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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10260 E White Feather Lane Unit 2039 Scottsdale, AZ 85262

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$559,000

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6786921

Property Type Apartment

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Resort Style Living! Stunning, Pristine & Move in Ready! Highly upgraded condo featuring Bosch appliances, quartz countertops, white shaker cabinets & plank tile wood flooring! Beautiful floor to ceiling custom stack stone fireplace w/ distressed wood mantle! Designer shower surrounds! Custom Shiplap wall in dining area! Gourmet Kitchen w/ gas cooking and new tile herringbone backsplash & under cabinet lighting! Like new & lightly lived in! Enjoy covered Patio w/ Mountain, City & Natural Desert Views. Prestigious Ridge at Troon North Community features a Heated Pool & SPA & Fitness Center! Minutes to more world class golf, shopping & entertainment! Conveniently located close to hiking & biking trails. Walking distance to Troon North Golf Club. Welcome Home!

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2663 W Kilarea Avenue Mesa, AZ 85202

Open House

$559,000

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6764485

Property Type Single Family Residence

Price Type --

Welcome to PRIME Dobson Ranch living! Nestled in one of Mesa's most desirable master-planned communities, this charming home offers the perfect balance of comfort and convenience. Step inside to be greeted by an open, sun-drenched layout, where natural light pours through every corner. The updated kitchen is a chef's oasis, featuring sleek white quartz countertops, stylish herringbone subway tile backsplash, modern cabinets, and stainless steel appliances. Newer wood floors flow throughout the home, providing a warm and inviting touch to go along with the newly painted to perfection interior walls and split master bedroom design. Relax in your private courtyard or take advantage of the oversized driveway and 2-car garage. The backyard is an entertainer's paradise with a sparkling diving pool, freshly refinished pool deck and a shaded pergola ideal for Arizona evenings. Dobson Ranch amenities include community pools, parks, pickleball courts, and so much more. With easy access to Hwy 101, Hwy 60, and just minutes from ASU, Tempe Town Lake, South Scottsdale, and the thriving Chandler tech corridor, you're never far from the best of the East Valley. This home is a rare find! Don't miss this opportunity - Come see your new home today!

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4702 E Laredo Lane Cave Creek, AZ 85331

Open House

$559,000

2 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6765456

Property Type Single Family Residence

Price Type --

Gorgeous home with a LARGE PRIVATE BACKYARD with MOUNTAIN VIEWS! Single Story 2 bedroom and OVERSIZED OFFICE/DEN. PERFECT FOR WORKING FROM HOME!! ***Space can be converted into a 3 bedroom plus a den*** Granite countertops and stainless steel appliances in kitchen. Travertine flooring in kitchen, dining, living and den areas. Bedrooms are carpeted. Plantation shutters throughout the home. Tranquil back yard with flagstone, built in BBQ, fire pit, waterfall and above ground spa, view fencing. Surround sound in great room/dining area and den. COME SEE IT BEFORE IT'S GONE!

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14823 W El Cortez Place Surprise, AZ 85387

$558,961

3 Beds

2.5 Baths

2,594 SqFt

Status Active

MLS # 6747471

Property Type Single Family Residence

Price Type --

Oxford plan with expected completion in November. Have toys? This home has a 4-car tandem garage. Professionally designed with quartz countertops, wood-look tile, light gray cabinets, etc. Located in beautiful Miravida surrounded by mountains and many neighborhood amenities like playgrounds, pickleball courts, and picnic areas.

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14189 W Sand Hills Road Surprise, AZ 85387

$558,688

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6758381

Property Type Single Family Residence

Price Type --

MLS#6758381 January Completion! The 50RM1 floorplan at Rancho Mercado combines functionality with elegance. Step into the foyer and discover an inviting open-concept design that effortlessly connects a spacious gathering room, dining area, and gourmet kitchen. The outdoor living area is perfect for al fresco dining and memorable family moments. The owner's suite, thoughtfully tucked away for privacy, features double vanities and a large walk-in closet, adding a touch of sophistication to this stunning home. Structural options include: alternate A/C Location.

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4008 E Cholla Canyon Drive Phoenix, AZ 85044

$558,500

4 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6732455

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! RIGHT OFF THE I10 AND LOOP 202, .THIS GORGEOUS HOUSE IS FULLY UPGRADED INCLUDING NEW PAINT, NEW CARPET AND TILE, NEW BLINDS, NEW CEILING FANS, NEW MIRRORS IN THE BATHROOM AND LIGHT FIXTURES, NEW BATH AND KITCHEN FAUCETS, NEW HARDWARE, NEW TOILETS, NEW APPLIANCES EXCEPT THE REFRIGERATOR WHICH IS ONE YEAR OLD, NEW A/C, NEW ROOF, ALL NEW LANDSCAPING WITH NEW IRRIGATION, NEW GARAGE DOOR AND THE LIST GOES ON!

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1401 E Osborn Road Phoenix, AZ 85014

$558,000

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6667358

Property Type Single Family Residence

Price Type --

This beautiful 1947 home in Ashby place neighborhood is in the heart of Phoenix just north of Cheery Lynn Historic District. Nicely updated with brand new dual pane energy efficient windows throughout entire house, fresh interior and exterior paint, new shower tile, granite countertops and stainless steel appliances in kitchen, new roof in 2022. Detached carport, shop/storage. Solar lease. Close to Phoenix Country Club, Phoenix Children's Hospital, quaint eateries, freeways 51 and 10 freeways. You don't want to miss out on this lovely home.

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2527 W Brookhart Way Phoenix, AZ 85085

$558,000

3 Beds

2.5 Baths

2,446 SqFt

Status Active Under Contract

MLS # 6736947

Property Type Single Family Residence

Price Type --

Wake up to beautiful mountain views from the primary suite of your new home, where convenience meets natural beauty! There are 3 spacious bedrooms upstairs and an office conveniently located downstairs—perfect for work-from-home days or a hobby space. Don't forget the fantastic pool out back complete with a calming water feature. There's easy access to the AZ Canal Trail System, Deem Hills Rec Area, and the Sonoran Nature Preserve. On the filp-side you're close to shopping and entertainment with the Norterra Entertainment District just two miles away. Dive in, relax, and enjoy the sunny side of life in this wonderful home!

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10149 E Tupelo Avenue Mesa, AZ 85212

Open House

$558,000

2 Beds

2 Baths

1,763 SqFt

Status Active

MLS # 6724621

Property Type Single Family Residence

Price Type --

MOVE IN READY home in the highly sought after 55+ community of Encore at Eastmark in the East Valley! This immaculately kept home sits on a large lot giving you ample space between neighbors and to enjoy the outdoors, whether it be to relax on the oversized patio complete with, hot tub, BBQ and wall mounted TV and plenty of room to entertain! Upgraded kitchen features granite countertops and stainless steel appliances and gorgeous wood look tile flooring in all the main living areas. Also features water softener, designer laundry, epoxy garage flooring, and many smart home features like ''Hyrawise'' irrigation system and ability to control thermostat & garage door from your phone make this home turn-key and give you the ability to lock and leave with ease. This home is a MUST SEE

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17684 W Pierson Street Goodyear, AZ 85395

$557,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6784018

Property Type Single Family Residence

Price Type --

BRAND NEW, energy-efficient home available in GATED COMMUNITY! The showstopper single-level Bailey floorplan boasts a charming front porch, 5 bedrooms each with a spacious walk-in closet and a 3-car garage! This home has white cabinets featuring a white backsplash, quartz countertops in kitchen, wood look tile flooring and beige carpet. ALREADY INCLUDED - washer, dryer, window blinds (except slider), refrigerator, soft water loop and MORE!!!! Enjoy EXCLUSIVE amenities right at your doorstep including parks, pickleball, soccer, play area, walking trails, basketball court, ramada with outdoor kitchen, gas grill and fireplace, and more!!! Each home is built with innovative, energy-efficient features designed to help you ENJOY more SAVINGS!

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20994 S 231st Street Queen Creek, AZ 85142

$557,990

5 Beds

3 Baths

2,232 SqFt

Status Active

MLS # 6784390

Property Type Single Family Residence

Price Type --

Brand new phase!. Our Clark plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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5839 E Jensen Street Mesa, AZ 85205

$557,900

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6766663

Property Type Single Family Residence

Price Type --

This Charming three-bedroom home with a three-car garage and bonus room that can be used as a media room, exercise or playroom. This home is nestled in the golf course community of Alta Mesa. Upon entering the home, you will be greeted , by light bright walls and vaulted ceilings. Coupled with a two-way fireplace that leads to a spacious and cozy family room. The heart of the home is the kitchen. A haven for a culinary enthusiast. Large granite island counters for eating and entertaining. The backyard epitomizes comfort relaxation. Three mature fruit trees synthetic grass, gravel a privacy wall and so much more . Brand new AC unit just installed in September 2024

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