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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6331 W Fullam Street Glendale, AZ 85308

$1,095,000
4 Beds
3 Baths
3,795 SqFt
Status Active
MLS # 6781766
Property Type Single Family Residence
Price Type --
Located in a cul-de-sac in a quiet pocket of Glendale's Arrowhead neighborhood, this custom home boasts amenities rarely available in the area. On the main floor find dual living spaces with separate den, chef's kitchen with breakfast bar, an ample foyer, large laundry room and vaulted ceilings. Upstairs, the primary suite is oversized and checks all the boxes, including covered deck with views. Three other bedrooms are ample in size, each with walk-in closets and a shared hall bathroom. The backyard boasts a grilling area, large covered patio, pebble pool with water feature and slide, along with lawn space for activities. No neighbor to the east lends to an open and private feeling throughout the yard. A 3 car garage,RV gate and NO HOA checks the last boxes on this rare opportunity!

19732 W Mulberry Drive Buckeye, AZ 85396

$1,095,000
5 Beds
4.5 Baths
4,602 SqFt
Status Active
MLS # 6714538
Property Type Single Family Residence
Price Type --
Unparalleled Multi-Generational Oasis. Welcome to your dream home where every member of the family finds their perfect sanctuary. Conveniently located in a family-friendly community with top-rated schools, parks, shopping, and dining options nearby. Plus, with easy access to major highways, commuting is a breeze. Ideal for extended families, in-laws, or savvy investors, this property offers a unique blend of luxury, comfort, and versatility. The residence spans over 4,600 square feet, this Maracay-built masterpiece boasts 5 bedrooms, 4.5 bathrooms, 3-car garage and RV parking. Enjoy breathtaking mountain views from the oversized .42-acre lot. Step inside to discover an executive gourmet kitchen featuring an oversized granite island, stainless steel appliances, and a custom walk-in pantry The open concept living area is perfect for gatherings, while 16' stackable patio doors seamlessly connect indoor and outdoor spaces. The NextGen Suite is attached to the main house but with a separate entrance, the 750 square foot Generation Suite offers privacy and independence. Complete with a living and dining area, kitchenette, laundry room, and a spacious master bedroom with an en-suite bathroom and walk-in closet, this suite is perfect for aging parents, guests, or young adults seeking autonomy. Accessory Dwelling Unit (ADU), escape to the 850 square foot detached casita nestled in the backyard oasis. This fully equipped space features a living room, dining area, kitchen, laundry room, bedroom, and luxurious bathroom. With high-end finishes and thoughtful design, it's an ideal retreat for visiting family, friends, or potential rental income. In the outdoor paradise you will experience resort-style living with an automated saltwater pool, fountains, lush landscaping, and covered patios spanning over 1,300 square feet. Whether you're relaxing by the pool or hosting a barbecue, this outdoor haven is perfect for year-round enjoyment. This incredible property has it all including Google Alexa SmartHome controls, stage 2 - 220V / 40 Amp EV car charger connection, Green Living: This home is LEED Certified, offering healthy, highly efficient, and cost-saving green living. With three 16 SEER Lennox A/C systems, LG Mini Split A/C's in bedrooms, and a tankless gas water heater, comfort and sustainability go hand in hand. Don't miss the opportunity to own this unparalleled multi-generational oasis. Whether you're seeking a forever home for your family or an investment opportunity with multiple revenue streams, this property offers endless possibilities. Schedule a showing today and prepare to be amazed!

8772 W Brooklite Lane Peoria, AZ 85383

$1,095,000
4 Beds
3.5 Baths
3,550 SqFt
Status Active
MLS # 6786521
Property Type Single Family Residence
Price Type --
Luxury living in the quiet gated and desirable community of Montoro Preserve can now be yours. This amazing home has everything you've been looking for and needs no updates. The inviting front door welcomes you with stunning flooring and upgrades galore. The open floor plan draws you into the large great room where the triple-door slider seamlessly allows access to the back yard. The gourmet kitchen is bright and ready for entertaining with beautiful white cabinets that tastefully blend with the massive quartz island and countertops. The immaculate attention to design details carryover to the appliances that includes a professional grade stovetop and double ovens. You'll also find peace and tranquility in the oversized owner's bedroom with a spa-like ensuite.

525 Shadow Mountain Drive Prescott, AZ 86301

$1,095,000 - 5Br/3Ba -  for Sale in Yavapai Hills 3, Prescott
New
$1,095,000
5 Beds
3 Baths
3,336 SqFt
Status Active
MLS # 6788340
Property Type Single Family Residence
Price Type --
Exquisite Home with High-End Finishes and Unmatched Views in Yavapai Hills community pool/spa & pickle-ball. Experience the luxury living in this fully renovated, one-of-a-kind home. Nestled on a sprawling 18,479 sq ft lot, this property boasts unobstructed views of lush forests and majestic mountains, blending modern sophistication with natural serenity. Stunning engineered oak wood floors throughout. Gourmet kitchen with three-tone semi-custom cabinetry, quartz and granite countertops featuring a striking 2 1/4-inch mitered edge. Butler's pantry with ample storage and prep space. Spacious layout with 5 bedrooms, 3 bathrooms, and a versatile den for work or relaxation. Custom 8-foot iron front entry door and four exquisite iron sliding doors, seamlessly merging indoor and outdoor space Outdoor Living Beautifully paved backyard patio, equipped with built-in charcoal and propane gas grills, perfect for hosting gatherings. Outdoor fireplace that doubles as a grill for cozy winter evenings under the stars. Expansive lot with ample space for recreation and relaxation. Community Amenities Access to a community pool, recreation center, and pickleball courts for an active and social lifestyle. Prime Location Conveniently located near Costco and Trader Joe's, this home combines the tranquility of nature with the convenience of modern living. Don't miss the opportunity to own this luxurious sanctuary.

3144 N 84th Place Scottsdale, AZ 85251

$1,095,000 - 4Br/2Ba -  for Sale in Village Grove 18, Scottsdale
New
$1,095,000
4 Beds
2 Baths
2,241 SqFt
Status Active
MLS # 6788316
Property Type Single Family Residence
Price Type --
Incredibly rare opportunity to purchase one of the largest lots in South Scottsdale at 24,000 square feet (.55 acres)! The backyard is a blank landscape ready for all your creative designs. The home sits at the end of a quiet culdesac and is ready to be lived in as-is, can be remodeled and updated, or tear it down and build your dream house with an oasis of a backyard! With new builds in the area for well over $2MM+, this is a fantastic opportunity for all! NO HOA and low taxes!

1647 W Yosemite Place Chandler, AZ 85248

$1,095,000
4 Beds
3.5 Baths
3,282 SqFt
Status Active Under Contract
MLS # 6784392
Property Type Single Family Residence
Price Type --
Welcome to this beautiful TW Lewis single-level home in the highly desirable gated community of Balboa Point in Ocotillo. As you enter, you're welcomed by an elegant foyer and a spacious split-level floor plan. The great room features a stacked stone gas fireplace and a stylish dining area with new light fixtures, creating an ideal gathering space. The gourmet chef's kitchen features stainless steel appliances, a gas cooktop, granite countertops, double ovens, and a spacious island with cabinetry. It also includes a large walk-in pantry and a breakfast nook with a built-in desk. The primary bedroom is spacious, accommodating a seating area and providing private access to the backyard. The ensuite bath features double sinks, a large spa-like bathtub, a tiled shower, and a generous walk-in closet. The three secondary bedrooms are equally noteworthy. Each showcases wood flooring and generous closet space, and one is equipped with an ensuite bathroom. The expansive backyard is designed for leisure and entertainment. It features a pool with a waterfall, a built-in BBQ, a spacious covered patio, and an outdoor fireplace with a seating area. Throughout the home, you will find white plantation shutters and an entire interior freshly painted in November 2024. This community is conveniently located nearhas the highly regarded Chandler Traditional AcademyIndependence, The Village Health & Spa Club, Snedigar Sportsplex, and Ocotillo Golf Club, making it an exceptionally desirable location.

10129 E Topaz Drive Scottsdale, AZ 85258

$1,095,000 - 3Br/2Ba -  for Sale in Las Brisas At Scottsdale Ranch, Scottsdale
New
$1,095,000
3 Beds
2 Baths
2,405 SqFt
Status Active
MLS # 6789373
Property Type Townhouse
Price Type --
Discover luxury living in this 2,405 sqft end-unit home nestled in the highly sought-after guard-gated community of Scottsdale Ranch. The interior boasts natural stone flooring, stainless steel appliances, and granite countertops, complemented by beautifully upgraded bathrooms. Step outside to your private patio, which backs to lush greenbelts and scenic walking paths, perfect for relaxation and outdoor enjoyment.Community amenities include: 3 resort-style pools,Tennis courts Spa facilities Stunning water lagoons and fountains Conveniently located near world-class shopping, fine dining, and premier entertainment, this home offers the perfect blend of tranquility and accessibility to everything Scottsdale has to offer.

16738 E Lone Mountain Road Scottsdale, AZ 85262

$1,095,000
5 Beds
3.5 Baths
3,749 SqFt
Status Active
MLS # 6731568
Property Type Single Family Residence
Price Type --
MOTIVATED SELLER!! Luxury with Views, Actually see the stars at night yet close to all the conviences of Scottsdale. NO HOAs. Great home & location (Mts, lakes, rivers, forests, etc.) for anyone with lots of toys (Boats,4Wheelers, ATVs, Trailors, etc.). High-end finishes thourghout the home that's located on an acre corner lot. Spectacular views of Mazatzal, 4 Peaks, Superstitions Mountains. Horse privileges 168th Str. access to Tonto Nat. Forest from the property. Home is located in the active horse community of Scottsdale/Rio Verde nestled next to the Tonto Forest. Home approved for the EPCOR water pipeline access (Letter upon request). All Buyers and Buyer's agents responsible to comfirm any and all information.

2180 S Snowy Ridge Loop -- Show Low, AZ 85901

$1,095,000
4 Beds
5 Baths
3,060 SqFt
Status Active
MLS # 6732362
Property Type Single Family Residence
Price Type --
Public Remarks

36456 N Crucillo Drive San Tan Valley, AZ 85140

$1,090,000
2 Beds
2.5 Baths
2,299 SqFt
Status Active
MLS # 6763673
Property Type Single Family Residence
Price Type --
Beautiful Genova floor plan on the 3rd fairway of the Encanterra CC private golf course! Unparalleled views at this superior lot location! This home is a perfect blend of elegance and functionality w/ 2 BR suites, office/den, or library? You decide!!! Spectacular outdoor living with 2 inviting patios, tranquil fountain, fireplace and B/I BBQ all with 'those views'! Enjoy morning coffee or evening cocktail and enjoy the gorgeous sunsets! Desirable floorplan creates a seamless flow between the living spaces, chef's kitchen, bar seating and dining room that is framed by the golf course view! Main BR suite is a retreat with W/I closet, double sinks with granite and stone, walk in shower and separate tub. Your best life awaits! Come and experience ''The Good Life'' with all that Encanterra ha

17756 E Silver Sage Lane Rio Verde, AZ 85263

$1,090,000
3 Beds
2.5 Baths
2,316 SqFt
Status Active
MLS # 6776395
Property Type Single Family Residence
Price Type --
What a View! Enjoy breathtaking vistas of the 11th Fairway & mountain backdrop from this stunning backyard oasis. This meticulously designed 3-bedroom, 2.5-bath Brasada floorplan features a versatile den, an open-concept kitchen/great room, & high-end finishes throughout. The gourmet kitchen boasts a gas stove/oven, spacious island, wine refrigerator, & cozy breakfast area—all in a refined palette of grays & whites complemented by Hunter Douglas blinds & motorized patio shades. Step outside to a private, fenced patio where you can soak in the hot tub, unwind by the fire pit, & savor the views in complete serenity. An automatic watering system keeps the lush landscaping pristine year-round. Don't miss this exceptional opportunity to call Rio Verde home—where luxury and community converge!

5365 E Shiprock Street Apache Junction, AZ 85119

$1,090,000
5 Beds
3 Baths
3,272 SqFt
Status Active
MLS # 6783625
Property Type Single Family Residence
Price Type --
Majestic views and wide open spaces (inside and out) make this property an ideal retreat at the scenic base of the Superstition Mountains. From hosting gatherings throughout the expansive, beautifully designed outdoor areas, to relaxing in the quiet calm of this vast custom-built home, this place offers it all. This gem features sizable living and dining areas, multiple bedrooms plus a large mother-in-law suite (or business space or rental apartment) with private entrance for flexibility and privacy. Countless exterior enhancements of the 1.25 acre property include enchanting ramada and bistro areas, expansive covered patios, spacious 3-car garage, his and hers storage/hobby rooms, PLUS the owned solar system, optimized to save on energy costs. Seeing is believing, come feel the magic!

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