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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4839 E Laurel Lane Scottsdale, AZ 85254

$1,075,000
3 Beds
2 Baths
2,204 SqFt
Status Active
MLS # 6766370
Property Type Single Family Residence
Price Type --
Welcome home to this gorgeous fully remodeled home with NO HOA and custom features throughout this gorgeous home. This property includes 3 spacious bedrooms and 2 bathrooms with a 2 car garage AND a COVERED CARPORT WITH RV GATE! Bring all of your TOYS! As you enter through the front doors you will find a large open floor plan with a gorgeous upgraded kitchen featuring an island with waterfall quartz countertops and plenty of space for all your entertaining needs. The primary suite features a large retreat plus a large walk in closet! Let's not forget the mudroom and large laundry room plus key drop! Exit out to the backyard to your own private oasis featuring gorgeous landscaping. Close to NEW PV reimagined development featuring new shopping and restaurants you can walk to for dinner!

3884 S Mingus Drive Chandler, AZ 85286

$1,075,000
5 Beds
4.5 Baths
3,424 SqFt
Status Active
MLS # 6773258
Property Type Single Family Residence
Price Type --
Come explore this beautiful 5 bed, 4.5 bath home plus office in the private, gated community of Cantabria in south Chandler. This 3,424 sqft home features an open floor plan with a large kitchen island, granite counters, stainless steel appliances, and a 5-burner gas range. The primary suite offers dual vanities, a walk-in shower, and a huge walk-in closet. Two bedrooms have en-suite baths, while bedrooms 4 and 5 share a Jack and Jill bath. Additional highlights include a spacious walk-in pantry, crown molding, wood ceiling accents, 12+ ft ceilings, new heat-blocking solar screens on all windows, and like-new condition as it's been lightly lived in by the original owner. Conveniently located near shopping, restaurants, and just 3 miles from the 202 freeway. Don't miss out!

28503 N 67th Drive Peoria, AZ 85383

$1,075,000
4 Beds
3.5 Baths
3,592 SqFt
Status Active
MLS # 6753955
Property Type Single Family Residence
Price Type --
Welcome to this stunning Camelot home nestled in the gated Canyon's Edge community of Sonoran Mountain Ranch. Enter through a charming Alumawood pergola-covered courtyard into 3,592 sq. ft. of thoughtfully designed living space. 4 spacious bedrooms and an office on the first floor, along with 3.5 bathrooms make this home perfect for both family living and entertaining. The open-concept kitchen is the heart of the home, boasting 42'' upper cabinets, granite counters, gas cooktop, a buffet/coffee bar, and an oversized island with breakfast bar. The great room's natural light along with the custom entertainment center add warmth and character, while oversized guest rooms provide plenty of comfort for a growing family. The owner's suite is a true retreat with backyard views and a large luxurious bathroom featuring a separate tub and shower. Upstairs, the enormous bonus/game room offers endless possibilities. With a full bath already in place, this versatile space can easily transform into additional bedrooms or be reimagined as a home theater, playroom, or entertainment area. Enjoy spectacular mountain views from your backyard complete with an extended covered patio, large outdoor kitchen, a gorgeous pool with waterfall, and a spacious synthetic grass yard. A custom built 10x20' shed adds extra storage and functionality. The spotless 3 car garage adds plenty of room for parking, storage or a home gym. Owned solar and two new primary HVAC units installed in 2023 complete this exceptional home offering efficiency for years to come. Do not miss the opportunity to make this marvelous Camelot beauty your next home!

7518 N Via De La Siesta -- Scottsdale, AZ 85258

$1,075,000 - 4Br/4Ba -  for Sale in La Mariposa Villas 3, Scottsdale
Open House
New
$1,075,000
4 Beds
3.5 Baths
2,368 SqFt
Status Active
MLS # 6789282
Property Type Single Family Residence
Price Type --
Thoughtfully remodeled with the finest materials, this La Mariposa home in McCormick Ranch has it all! Beyond the timber courtyard door, cantera stone pavers surrounding an Italian glass tile dipping pool instantly evoke European luxury. Find iron doors to the main home, where soaring coffered ceilings lead to a chef's kitchen with intricate millwork, leathered granite countertops, dual sinks, and full stainless appliance suite. The ground floor master suite is ample in size, with a soaking tub, large walk-in closet, dual sinks, and pool access. Upstairs: two bedrooms with a ''Jack & Jill'' en suite. The casita adds optionality for housing guests, working from home, or pursuing a passion! Located near Scottsdale's best restaurants, shopping & entertainment for the pinnacle in easy living!

7979 E Princess Drive Unit 14 Scottsdale, AZ 85255

$1,075,000 - 3Br/3Ba -  for Sale in Crown Point 2, Scottsdale
Open House
$1,075,000
3 Beds
3 Baths
2,253 SqFt
Status Active
MLS # 6760232
Property Type Single Family Residence
Price Type --
You will love this soft contemporary remodel in the beloved Scottsdale Princess TPC gated community. Easy to maintain patio home perfect for a second home or year round living. 3 bedrooms, plus 3 full baths and added bonus office room this is also excellent as a luxury snowbird rental with it's convenient location. The expansive great room segues into the dining space and open kitchen that invites entertaining. Large quartz Center island, abundant white oak style floors, wide baseboards, shutters throughout and tasteful fresh paint. Spacious primary with remodeled bath, plus bonus addition for an office/ work area. North/South exposure with Privately landscaped lot for backyard dinners or coffee in the Courtyard with Mountain Views. Priced well below the neighborhood average. Mature fruit trees, grapefruit, tangerine, lemon and lime and extra parking space in the cul de sac. ***This PRIME LOCATION is walking distance to TPC GOLF COURSE, FIVE STAR FAIRMONT SCOTTSDALE PRINCESS RESORT & SPA (Princess spa membership option), SCOTTSDALE SPORTS COMPLEX, & WESTWORLD. QUICK DRIVE TO SCOTTSDALE AIRPORT, AIRPARK, WHOLE FOODS, MAYO CLINIC, KIERLAND & SCOTTSDALE QUARTER FOR A VARIETY OF RESTAURANTS, SHOPPING & ENTERTAINMENT....PLUS JUST MINUTES TO THE 101 LOOP AND 51 FOR CONVENIENT TRAVEL TO THE GREATER SCOTTSDALE AND PHOENIX AREAS. THIS IS THE PLACE TO BE FOR ACCESS TO THE BEST AMENITIES SCOTTSDALE HAS TO OFFER WHILE ENJOYING THE PRESTIGIOUS PRIVATE GATED CROWN POINT COMMUNITY. MINIMAL HOA FEES, SMALL INTIMATE COMMUNITY. PROPERTIES LIKE THIS DO NOT COME UP FOR SALE OFTEN! THIS HOME IS TURNKEY AND THE FURNITURE CAN BE PURCHASED ON A SEPARATE BILL OF SALE. SEE LISTING AGENT FOR DETAILS. WOULD MAKE A WONDERFUL SNOWBIRD RENTAL AS WELL

3100 E Oak Hill Drive Prescott, AZ 86303

$1,074,999 - 4Br/3Ba -  for Sale in Spruce Mountain Club, Prescott
Open House
$1,074,999
4 Beds
3 Baths
2,490 SqFt
Status Active
MLS # 6778884
Property Type Single Family Residence
Price Type --
Here it is, the perfect retreat you've been searching for! Nestled in the pines and surrounded by countless trails, this stunning property is just under 20 minutes from downtown Prescott. It's a dream for entertainers, featuring a spacious kitchen and an outdoor deck equipped with a fireplace, built-in BBQ, and sink. Unwind and appreciate the local wildlife while enjoying luxurious living. The wonderful primary suite is conveniently located on the main level, while guests will love the downstairs quarters complete with their own living room with built in wet bar and fireplace. There's also an additional loft or game room above the garage. Don't miss out on this incredible opportunity!

2502 E Pine Island Lane Payson, AZ 85541

$1,074,000
4 Beds
4 Baths
3,184 SqFt
Status Active
MLS # 6739048
Property Type Single Family Residence
Price Type --
This is a perfect home for a large family or hosting guests providing them their own space. This home in the Pine Island section of Chaparral Pines boasts 4 bedrooms, 4 full bathrooms with two family rooms. It also features two decks overlooking the active water features adding to the serenity and peaceful evenings after a wonderful day of hiking or golf. Close to the amenities makes it easy to enjoy the Clubhouse and Fitness areas for the entire family. Whether you're looking to escape the city on the weekends or making it your full-time residence, this is one to come see.

2833 E Los Altos Road Gilbert, AZ 85297

$1,073,500
4 Beds
3.5 Baths
4,152 SqFt
Status Active
MLS # 6783749
Property Type Single Family Residence
Price Type --
FANTASTIC OPPORTUNITY to purchase this BEAUTIFUL HOME in the DESIRABLE STRATLAND ESTATES LOCATION at a GREAT PRICE*ENJOY the LUXURY of this STUNNING TOLL BROTHERS HOME with WOOD FLOORS, SHUTTERS, surround sound, and design features such as RESTORATION HARDWARE LIGHTS, BEAMS, and SHIPLAP at CELING*KITCHEN has DOUBLE OVENS, GAS cooktop and LARGE PANTRY*Main home has 4 BEDS, DEN, and 2.5 bath*CASITA is PERFECT for GUESTS with sitting room/kitchenette, full bath and bedroom*OWNER SUITE is split and has GREAT WALK-IN CLOSET, SEPARATE SHOWER and SOAKING TUB at bath**EXTERIOR includes ARTIFICIAL TURF, PAVERS, and COZY COURTYARD in front as well as SRAWLING BACK YARD with LARGE COVERED PATIO and DESIGNATED SITTING AREA*DON'T WAIT to COME BY and see WHY YOU will WANT to CALL this PLACE YOUR ''HOME'

400 Barcelona Road Sedona, AZ 86336

$1,070,000
4 Beds
2 Baths
2,030 SqFt
Status Active
MLS # 6770740
Property Type Single Family Residence
Price Type --
HUGE VIEWS! HUGE POTENTIAL! Rolling Hills Tomlinson Home Offering Panoramic Red Rock Views. Centrally-Located, elevated lifestyle in a quiet community just minutes away from all amenities Sedona offers; world class hiking, biking, shopping and dining. Stylish double doors (just re-sealed!) greet you and invite you into the Grand Foyer. Spacious, open and bright split floor plan boasts 20-ft ceiling apex in Great Room and huge custom glass windows to capture the endless views. In the cooler months, enjoy the warmth and ambience of the double-sided fireplace between the living room and dining room. Spacious Kitchen-Dining combo features 5-burner gas cooktop, a huge walk-in pantry, space for dining table and breakfast nook overlooking the backyard. Huge Primary Bedroom boasts double entry, red rock views, spacious walk-in closet, dual vanities, separate tub and shower with access to front and back patios. Sip coffee in the morning while observing the birds and native wildlife moving about. Both North facing guest bedrooms also have incredible red rock views, one with a charming fenced patio. Third guest bedroom has built in book shelves. Masterfully designed floor plan with vaulted ceilings in every room, creating the feel of a much larger home. North facing guest bedroom boasts incredible views and private walled patio to enjoy a cup of morning inspiration. Perfect for use as a four-bedroom home or convert one or more to office space as needed. Spacious laundry room with folding counter and storage cabinets Low maintenance Landscaping and private backyard positioned just right to enjoy the warmth of the Winter sun and plenty of shade to cool down in Summer. Mature towering trees flank the home offering ultimate privacy. Low traffic street in prestigious subdivision just minutes to galleries, shopping, hiking and restaurants. Great neighborhood for walking your furry loved one and taking in the views. Priced to Sell, this home has huge potential awaiting your creative touch in making it your dream home.

5711 S Wayne Drive Chandler, AZ 85249

$1,070,000
5 Beds
3.5 Baths
3,881 SqFt
Status Active
MLS # 6754166
Property Type Single Family Residence
Price Type --
Behind the gates of Barrington South, you will find your dream home in the heart of South Chandler! This stunning single-level, five-bedroom residence is the perfect blend of luxury and comfort. With a separate entrance for added privacy and versatility, this property is ideal for extended family or guests. Step inside and be greeted by spacious, upgraded interiors that flow seamlessly into the backyard—your personal resort oasis. The sparkling pool, surrounded by lush landscaping sets the stage for endless relaxation and entertaining. This home offers the best of Arizona living. Don't miss your chance to own this beautifully upgraded, move-in ready home. Schedule a tour today and make this South Chandler gem yours

13450 W Domino Drive Peoria, AZ 85383

$1,070,000
3 Beds
3.5 Baths
2,660 SqFt
Status Active
MLS # 6762840
Property Type Single Family Residence
Price Type --
Welcome to Trilogy at Vistancia, a 55+ Gated Community in North Peoria. Meet Shea Home's most popular model, the Rhythmic. 2660 sq. ft of interior living space, 3 BED + OFFICE + CRAFT ROOM + 3.5 BATH + 3 CAR Garage, plus a luxurious backyard to help you relax and embrace Arizona's year-round climate and our outdoor lifestyle. Open concept main living area with dramatic cross beams and tray ceilings, stunning double-sided stone gas fireplace, natural wood-look tile throughout, light crisp color pallet with white trim, doors and wood shutters. 2 separate, 4-panel sliding patio doors allow plenty of natural light, connecting your indoor and outdoor living spaces. Open concept kitchen and dining area, features upgraded light gray cabinetry, waterfall edge Quartz countertops, glossy subway tile backsplash, stainless steel appliance package and hood, plus a pantry for all your storage needs. Step into your master suite, light and bright with access to your private backyard. Full Master Bath features farmhouse-style doors, double sinks, a soaking tub, a large tiled shower with seating, and a spacious master closet. With 2 additional bedroom, 2 bathrooms, a craft room, a powder room, plus an elegant office with custom built-ins and a stone fireplace, this upgraded Rhythmic Model provides you with all the space and functionality you'll ever need. Step out back and take a deep breath, large L-shape covered patio provides the perfect retreat or entertainment space and features mechanical shades on the west side for additional shade and privacy. Classic travertine tile pavers with turf in-between design, calming wall water fountain, outdoor kitchen with serving area, and large ambient stone fireplace all against the backdrop of the Sonoran Desert skyline. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views, close proximity to 303 freeway access, 20 minutes to TSMC, shopping, dining, entertainment, health care, and less than 35 min. away from beautiful Lake Pleasant Regional Park.

14254 N 46th Place Phoenix, AZ 85032

$1,070,000
4 Beds
2.5 Baths
3,124 SqFt
Status Active
MLS # 6770362
Property Type Single Family Residence
Price Type --
Discover this stunning light-filled, single-story gem just 5 minutes from Paradise Valley, offering an elegant blend of design and comfort. Step through the grand double-door entry into a spacious 4-bedroom, 2.5-bath home featuring vaulted ceilings and an abundance of clerestory windows that bathe the interior in natural light. The open-concept layout includes a sprawling kitchen, perfect for gatherings, along with a cozy family room anchored by a fireplace. Formal living and dining areas provide the perfect setting for entertaining, while the oversized, split Master Suite boasts a sitting area and private backyard access. Outdoors, a covered patio overlooks a pristine pool and spa, with a lush, green lawn. The roof underlayment and AC units were new in 2017/2016.

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