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

More Americans Chose to Own a Home Than Rent in Q1 | Simplifying The Market

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.

What’s Your Home Worth?

Search for Your New Home

4880 E Lone Mountain Road Cave Creek, AZ 85331

$6,500,000 - 5Br/6Ba -  for Sale in Seven Sisters Estates, Cave Creek
Open House
New
$6,500,000
5 Beds
5.5 Baths
8,682 SqFt
Status Active
MLS # 6786462
Property Type Single Family Residence
Price Type --
Desert Contemporary Masterpiece in Seven Sisters Estates Nestled in the gated enclave of Seven Sisters Estates, this new construction is perched high in the Cave Creek hills, offering an unparalleled private sanctuary. Surrounded by lush Sonoran Desert and commanding views of the Valley, sunsets, and sparkling city lights, this 5-bedroom, 7-car garage estate redefines desert luxury living, with the main living spaces thoughtfully designed on one level. Step into a world of elegance with a soaring great room, a chef's kitchen, and a dining area that opens seamlessly to a 270-degree view resort patio, perfect for entertaining or soaking in the breathtaking surroundings. The primary suite is a private retreat featuring a spa-inspired bath, a gym with steam room, and captivating views. Additional spaces include a dedicated office, an entertainer's bar, a hidden catering kitchen, and a guest wing with three en suite bedrooms. The lower level offers even more for the ultimate lifestyle, with a sports-style bar, a wine room, billiards area, and a game room. The fifth bedroom is versatile and can transform into a home theater. The 7-car garage, equipped to accommodate lifts, and a sleek elevator add to the home's thoughtful design. A serene interior courtyard is perfect for pets, morning meditation, or intimate evenings by the fire. The exterior's striking stone and stucco blend harmoniously with the home's streamlined modern lines, while walls of glass bring the desert's beauty indoors. The interior palette, curated by renowned Renee Christina Interior Design, features neutral tones, oak flooring, exquisite stone accents, designer lighting, luxury WOLF/SUBZERO appliances, and bespoke cabinetry. This exclusive property is the first of five custom homes by Diamond West in the coveted Seven Sisters Estates. Each home is situated on a 4+ acre site amidst pristine desert flora, stunning rock outcroppings, and iconic landmarks such as Elephant Butte, the Seven Sisters, and views extending to Camelback Mountain and the McDowell range.

5455 W Ray Road Chandler, AZ 85226

$6,499,650
7 Beds
11 Baths
13,749 SqFt
Status Active
MLS # 6667550
Property Type Single Family Residence
Price Type --
***Ignore Days On Market***Welcome to the Estate on Ray, a complete masterpiece nestled on over five acres in the heart of Chandler, Arizona's vibrant community. This stunning property offers the perfect blend of modern luxury and suburban charm, providing an exceptional living experience for discerning buyers. This one owner home, has been thoughtfully designed and well cared for offering future residents true luxury resort style living. As you enter the home under the porte-cochère, guests are greeted with massive solid 13' maple double doors, 24' soaring ceilings, a grand sweeping staircase, wall of glass and an abundance of natural light, creating an inviting atmosphere that exudes elegance. Retreat to the expansive master suite, featuring a sitting area, a fireplace, an office with wet bar and 2nd fireplace, a spa-inspired ensuite bath with a centerpiece skylight, dual vanities, twin water closets, a soaking tub, stackable washer and dryer, two walk-in closets, french doors to a private patio, private gym, spa and a dry sauna providing a sanctuary to escape the hustle and bustle of daily life. The recently updated kitchen features gas cooking with Wolf, Viking and Subzero stainless steel appliances featuring a vegetable fridge and bread warmer, two tone cabinetry including crafted wood arches over the large island, spacious walk in pantry and a beautiful view to the backyard oasis. Upstairs, each mini suite includes a fireplace, walk out patio, ensuite baths with soaking jetted tubs and shower. The list of features and benefits are long including imported Crema Marfil Marble flooring, over 2,000 s.f. of garage space, over 3,000 s.f. of covered patios, 8 fireplaces, 11 bathrooms, digital wifi heating and cooling (15 seer), two private casitas with separate entrances, walk in cooler, elevator for the 3 levels, a basement with a full bar, game room and a covered lower patio. The property features a remodeled pool, spa, swim up bar, sunken cabana, detached restroom and shower, spoiling the guests with a resort style experience. The property includes a detached storage shop for equipment and a climate controlled dog house. There is space enough to build a future pickleball court and a helipad! The property includes parking for 8 vehicles including a drive through garage. Additionally, the land is irrigated with an onsite well providing reusable water for the 2 lakes and grass areas, recycled back down to the well. The property could be split to accommodate two additional residences to be constructed on the north side of the lot. Additionally, 1.5 acres divided into two lots to the south of the lot may be available to the new owner as well. This home must be viewed in person to truly appreciate all that it offers.

14705 E Redbird Road Scottsdale, AZ 85262

$6,499,000
8 Beds
5.5 Baths
7,608 SqFt
Status Active
MLS # 6758955
Property Type Single Family Residence
Price Type --
EQUESTRIAN LOVERS DREAM PROPERTY! THIS ONE CHECKS ALL THE BOXES! 10 ACRES, BACKS DIRECTLY TO THE PRESERVE, GORGEOUS CUSTOM 5000 SQUARE FOOT 3 BEDROOM 3.5 BATHROOM HOME, 275X150 ARENA, 3 BEAUTIFUL BARNS, 24 STALLS TOTAL AND FLY SYSTEM, 3 BEDROOM 2 BATH GUEST HOUSE, 2 BEDROOM 1 BATH CASITA, 40X40 AIR CONDITIONED SHOP/GARAGE, TACK ROOMS, ROUND PEN 6 TURN OUTS WITH SHADE AND SO MUCH MORE!!! COMPLETELY FENCED. THIS SALE INCLUDES PARCEL C AND D

6821 E Cactus Wren Road Paradise Valley, AZ 85253

$6,495,000
4 Beds
6 Baths
5,600 SqFt
Status Active
MLS # 6758713
Property Type Single Family Residence
Price Type --
BRAND NEW CONSTRUCTION w/IMMEDIATE MOVE-IN at AZURE. This is a RARE OPPORTUNITY to own a Residence 4 with a DETACHED CASITA & an OVERSIZED, 26' wide WALK-OUT LOWER LEVEL, the largest in the community, putting an exclamation point on the MULTIPLE OUTDOOR ENTERTAINMENT spaces. This PREMIUM LOT LOCATION is one of the largest in Azure giving you phenomenal UNOBSTRUCTED VIEWS of MUMMY AND CAMELBACK MOUNTAINS! Interiors have been EXPERTLY CURATED by Ownby Design as well as some UNIQUE DESIGN ELEMENTS by the seller not present in other Res 4's. From the MASSIVE GLASS WALL SLIDERS, GAGGENAU appliances & PROVENZA wood floors, to the HEATED pool & spa, BOCCE BALL court and CUSTOM LIGHT FIXTURES by Lightform, this home will not disappoint. And to top it all off, All builder WARRANTIES TRANSFER!

10189 E Venado Trail Scottsdale, AZ 85262

$6,495,000 - 4Br/5Ba -  for Sale in Desert Mountain Phase 2 Unit 14 Amd, Scottsdale
Open House
$6,495,000
4 Beds
4.5 Baths
5,582 SqFt
Status Active
MLS # 6719424
Property Type Single Family Residence
Price Type --
This home was reimagined by the talented designer, Betty Duff, The remodeled rooms with high-end finishes are simply beautiful. Entertaining is a dream with the new kitchen, remodeled bar and and great room with new oak flooring. Expansive floor-to-ceiling windows welcome in the views in from every direction.The exceptional upgrades continue outside with a brand new pool with 3 water/fire features, new tile patio, new built-in bbq grill along with a new outdoor ''pop up'' television. This home sit on over an acre, on the 3rd Fairway of the Geronimo Golf course & has the perfect SW orientation to take in the grand views of the golf course and the rolling hills of Sunset Canyon. This is AZ living at it's best. Golf membership is available as well as furnishings on a separate bill of sale.

37975 N 98th Place Scottsdale, AZ 85262

$6,495,000 - 4Br/5Ba -  for Sale in Desert Mountain, Scottsdale
Open House
$6,495,000
4 Beds
4.5 Baths
5,991 SqFt
Status Active
MLS # 6758806
Property Type Single Family Residence
Price Type --
Picture a meticulously reimagined residence nestled within the sought-after Village of Sunrise in Desert Mountain. Crafted to perfection by the renowned Jaque Bethke, this stunning abode comes complete with a coveted Golf Membership (subject to approval). Ideally situated near the newly unveiled Renegade Club House and within easy reach of the Sonoran Club, where fitness, pickleball, swimming, and spa indulgence await. Boasting 4 bedrooms and 5 baths, alongside a spacious office/flex space adaptable as a fifth bedroom with its own ensuite, this home is designed for both comfort and flexibility. A lavish primary suite, featuring a cozy sitting area, is thoughtfully separated from three additional ensuite bedrooms; conveniently equipped with their own mini kitchenette and laundry. The state of the art kitchen boasts 2 dishwashers, and an additional large prep/pantry area with a Miele coffee maker. Enjoy watching TV that lowers from behind the gas cook top range at the spacious and inviting island. The property is equipped with a Josh AI smart home system to fulfill all your technological and security needs. The backyard boasts an outdoor kitchen, large covered seating area, putting green and newly resurfaced pool and spa. Other outdoor patios surround the home and provide intimate al fresco areas for reading, meditating or entertaining. This single level property offers privacy and an harmonious blending with the Sonoran Desert in this coveted location in Desert Mountain!

4632 E Desert Park Place Paradise Valley, AZ 85253

$6,495,000 - 5Br/6Ba -  for Sale in Tatum Canyon, Paradise Valley
Open House
$6,495,000
5 Beds
6 Baths
7,158 SqFt
Status Active
MLS # 6782145
Property Type Single Family Residence
Price Type --
This completely remodeled luxury home embodies modern sophistication in the esteemed Tatum Canyon area in Paradise Valley. Situated on a private lot surrounded by endless mountain view's, this residence offers a blend of elegance and masterful design. Upon entry, you'll be greeted by an awe-inspiring great room, featuring large windows and sliders that seamlessly connect the indoors with the meticulously landscaped backyard. The room is anchored by a stunning fireplace, surrounded by multiple seating areas and expansive glass walls that flood the space with natural light. Spanning 7,158 square feet, this home includes five spacious bedrooms plus an office and 5.5 bathrooms, thoughtfully designed to maximize comfort and style. The primary suite is a luxurious retreat, complete with a fireplace, a cozy sitting area, a beautifully renovated en-suite bathroom, and an expansive two-sided walk-in closet. Every detail throughout the home has been thoughtfully updated, from the sleek, contemporary bathrooms to the state-of-the-art kitchen. The outdoor space is designed for both relaxation and entertaining, featuring a large pool, lush turfed areas, an outdoor BBQ, tennis courts, and ample room to enjoy the scenic Arizona landscape. A seven-car garage, complete with extra storage, makes this property ideal for car enthusiasts. Residents enjoy easy access to top-tier shopping, dining, and recreation, including nearby hiking and biking trails. With Phoenix Sky Harbor and Scottsdale airports just a short drive away, plus the vibrant cultural attractions of Scottsdale, this home perfectly combines luxury living with ultimate convenience.

6850 E Joshua Tree Lane Paradise Valley, AZ 85253

$6,495,000 - 4Br/7Ba -  for Sale in Ritz-carlton Parcel B, Paradise Valley
Open House
$6,495,000
4 Beds
7 Baths
5,988 SqFt
Status Active
MLS # 6762359
Property Type Single Family Residence
Price Type --
This is a phenomenal opportunity in the highly sought after Azure community in the heart of Paradise Valley. The oversized corner homesite is absolutely spectacular with fresh contemporary design and state of the art custom finishes. The gourmet kitchen is outfitted with Gaggenau appliances, inductions and gas cooktops, wine tower, steam oven and warming drawers. The living spaces are super elegant, yet ultra comfortable featuring a custom paneled media center, full wet bar, wine room, home office, private workout area and gorgeous guest casita. The lavish design elements include old world stone, Ann Sax tile accents, exquisite wallpaper, sleek custom cabinetry, impressive lighting, a beautiful pool and water features in both the front and back. The modern design is innovative, the entertaining options are endless, and the setting and views are outstanding making this a very special residence!

8614 E Artisan Pass Pass Unit 125 Scottsdale, AZ 85266

$6,435,000
5 Beds
6 Baths
6,932 SqFt
Status Active
MLS # 6565428
Property Type Single Family Residence
Price Type --
Located within the guard-gated community of Whisper Rock Estates, this to-be-built home was designed by Cory Wiebers and will be constructed by Platinum Companies * Sited on a 2.5 acre north/south lot, offering views of Pinnacle Peak and surrounding mountains * Over 6900 sq ft of conditioned space highlighted by open living, separate wing owner's suite with office, 3 full guest suites in the main house and a detached guest house * Wine room, indoor/outdoor bar, game room and walls of pocketing glass doors providing ideal access to the multiple outdoor living spaces * 5-car garage *

7008 N 68th Place Paradise Valley, AZ 85253

$6,395,000
8 Beds
9.5 Baths
8,379 SqFt
Status Active
MLS # 6707347
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury in this private gated estate in Paradise Valley, situated opposite the new Ritz-Carlton. This property features seamless indoor-outdoor living with expansive retractable glass doors opening to the lush one-acre grounds, a sparkling pool, spa, fireplace and The primary retreat offers a Cantera fireplace, sitting area, and a spa-like bath with a steam shower. The main house includes five ensuites, an office, and a flex room, while the estate also boasts two private entrance guest homes, one with two ensuites and a full kitchen, and the other is studio style. Perfect for multi-generational living. Located near fine dining and upscale shopping. Furnishings are available through a separate Bill of Sale for a memorable turnkey experience. Indulge in luxury living.

27050 N 103rd Street Scottsdale, AZ 85262

$6,350,000
4 Beds
4.5 Baths
7,617 SqFt
Status Active
MLS # 6740433
Property Type Single Family Residence
Price Type --
Estancia golf membership opportunity is available upon board approval. Renowned for world-class golf courses and private golf communities equally esteemed, North Scottsdale offers a lifestyle of luxury and elegance that many dream of. Nestled among stunning golf course and mountain views of the exclusive Estancia community rests a timeless European inspired estate epitomizing that lifestyle, available for the discerning buyer. Overlooking the 14th green of the Tom Fazio designed private golf course with unobstructed views of iconic Pinnacle Peak and Troon Mountain, and seamlessly blending with the natural surroundings, this custom 7617 square foot residence designed by architect Allen Tafoya and built by R-Net Custom Homes, has been precisely crafted to the highest standards of design and mastery. Under the careful guidance of the late designer Billi Springer, interior spaces embrace sumptuous splendor reminiscent of European destinations with cathedral wood beam ceilings, antique reclaimed wide plank oak wood flooring and seven gas fireplaces composing a soothing ambiance. The gourmet kitchen is the heart of the home, featuring de Giulio Collection butternut wood cabinets and fixtures, Verde Bamboo granite island meticulously pieced to create striking artistry, and premium appliances including La Cornue gas range with custom hood and SubZero refrigerator and freezer drawers. A gas fireplace with stone surround, and breakfast nook with custom windows and seating complete the old-world charm. A formal dining room with herringbone antique reclaimed oak wood flooring, cathedral wood beam ceiling, full bar and private wine cellar accommodates elegant gatherings. Custom steel and wood doors and windows capture endless private views throughout the home, opening to tranquil outdoor living with stone patio, pool, water features, wrought iron fencing and lush vegetation surrounding, embracing the feel of a secret English garden. A breathtaking panorama of stunning mountain views, peaceful pond lined with ornamental grass, and pristine fairway creates a serene backdrop that is both picturesque and calming. The harmonious blend of nature and design is a perfect setting for private reflection or sophisticated gatherings. The Estancia community offers unparalleled privacy and security with guard gated entrance and 24/7 security service. A plethora of world-class amenities, available exclusively to members and their accompanied guests, include a Tom Fazio designed 18-hole championship golf course, tennis and pickleball courts, 25-meter heated pool and spa, clubhouse with gourmet dining, fitness center with the latest exercise technology and spa services for the ultimate in relaxation. One of the premier communities in Arizona, Estancia maintains the highest standards of excellence and is a highly sought-after private club. A testament to a life well lived, this estate embodies a lifestyle of exclusivity and leisure. The distant sound of a perfectly struck golf ball, the gentle hum of nature and spectacular sunset views rising above manicured greens are an experience like no other, to be savored and relished. Membership to the Estancia Club is separate and subject to application and approval. Approved applicants will likely be subject to a waitlist.

6301 N 51st Place Paradise Valley, AZ 85253

$6,295,000
4 Beds
4.5 Baths
5,930 SqFt
Status Active
MLS # 6775161
Property Type Single Family Residence
Price Type --
This sophisticated 1 acre estate is located in a prestigious area of Paradise Valley offering sweeping views of Camelback, Mummy and Phoenix Mountain ranges. Thoughtfully designed by renowned award-winning architect, Catherine Hayes, this modern architectural structure floats over a natural wash and opens to the vast views of Camelback Mountain while creating a particularly private and welcoming desert home to move-in and enjoy. The living, dining and kitchen spaces flow off the gallery foyer while the bedrooms showcase tranquil views of the lush lawn area that is an oasis foreground to the mountain views. The architecture of the home was created to embrace the landscape and surrounding outdoor space and was strategically built so all rooms overlook the iconic Camelback Mountain. The impressive entrance showcases an art glass door, skylights, rich imported Brazilian cherry wood floors and natural limestone walls from the outside through the inside of the home. The peaceful living area with Mondrian windows is truly a sanctuary and showcases wonderful mountain views and a tranquil desert garden. The private dining room with walls of glass suspended over lush garden views is perfect for entertaining and family gatherings. The considerable Chef's kitchen features a built-in banquet and beautiful granite counters that blend in perfectly with the custom cabinets. High end appliances throughout including a Viking 6-burner gas cooktop, warming drawer, 2 dishwashers, Wolf convection oven, icemaker and Subzero refrigerator. The impressive great room with stone fireplace boasts a prominent domed ceiling and large glass doors leading to a private covered patio, linear negative edge pool and spa. The spacious owner's suite w/adjacent large bath and yoga studio, has 2 glass walls overlooking the mountain and sparkling spa. There is also direct access to a lush green backyard with large trees creating a private sanctuary. There are three additional ensuite bedrooms PLUS a private office w/built in desk, cabinets, shelving and glass doors leading to the patio and pool. One of the bedrooms also has its own private patio overlooking the lush green backyard. The building itself is uniquely constructed with adobe and stone walls under a domed metal roof. Come and experience for yourself the architectural uniqueness and timeless design this property has to offer.

Leave a Reply

Your email address will not be published.