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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19625 W Cambridge Avenue Buckeye, AZ 85396

$460,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6676007

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16969 W Maya Way Surprise, AZ 85387

$460,983

3 Beds

2.5 Baths

3,025 SqFt

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MLS # 6691032

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Beautiful new home located in the heart of Sunrise. Very spacious Antelope plan, high performance home on an E/W located close to a neighboring school. This home is absolutely perfect for a growing family, or busy professionals who are ready to unpack, hang up a few pictures, and keep living life to its fullest! This popular floor plan includes Gourmet Kitchen, Home Automation, Geofencing, whole house air purification system, study is set up with Flex option for home office, gaming or home school complete with solid double doors.

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18022 W Avenida Del Sol -- Surprise, AZ 85387

$460,700

4 Beds

2.5 Baths

2,476 SqFt

Status Active

MLS # 6665848

Property Type Single Family Residence

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Come see this incredible floorplan, MOVE IN READY! An amazing layout with 4 bedrooms upstairs, a den downstairs, and 2.5 baths. In addition to being energy efficient and a Smart Home, the many upgrades make this one stand out. Great curb appeal, partial view fence, great size yard great for entertaining. Two-tone paint, 9' ceilings. Beautiful white cabinets, granite kitchen and baths, island, and walk in pantry. Lots of room to cook and move around! !

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18045 W Avenida Del Sol -- Surprise, AZ 85387

$460,535

4 Beds

3 Baths

2,476 SqFt

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MLS # 6681312

Property Type Single Family Residence

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Come see this incredible floorplan, MOVE IN READY! An amazing layout with 4 bedrooms plus a loft, and 3 baths. In addition to being energy efficient and a Smart Home, the many upgrades make this one stand out. Great curb appeal, nice size yard great for entertaining. Two-tone paint, 9' ceilings. Beautiful dark cabinets, granite in the kitchen and baths, island, and walk in pantry. Lots of room to cook and move around! !

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