaking mountain views and a private yard with a serene & picturesque backdrop. Displaying a desert landscape, private courtyard, and a split 3-car garage w/epoxy floors & cabinetry. The double-door front entry opens a spacious living & dining room combo! Continue onto the inviting family room adorned with a fireplace for chilly nights. Tall ceilings add to the airy feel, complemented by plantation shutters, chic light fixtures, designer paint, tile & wood-look flooring, and large windows for tons of natural light. Pre-wired surround sound for the ultimate audio experience! For added functionality, this gem comes with a bonus room & a cozy den, both of which provide versatility! Double-door main bedroom has a lavish ensuite with a soaking tub, separate shower, two vanities, & two walk-in closets. PLUS! Another one bedroom includes its own full bathroom, perfect for the guests. But the true highlight is the RESORT-SYLE backyard! With a covered patio, a built-in BBQ, & a sparkling pool, this space promises year-round enjoyment. Immerse yourself in the tranquility and natural beauty that embraces this serene residence. Explore it! Love it! Live it!

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10855 E Elba Way Scottsdale, AZ 85262

$1,725,000

6 Beds

5.5 Baths

5,358 SqFt

Status Active

MLS # 6740974

Property Type Single Family Residence

Price Type --

Bring all offers. Welcome to your dream home in Scottsdale's prestigious Treviso community, nestled near the renowned Mirabel Golf Course. This exquisite Toll Brothers residence embodies luxury, privacy, and exceptional craftsmanship. As you approach this magnificent property, you'll immediately notice its impressive presence. The added benefit of an attached Casita featuring a private entrance—perfect for guests or a home office. Step inside to discover an expansive interior with high ceilings and elegant finishes. The backyard is a true retreat, offering unparalleled tranquility with its stunning views of the desert landscape and majestic mountains. Facing the Preserve, you can rest assured that your views will remain unobstructed, offering a serene and private outdoor living spac

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2386 E Redfield Road Gilbert, AZ 85234

$1,725,000

5 Beds

4.5 Baths

3,994 SqFt

Status Active

MLS # 6760289

Property Type Single Family Residence

Price Type --

Looking for the perfect ACRE home, look no further this home has it all! Beautifully upgraded 5 bd, 4.5 baths. 3 bedrooms are ensuite with private baths perfect for guests or teens. Alexa smart home. Huge owner's suite with soaking tub, dual vanities and walk in closet. Remodeled kitchen with white cabinetry, stainless steel appliances, custom backsplash and breakfast bar. New tile floor in all the right places, freshly painted, new low E double pane windows, all new electrical, raised 8 ft ceilings and the list goes on. Permitted 1440 sq ft custom RV garage with Clopay RV garage door and 15 ft glass accordion sliding door. Beautiful remodeled pool with custom rock waterfall with built in slide. Just minutes to downtown Gilbert, shopping, dining and freeway for easy access.

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8171 E Juan Tabo Road Scottsdale, AZ 85255

$1,725,000

5 Beds

4 Baths

3,690 SqFt

Status Active

MLS # 6764308

Property Type Single Family Residence

Price Type --

Explore this breathtaking home nestled in the sought-after North Scottsdale area. As you enter, you'll be welcomed by European White oak floors, and a living room centered around a stunning floor-to-ceiling marble slab gas fireplace. Prepare to be wowed by the dazzling designer kitchen, featuring custom cabinetry and exquisite Quartzite slab countertops. Equipped with a premium Sub Zero-Wolf appliance suite and a Wolf gas range, this chef-inspired space promises to elevate your culinary adventures. The kitchen opens into an inviting family room with direct access to the patio and backyard. The master suite boasts a large sitting area, perfect for unwinding after a busy day. Step outside to the expansive covered patio, complete with a fireplace, where you can enjoy stunning views of of the resort-style saltwater pool and spa. The outdoor area also includes a built-in BBQ, ideal for hosting memorable gatherings and enjoying to beautiful Arizona winter nights. Further enhancing its appeal, the three-car garage features epoxy flooring and plenty of storage, combining functionality with convenience. This remarkable home showcases exceptional craftsmanship and attention to detail, offering an unmatched living experience.

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19360 N 73rd Street Unit 1075 Scottsdale, AZ 85255

$1,717,000

3 Beds

3.5 Baths

2,858 SqFt

Status Active

MLS # 6784749

Property Type Apartment

Price Type --

Belgravia Group presents Atavia, a private gated community of 88 luxury condominiums coming soon to North Scottsdale. Atavia blends the breathability of single-family living with the carefree convenience of condominium ownership. Designed by award-winning international architecture firm KTGY, with a clubhouse inspired by Frank Lloyd Wright's iconic Taliesin West. Atavia is perfectly situated at the Loop 101 and Scottsdale Rd within the One Scottsdale masterplan development. Each exceptional home features a private entry with 2 car garage, Italian kitchen cabinetry, Sub-Zero and Wolf appliances, 1 ¼'' quartz counters, and wood floors throughout main living areas. Residence E1 includes a private in-home elevator, a 473 sf rooftop deck plus an option for a 4th bedroom.

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100 W Northern Avenue Unit 7 Phoenix, AZ 85021

$1,708,308

4 Beds

3.5 Baths

3,715 SqFt

Status Active

MLS # 6737176

Property Type Single Family Residence

Price Type --

Welcome to 100 Northern! Nestled in the prime location of North Central Phoenix, this gated, NEW, unique community features 3 different floor plans and only 17 homesites. Experience the elegant sophistication and uncluttered feel of these thoughtful, light flooded designs, where soaring ceilings, sleek lines, and open spaces all converge to evoke a true sense of serene ambiance throughout the home. This spectacular 2 level ''C'' plan features owner's suite, large den, and all primary living on the ground floor with 3 additional bedrooms, 2 baths (one ensuite) and large flex loft upstairs. Subzero/Wolf appliances, Trane AC units ,and tankless water heaters all set the standard for the list of included high-end features. Heated community pool, dog park and walking path cont.... all provide the outdoor enjoyment without the upkeep, cost and work of maintaining your own. Come and claim your new address at 100 Northern, the epitome of modern luxury living!

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31 W Canyon Street Apache Junction, AZ 85120

$1,700,000

3 Beds

3.5 Baths

3,800 SqFt

Status Active

MLS # 6697663

Property Type Single Family Residence

Price Type --

Step into luxury with this stunning new construction home boasting vaulted ceilings adorned with rustic beams, a testament to its craftsmanship and charm. Indulge your culinary passions in the gourmet kitchen featuring custom cabinets, not one but two islands, and top-of-the-line appliances. Seamlessly blend indoor and outdoor living with a folding patio door, leading to a spacious wrap-around covered patio, perfect for entertaining or simply unwinding in style. Enjoy the sleek elegance of smooth wall finishes throughout the home. Plus, say goodbye to restrictive HOA regulations and embrace the freedom of no HOA. With a convenient drivet-hrough RV garage, this home is tailormade for those who value both functionality and sophistication. Don't miss your chance to make this dream home yours

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5549 E Saguaro Vista Drive Cave Creek, AZ 85331

$1,700,000

4 Beds

4.5 Baths

4,124 SqFt

Status Active

MLS # 6735458

Property Type Single Family Residence

Price Type --

Discover the Sedona, a contemporary open-concept design to be built. Car collectors and RVers will appreciate the storage, featuring an oversized 3-car tandem garage plus a 49' deep RV garage. The home includes 4 bedrooms, office, 4.5 bathrooms, island kitchen, and a guest suite with a private living room. The owner's suite boasts a free-standing tub, a walk-through shower, and an oversized walk-in closet. Enjoy quality finishes such as 90/10 smooth walls, 8' doors, quartz countertops, and 12' ceilings in the great room and kitchen. The build is enhanced by energy-efficient spray foam insulation, 2x6 framed exterior, fully sheathed construction, and a post-tension foundation. Pictures are from a model home w/ available options. Buyer to verify all facts and specs.

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8724 E Russell Street Mesa, AZ 85207

$1,700,000

5 Beds

5.5 Baths

3,770 SqFt

Status Active

MLS # 6740161

Property Type Single Family Residence

Price Type --

360 degrees unobstructed VIEWS!!! NO HOA! DETACHED GUEST HOUSE! 7 car garage! Bring all your toys to this home in The Desert Uplands of Mesa! Lifestyle here is exceptional with a blend of tranquility & convenience. Nearby stores, restaurants, hiking & boating at Tonto National Forest & Usury Mountain Regional Park. All million $ plus homes. Experience elegance & comfort in this magnificent 5-bedroom, 4.5 -bathroom residence on a sprawling 1.22-acre lot! 2 story entry w/ elegant stairwell. Formal LR & DR with updated modern flooring. 2022 kitchen remodel offers white shaker cabinets, viking stove, lg prep island, true butlers kitchen & pantry. Family room has huge windows, gas FP & open to the kitchen. 1st floor office, bedroom & full bathroom. Attached 4 car extended garage. GUEST suite is detached & private. Guest suite: great room, full kitchen with island & informal dining area, full bedroom & bathroom. Has a page storage room & attached to full access to second garage. This home boasts MOUNTAIN, SUNRISE, SUNSETS & CITY LIGHT VIEWS from multiple view decks & form inside the home. Fenced in back yard has extended covered patio's built in BBQ, heated spa and diving pool. Bring all your toys!! No HOA!! ** WELL is private and 1000 ft deep with a 2700 gallon holding tank!

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