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.

What’s Your Home Worth?

Search for Your New Home

7150 N 40th Street Paradise Valley, AZ 85253

$15,900,000
5 Beds
6.5 Baths
9,333 SqFt
Status Active
MLS # 6641496
Property Type Single Family Residence
Price Type --
Ruby's organic design nestles harmoniously into the north facing slope of this breathtaking two-acre parcel. This private elevated basin is one of the premiere lots in the development, with both framed canyon views and distant vistas of Paradise Valley. This project embodies southwestern contemporary design with an organic stone plinth that grounds the program into the hillside. Horizontal steel blades cantilevering out above the desert floor below provide shade in the harsh climate while maximizing indoor and outdoor living. The palette draws warmth from the canyon geology, allowing the project to blend harmoniously with the pristine desert. The design amplifies and channels views from all spaces while providing an impressive 7 show car garage concealed into the stone plinth with oversized pocket doors that enrich the organic design. This set the stage for the sensational two-story glass atrium with floating stairs, double height pivot door, and a floating bridge which takes you to your private master suite, featuring exercise / spa area, office, laundry room, master closet and two water closets. The core of the living and entertainment space are situated on the western wing, capturing desert sunrise views and allowing for seamless flow to the elevated outdoor terrace and pool deck. Enjoy everyday living on top of the world. *This home won a Best in American Living Award 2021. Recognized as one of the premier home design-build awards in America.

7720 N Foothill Drive Paradise Valley, AZ 85253

$15,750,000
5 Beds
6.5 Baths
8,790 SqFt
Status Active
MLS # 6583700
Property Type Single Family Residence
Price Type --
****Project has PV Hillside Approval - Building Permit coming in Feb 2024**** ****Separate Guest Quarters - 1,300 Sq.Ft.**** ****Main Living Area - 5,890 **** ****Floor Plan in Doc Section**** Exceptional Spec being built on the NE Slope of Mummy Mountain. Bottom level - 6 Car Garage, Wine Cellar, Safe/Gun Room, Dumb Waiter to Kitchen, Separate Entrance to Guest Quarters, Staging area for parties, and an additional bedroom.

11173 E Feathersong Lane Scottsdale, AZ 85255

$14,995,000
6 Beds
6.5 Baths
7,698 SqFt
Status Active
MLS # 6622171
Property Type Single Family Residence
Price Type --
Absolutely Gorgeous Modern Luxury Estate in Silverleaf Upper Canyon!! This Rare Jewel purchased Aug of 2020 was barely lived in as a part time residence and is being offered as a Turnkey Home that includes $1.1 Million of professionally designed furnishings, artwork, rugs, accessories, technology, & housewares making it easy to move right in. Breathtaking panoramic city light & mountain views are unobstructed from this elevated homesite and offer both privacy and views. This well designed functional open floorplan was created by renowned architect CP Drewett and is sure to impress with exquisite finishes and furnishings only surpassed in grandeur by the incredible infinitely impressive views. The Main level includes Primary bedroom & two other full bedroom suites, Great Room, Dining Room Kitchen, Walk-in Pantry, Lounge/Bar Room, Pool Table Room (could be an office), Laundry/Mud Room, Powder Bath, AV Room, Elevator, and Garage. The Lower Level includes a Media Room, three Bedroom Suites, Storage Room, and Elevator. There is a beautiful light filled wood & iron staircase or choose the Elevator to take you effortlessly between the Main & Lower levels. Some of the amazing features of this home are: wood flooring throughout except baths & laundry, designer rugs in most rooms, built in automated shades or draperies, designer touches at tile in bathrooms & other tile areas, impressive light fixtures, wallpaper in several rooms, Control 4 Home Automation system plus Lutron Lighting & Shade Control systems, outdoor security cameras as well as inside the garage, music throughout all main interior & exterior areas, limestone trim at exterior elevation & patio floors, wood plank patio ceilings, 3 laundry rooms, and stone clad fireplaces. The large Great Room has a floor to ceiling stone slab fireplace, Dining w/ a wine display wall with lockable glass doors. Kitchen w/ 2 islands, 60 Wolf range, Subzero R&F, 2 dishwashers, veggie sink, & tons of storage, and a large walk-in Pantry with adjustable shelves including cabinets for storage & countertop space for staging. Lounge/Bar Room w/ access to front courtyard seating area, floating display shelves, sink, refer & ice maker, and lots of storage. Pool Table Room off of the Great Room area could be used as an office instead. Spacious Primary bedroom w/ beautiful fireplace & tv above, bi-fold door system that opens onto a covered patio w/ a hanging couch, and floor to ceiling automated draperies. Primary bath w/ lots of natural light, free standing tub next to doors that open out to a balcony w/ views to the city, large shower w/ floating bench, coffee bar w/ built in coffee maker & refer, spacious vanities w/ linen storage & plenty of drawers, and his & her toilets. Large Primary closet w/ natural light, built in dresser, adjustable shelving, and laundry room. Guest Suite w/ separate living room & coffee bar, two bathroom sinks, and direct exterior access to front courtyard areas. Powder bath w/ textured stone wall, floating vanity and a window for natural light. Spacious covered patio off Great Room w/ tv & limestone clad fireplace, other covered patios and decks for dining and lounging, built in Wolf barbecue, and a negative edge heated pool to soak up the amazing views. Large Media Room w/ candy bar, refer, and microwave downstairs to take in your favorite movie or show. One of the lower level bedroom suite bathrooms doubles as a guest bath for the Media Room and Swimming Pool. Lower level covered patios w/ outdoor Ping Pong table & multiple seating areas, adjacent turf area, & exterior stairs up to the pool level. 8-car Garage features air-conditioning, security cameras, epoxy coated floors, wall mount door openers and two car lifts with a spacious garage courtyard turnaround area that feeds all 5 garage doors. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

6044 N 44th Place Paradise Valley, AZ 85253

$14,900,000
4 Beds
7 Baths
10,656 SqFt
Status Active
MLS # 6529018
Property Type Single Family Residence
Price Type --
Welcome to this spectacular SINGLE LEVEL HILLTOP ESTATE with views from every direction! As you enter the gated circular drive and approach the spectacular entry foyer you'll be amazed by the height of the ceilings & walls of glass overlooking city & mountain views, resort sized living room, generous use of stone, marble and slab granite throughout, 44 ft hallway like no other, large formal dining room with city views, full size bar w ice maker/dishwasher near wine room, 10 ft burled redwood doors and cabinetry throughout, WEST WING features: powder room, Luxurious primary suite with coffee bar, oversized baths, 2 large customized closets, 2 granite showers & fireplace, incredible office with paneled ceilings, bookshelves and workroom, 4th bdrm as 1000 SQ foot gym/bedroom(s) Lovely patio with Camelback Mountain and city views...tile pool and pond, 2 firepits, BBQ station, dog run and 2 side yards. Entertaining paradise..nothing like this home

6516 E Meadowlark Lane Paradise Valley, AZ 85253

$14,888,888
5 Beds
7 Baths
8,964 SqFt
Status Active
MLS # 6644553
Property Type Single Family Residence
Price Type --
This architecturally significant, modern masterpiece is a trophy property. After years of excavation and construction, this stately 1.3 acre single level home will be completed in the next 6 months. The residence offers expansive views from Mummy Mountain, perched at the end of a private cul-de-sac with a separate Collectors Garage and Guest Casita. The SINGLE LEVEL interior offers an over the top Owners Suite with 2 massive Closets and a spacious Owner's Bathroom, 3 additional Ensuites, Office, Library, Gym, and Massive Kitchen open to the Great Room. The exterior offers the best of Arizona's indoor outdoor living with epic views, a see-through glass pool, rare large yard for pets or kids, outdoor kitchen, and a separate guest house. One of the Stately Collection of New Homes in PV.

5247 N Invergordon Road Paradise Valley, AZ 85253

$14,675,000
7 Beds
13 Baths
16,772 SqFt
Status Active
MLS # 6650786
Property Type Single Family Residence
Price Type --
Previously listed for $23M! A fabulous privately gated estate COMPLETELY REMODELED in 2022 WITH OVER THE TOP SUPER EXPENSIVE AND ELEGANT FINISHES on 2.2 Acres IN PARADISE VALLEY with Camelback Mtn views! THE MOST BEAUTIFUL KITCHEN IN TOWN, AN ENORMOUS GLASS WOMAN'S CLOSET + SO MUCH MORE! This 7 bedroom, 13 bathroom, 7 car garage, 16,772 sqft estate features a basketball/tennis court, large pool with slide, spa, expansive grass areas, 2 outdoor kitchens, movie theater with game rm, fabulous office with wood floors + small insets of marble, 2 butler pantries, amazing wine cellar + an elegant L shaped Zinc bar in the family room! The impressive estate also HAS 2 SEPERATE GUEST HOUSES- a 2 BEDROOM GUEST HOUSE AND A 1 BEDROOM GUEST HOUSE. Each with separate access. Call for more info!!

6515 E Bluebird Lane Paradise Valley, AZ 85253

$14,000,000
5 Beds
6.5 Baths
7,500 SqFt
Status Active
MLS # 6522992
Property Type Single Family Residence
Price Type --
GORGEOUS MOUNTAIN VIEWS IN NEARLY EVERY DIRECTION ON THIS FLAT YET ELEVATED LOT. BLUEBIRD LANE IS A QUIET, PRIVATE CUL DE SAC LOCATED IN THE HEART OF PARADISE VALLEY FEATURING 2 ACCESS POINTS. SURROUNDED BY WORLD CLASS ESTATES AND NOW THE RITZ CARLTON PROPERTIES. WELL RESPECTED MARK CANDALERIA IS THE MASTER OF THE SOUTHWEST ARCHITECT RESPONSIBLE FOR THIS MODERN MEDITERANEAN DESIGN . ADDITIONAL GARAGES CAN BE ADDED ! CLOSE TO SCOTTSDALE AIRPARK AND SCOTTSDALE QUARTER. A MEDIA/GAME ROOM, OFFICE, GUEST QUARTERS, RESORT STYLE BACKYARD WITH AREA FOR PETS AND KIDS , THIS HAS IT ALL. SPECIAL HOME ON A SPECIAL LOT.

7236 N 40th Street Paradise Valley, AZ 85253

$13,750,000
5 Beds
5.5 Baths
8,320 SqFt
Status Active
MLS # 6642564
Property Type Single Family Residence
Price Type --
Perched on the hillside, the beauty and overall experience of the Turquoise estate is paramount. Swaback Architects meticulously crafted the architectural design to harmonize with the pristine desert surroundings of the gated Crown Canyon community. Approaching this refined estate, a captivating waterfall entry feature, flowing from a 70-foot long infinity pool, extends a warm welcome. Its dramatic exterior prepares you for the impressive interiors where the canyon view captures your eye through an open kitchen and living area which perfectly divides the owner's wing to the North from three spacious guest bedrooms to the South. The lower level is an entertainer's paradise with a game room, gym, theater, golf simulator and indoor-outdoor bar, coupled with a private guest suite. Drawn to the outdoor beauty and what feels like an infinite deck, the mesmerizing views are to be admired under horizontal cantilevered rooflines designed to protect from the harsh Arizona sunlight. The main level elevator leads to an entertainer's utopia on the lower level with a game room, gym, theater, golf simulator and indoor/outdoor bar, coupled with a private guest suite. Exclusively designed for luxurious everyday living in captivating Crown Canyon.

6541 N 48th Street Paradise Valley, AZ 85253

$13,250,000
4 Beds
7 Baths
8,350 SqFt
Status Active
MLS # 6649318
Property Type Single Family Residence
Price Type --
Casa La Roca, the latest Paradise Valley estate from DNP Homes, is perfectly positioned on an exquisitely landscaped acre showcasing privacy, luxury, and breathtaking mountain views. Blending Mission-style architecture with natural, modern interiors, every detail of this residence exudes warmth and comfort. With stunning views of both Camelback and Mummy Mountains, guests arrive at a peaceful and private courtyard entrance and majestic tree in its solitary beauty that evokes old world charm. Once inside the courtyard, visitors are drawn through a 16' arched glass entryway with unimpeded mountain views along with the flawless ceiling detail including groin vaults and barreled hallways. Featuring single level living and captivating views from nearly every angle, including... the home office. This home was crafted for entertaining, and to live and enjoy the Arizona lifestyle in privacy and luxury. Every finish has been thoughtfully curated, from the hand chiseled stone and natural tile to the automated window treatments and drapes throughout, including the home theatre. The impeccable finishes are paired with every conceivable amenity for a modern luxury lifestyle that can only be achieved with new construction. All eyes are immediately drawn to the beautiful views of Camelback Mountain across the pool's 50' infinity edge. A fully appointed back kitchen and walk-in wine room, with tasting table, compliment the main kitchen and lounge, along with an outdoor kitchen for an absolute entertaining experience. The owner's wing includes a steam room, two master closets, and an additional boutique style Show Closet with private patio and mountain views. The entire home is outfitted with integrated audio/visual, and Crestron automation, for modern convenience. A private gate to the property leads to the 4-car climate-controlled garage capable of lifts if desired.

6612 E Hummingbird Lane Paradise Valley, AZ 85253

$12,999,999
5 Beds
5.5 Baths
7,104 SqFt
Status Active
MLS # 6659356
Property Type Single Family Residence
Price Type --
Designed to harmonize with its natural surroundings, while making its own bold statement, Hummingbird Residence exploits the natural grandeur of the desert wash traversing the site, while walls of glass and soaring roof forms reach out to capture mountain views. Social, family and entertainment zones are separated from peaceful private bedroom zones via a dramatic curved indoor bridge spanning the desert wash. A curved wall of glass welcomes views of nature and the infinity-edge pool along one side of the bridge while a gallery wall boasting artfully placed slots of natural light adorns the opposite side. Outdoor living spaces enhance the experience, creating intimate encounters with nature as well as grand festive spaces for outdoor gathering with family and friends. Building materials extend the connection to its surrounding, utilizing earth tone metal, architectural textured masonry, and copious expanses of glass to take in views while bathing the interior in soft diffused illumination. The homes warm modern interior is adorned with rich materials such as natural stone, custom millwork, and wood ceilings that visually soften while making a sophisticated statement.

7560 N Silvercrest Way Paradise Valley, AZ 85253

$12,995,000
6 Beds
8 Baths
9,094 SqFt
Status Active
MLS # 6639154
Property Type Single Family Residence
Price Type --
$3M price reduction! The most extraordinary Contemporary architectural masterpiece looks Brand New! This dramatic GLASS HOUSE sits high on the mountain across from Paradise Valley Country Club in a guard gated community. Walk outside from the home with no steps to 2 SWIMMING POOLS -- A 75 FT LAP POOL + an INFINITY POOL, plus dramatic + huge outside patios + a grass yard! With astounding views of CAMELBACK MTN + DOWNTOWN PHX, this both warm + sophisticated recently renovated 9,090 sqft home on 5 acres looks like it was built in 2024! 6 ensuite bedrms, including glass guest house w/ living rm, bedrm + kitchen. Floor to ceiling windows thru-out, MAGNIFICENT FINISHES, wine cellar w/ tasting rm+ 5 CAR GARAGES. This home lives like it is on flat land! The best buy in all of Paradise Valley! Designed by noted Italian Contemporary Architect, Mateo Cami.

11179 E Honda Bow Road Scottsdale, AZ 85262

$12,950,000
4 Beds
5.5 Baths
8,685 SqFt
Status Active
MLS # 6511133
Property Type Single Family Residence
Price Type --
The Riviera meets the Desert...Spectacular Desert Mountain Estate with Golf Membership available. Located in Apache Peak Preserve on 2+ private acres. Nestled among ancient rock formations, all overlooking the Valley for amazing year-round sunsets and city lights! Ultimate curb appeal with gated porte-cochere and circular auto court. Magnificent rose and lavender gardens encompass colonnaded patios, ramada and spa deck. Casita patio with enclosed rose garden. The home is a collaborative effort of 4 ''Masters of the Southwest'' for interior and exterior design, construction and landscape. Exquisite details abound in the selections of fixtures, finishes, appliances, and smart home technology, executed by expert artisans. There is a 30-day membership application and approval process.

Leave a Reply

Your email address will not be published.