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.

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3547 E Sagittarius Place Chandler, AZ 85249

$1,170,000
4 Beds
3.5 Baths
3,194 SqFt
Status Active
MLS # 6770085
Property Type Single Family Residence
Price Type --
This stunning 4 Bedroom + 3.5 bath home in highly sought after, gated community of Pescara boasts almost 3200SF on N/S facing 1/4 Acre lot with NO neighbors behind! Enjoy the privacy of your own front entry courtyard complete with trellis cover, mounted TV, slider door & $7k iron glass front door. You'll fall in love with the Executive gourmet chef's kitchen that features commercial grade built-in refrigerator, gas appliances, oversized island w/ upgraded quartz countertops, huge walk-in pantry and dining area. Kitchen overlooks the expansive great room that feature high ceilings, large glass sliders that open to the backyard and another formal dining or bar area. Primary suite features spacious bedroom and beautiful bathroom including huge walk in closet and freestanding bathtub. Across the home, this true split floorplan features a spacious game room/bonus room/teen room (or next-gen living area!) with large sliding glass doors to private courtyard, one bedroom that enjoys it's own en-suite bathroom, two other spacious bedrooms and large bath. Every bathroom enjoys upgraded quartz countertops and foam insulation! The backyard oasis is complete with 8' deep, salt water Shasta heated pool, with water features, in-floor cleaning system, high-end Pentair with ozone and pool lighting w/ party option (all controlled from your smartphone), XL pavilion w/electric screens & weather sensors, and spacious side yard + RV gate. Enjoy the sunrise & sunset with views of Santan Mountains. Low maintenance landscaping in front & back includes turf with sprinklers & gorgeous landscape lighting. This home is truly an entertainer's DREAM with sliders throughout the home bringing the outdoors in, mister systems, LED lights in courtyard & backyard, electric shades and also wired for surround sound. Split 3-car garage has epoxy floors and foam insulation. Tankless water heater! 2 soft water tanks! 2 AC Zones! Top of the line security cameras surround the home and allows for 4 days of footage. Enjoy all the perks of a new build without the wait, hassle or expense!

6767 E Nightingale Star Circle Scottsdale, AZ 85266

$1,170,000
2 Beds
2 Baths
1,974 SqFt
Status Active
MLS # 6765472
Property Type Single Family Residence
Price Type --
This highly desirable Crista model offers soaring ceilings, abundant natural light, and a private split-bedroom layout. Then newly installed Sue Bickerdyke-designed kitchen includes dual-tone cabinetry, Taj Mahal Quartzite countertops, a Bellagio Chachet Crème backsplash, and new stainless steel appliances. The center island has storage and a breakfast bar. The family room is cozy with a gas fireplace and the flooring though out the house is either tile and luxury wood vinyl. Located on a cul-de-sac with stunning mountain views, the peaceful backyard features a natural stone patio, fountain raised garden, covered patio, and a built-in BBQ island. The roof and AC units have been updated.—a perfect blend of style and comfort.

405 Raintree Road Sedona, AZ 86351

$1,170,000
4 Beds
3 Baths
2,840 SqFt
Status Active
MLS # 6785070
Property Type Single Family Residence
Price Type --
Nestled amidst the breathtaking Red Rock landscape, this exquisite 4-bedroom home invites you to experience the epitome of desert luxury living. Boasting a large lot size, this property is in a quiet, peaceful neighborhood nestled between Red Rocks and green mesas. As you enter the Great Room welcomes you, ushering you into a formal dining area, then onwards into a chef's kitchen, featuring modern stainless appliances, ample counter space, all drenched in sunlight from the skylight above, plus a breakfast bar and breakfast nook for engaging with your guests. Escape to a large primary bedroom with an oversized walk-in closet featuring a Barn door and ensuite bathroom, plus patio access for morning coffee on the back deck or stargazing with a glass of wine at night. Three additional bedrooms provide ample space for loved ones or transform into your ideal home office or creative studio. This spacious home also has a family room off of the kitchen with a wood burning fireplace to keep cozy as you watch the sun set, making our iconic Red Rocks glow during Golden Hour. The pièce de résistance awaits outdoors in a sprawling lush backyard oasis, lovingly landscaped for years with mature trees, shrubs, blooming flower bulbs, and Red Rock views. Immerse yourself in the tranquility of nature as you lounge under the shade of towering trees or entertain guests amidst the vibrant flora. With plenty of room for outdoor activities, a fence for pets, lots of space to garden, not one but TWO sheds, plus simply basking in the Arizona sun while taking in gorgeous Red Rock views, this backyard paradise offers endless possibilities. There is also room for a pool or other preferred backyard improvements. Located in the coveted Sedona area, this spacious home with oversized garage, plus RV parking, with a secondary gravel driveway offers the perfect blend of privacy and convenience. You are just 3 minutes away from hiking trails, 6 minutes to the grocery store, and 5 minutes to renowned dining establishments. Whether you're seeking a peaceful retreat, an investment property, this property has the most bang for your buck in Sedona right now. Home is locally managed as an active Airbnb with full furniture package available on an Outside Bill of Sale.

39068 N 15th Avenue Phoenix, AZ 85086

$1,170,000
5 Beds
4 Baths
4,500 SqFt
Status Active
MLS # 6737942
Property Type Single Family Residence
Price Type --
Price reduced to let you know the owner is extremely motivated. All offers will be strongly considered. Seller carry is a realist option for the right buyer. Privately gated property with with an exceptional opportunity for a multigenerational compund.Sitting on 3.25 acres, this estate provides ample space for all your horses, RVs, and other recreational vehicles, Featuring availability for up to 5 50 AMP RV hookups. The custom home has been completely remodeled, including updates to the piping, electrical systems, and insulation, among other improvements. With its high-income potential and extensive amenities, this property is perfect for those seeking both luxury and functionality in a serene, spacious environment.

4402 E Montecito Avenue Phoenix, AZ 85018

$1,170,000
4 Beds
3 Baths
2,105 SqFt
Status Active
MLS # 6755246
Property Type Single Family Residence
Price Type --
If Arcadia is where you want to live, now is your chance. This beautiful 4 bedroom/3 bath/2 car garage home went through a major refresh in 2018, including electric, plumbing, and addition. Even the power lines have been buried. Thoughtful attention was given to the kitchen including an extended cabinetry area, quartz counters, stainless appliances, and an island perfect for four barstools. Primary bedroom has a nice sized walk-in closet and a gorgeous ensuite bathroom. Other bedrooms are spacious with areas for beds, desks, toys and storage. Dual French doors lead to the back yard which has been generously refurbished with private courtyard area and an extended paver area for entertaining. There is plenty of room for fun or parties. Enjoy morning coffee from your front yard court yard. The entire home is done in neutral colors so bring your favorite colorful furniture, accent pieces and art work for display.

24067 S 218th Place Queen Creek, AZ 85142

$1,169,995 - 3Br/4Ba -  for Sale in Caleda By Toll Brothers, Queen Creek
Open House
$1,169,995
3 Beds
3.5 Baths
3,310 SqFt
Status Active
MLS # 6787491
Property Type Single Family Residence
Price Type --
Our highly sought after Triana floor plan is a gorgeous single level with over 3,300 sqft. Upon entering the front of the property, you are greeted by a very large but also very private courtyard. The home features an open floor plan with a large great room and dining right off of the kitchen. The kitchen has a massive kitchen island, loads of cabinetry, large walk in pantry, high end SS appliances and gorgeous quartz countertops. This home also features very large bedrooms including the secondary bedrooms and tons of closet space. The home is upgraded from floor to ceiling with every lavish features you have come to expect from an award-winning luxury home builder!

9626 E Bunny Ear Lane Gold Canyon, AZ 85118

$1,169,000
4 Beds
2.5 Baths
2,483 SqFt
Status Active
MLS # 6715417
Property Type Single Family Residence
Price Type --
This Exquisite Custom Home backs Private Federal and State Land. Spectacular views of Superstition Mountains, City lights, Dinosaur Mountain, Hiking Trails, and Golf Courses. This Luxury and Craftsmanship Home Features 2x6 Exterior Frame Construction, Urethane Foam, Sand Stucco Finish, Exterior Stone, Anderson 100 Series Dual Panel Glass, 3 Panel Retractable Walls of Glass in Great Room. Trane HVAC, Electric Car Charging Station, Security, Central Vac, Nest Thermostats, 42'' Cabinets, Quartz Countertops, Kitchen Island Waterfall, Pot Filler, Bosch Appliance Packages, and so much more. Designed for future Observation platform and space for future RV Garage, Shop and/or Parking. Completion Nov 2024.

4306 E Superstition Boulevard Apache Junction, AZ 85119

$1,169,000
4 Beds
2.5 Baths
2,483 SqFt
Status Active
MLS # 6764405
Property Type Single Family Residence
Price Type --
Beautiful custom home, 2,483 sq. ft, 4 bedrooms and 2.5 bathrooms, all nestled on a sprawling 1.18-acre lot that offers both serenity and stunning Superstition Mountain Views. With no HOA, you have the freedom to truly make this property your own. Enjoy the convenience of 5 garage spaces, including a remarkable 50' RV garage and a detached 16x24 single-car garage/workshop—perfect for your outdoor toys. Plenty of room for horses w/ riding trails near by! Featuring epoxy flooring, a dedicated car charging station, and a sports equipment wall, this garage is a dream for recreational enthusiasts. The heart of the home boasts beautiful quartz countertops, ample cabinetry, stainless steel appliances, and a massive kitchen island that invites gatherings and culinary creativity. Experience seamless indoor and outdoor living with three-panel retractable sliding glass door leading to a screened-in porch. Step outside to a pergola-covered outdoor kitchen complete with an electric sunshade and ceiling fans, ideal for entertaining or relaxing in style. The iron-fenced backyard and fully landscaped front and back yards provide privacy and security. Stay comfortable year-round with Nest thermostats and a state-of-the-art two-panel security system. Don't miss the opportunity to own this exceptional property where luxury meets outdoor adventure.

4345 Copperhead Drive Wickenburg, AZ 85390

$1,168,000
3 Beds
2.5 Baths
2,366 SqFt
Status Active
MLS # 6760452
Property Type Single Family Residence
Price Type --
Welcome to this highly upgraded 3-bedroom, 2.5-bathroom home with a den/office, perfectly positioned on an oversized, premium lot in the sought-after Wickenburg Ranch community. With no homes behind, this property offers stunning, uninterrupted views, creating a private and serene atmosphere. Inside, you'll find a carefully curated interior that showcases designer finishes and thoughtful touches throughout. The open-concept layout is perfect for modern living, with a gourmet kitchen featuring high-end appliances including a gas cooktop, beautiful quartz countertops, and custom cabinetry. The spacious great room with tasteful beams is ideal for relaxing or entertaining, featuring large windows to bring in natural light while framing those beautiful views. The primary suite is a true... retreat, complete with a luxurious en suite bathroom and ample closet space. Two additional bedrooms and a versatile den provide plenty of room for family, guests, or a home office. Upgraded solid core doors throughout the home. With the coveted 4' extended garage, there's plenty of space for vehicles, storage, or even a workshop. Outside, the oversized lot is simply priceless, whether you want to relax in your dream backyard or simply enjoy the tranquility of the surrounding landscape. This home combines premium upgrades, incredible views, and unmatched privacy, all in the exclusive Wickenburg Ranch.

3208 N Mansfield Drive Litchfield Park, AZ 85340

$1,167,500
5 Beds
4 Baths
4,141 SqFt
Status Active
MLS # 6769929
Property Type Single Family Residence
Price Type --
Welcome to Litchfield Farms, a gated community with 1-acre lots! This 4,141 sq. ft. 5-bed, 4-bath home features soaring ceilings, new carpet, marble tile, and a great room with a gas fireplace. The chef's kitchen boasts granite counters, staggered cabinets, a gas cooktop, convection oven, and pantry. The master suite includes vaulted ceilings, a cozy fireplace, dual walk-in closets, a spa-like bathroom, and a private balcony. The backyard is perfect for entertaining, with a pool, spa, ramada, outdoor kitchen, fire pit, RV parking, and room for a casita. Minutes from I-10, 303, shopping, dining, golf, and top schools!

218 W Ridgecrest Road Phoenix, AZ 85086

$1,165,000
4 Beds
3 Baths
2,861 SqFt
Status Active
MLS # 6758144
Property Type Single Family Residence
Price Type --
STUNNING VIEW! & Room for Toys! Private Custom 4 Bedrm 2.5 Bath Home, on 1.62 Ares 2.5 Car Garage and (2) RVs Carport w/ electric hook-up PLUS Additional Separate DETACHED Metal Building-Work-Shop/ Garage) w/HVAC- 30X50 (1500 sq ft) has 220 circuit & (2)50 HP 3 Phase generator. Gorgeous Custom Home w/ 14ft ceilings, scraped wood flooring thru-out! Exposed Vega Beams in Great Room & Open Kitchen w/ floor to ceiling gas fireplace! Kitchen has hightop bar/island granite counters, Custom Knotty Alder Cabinets w/ high-end appliances! Subzero Refrige/freezer, GE Induction cooktop, GE Double Ovens, Bosh Dishwasher, Wall of Windows for PHENOMENAL VIEWS to backyard & beyond=Mountain Range! Split Floor-plan/ 2 Landry areas! HUGE Master Suite =cozy gas fireplace & Those Unbelievable views w/ French private walk-out to spacious patio and backyard!! Newly remodeled Ensuite featuring vessel tub & separate tiled shower, double vanities, large walk-in closet w/ access to Master Laundry Room. Powder Room custom herringbone tile floors & rustic vessel sink! 2nd Bedroom has Custom Murphy Bed! Double Door entry to Office/4th Bedroom off Great Room w/ views of the backyard & Mountains- Closet has pulldown stairwell for storage in attic. Large Pebble tec pool w/ gorgeous rock waterfall & gas fire-pit! Newly built 20 X18 Beautiful Ramada w/ Edison lighting. This home has so much to offer!! MUST SEE!! Custom Built 2002 By Sunlore Homes - Original Owner! 1.62 Acres with Mature Trees and AMAZING VIEWS!! 8ft Doors, 14 ft Ceiling! Custom Knotty Alder WOOD Doors and Cabinets! & Vega Beams 2.5 Car Garage with 220 Volt Circuit Large Covered Attached RV Parking with electric hookup 30 X 50 (1500 sq ft ) Separate Metal Building Shop/ Garage with 220 circuit (and 50 HP 3 Phase generator available that will not convey unless requested). 20 X 18 Oversized New Ramada in the Backyard with Edison lighting. 3 NEWER HVAC 2020 90 Gallon Propane Tank for Fireplaces and Fire-pit Roof Recoated 2023 Oversized Septic Great Water Pressure from Private Well !! Wired for surround sound and security Custom Murphy bed in 2nd Bedroom Horse Property Chicken Coop Block Fenced Backyard and separate fenced side yard. Wash on Property

1323 E Oregon Avenue Phoenix, AZ 85014

$1,165,000
5 Beds
4.5 Baths
3,100 SqFt
Status Active
MLS # 6709552
Property Type Single Family Residence
Price Type --
Welcome to this stunning, fully renovated home with a detached guest house, located in the highly sought-after North Central Corridor of Uptown Phoenix. The home features an open floor plan with a spacious great room and a front den. It includes three bedrooms and two bathrooms in the main house, arranged in a split floor plan for privacy. The expansive primary bedroom provides a spa-like sanctuary with a large walk-in shower, dual vanities, an illuminated mirror, and a private water closet. The walk-in closet is equipped with built-ins for efficient storage and organization. The guest house offers two additional bedrooms, each with its own bathroom, a powder room, and a separate laundry room ready for washer/dryer installation. The kitchen boasts SS appliances and vaulted ceilings. ceilings. NO HOA! With potential for short-term rentals, home office, or a mother-in-law setup, the possibilities are limitless.

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