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.

What’s Your Home Worth?

Search for Your New Home

Listing types.

For Sale

For Rent

Land

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

7017 W Mcrae Way Glendale, AZ 85308

$489,000

3 Beds

2.5 Baths

2,304 SqFt

Status Active

MLS # 6668087

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Glendale's prestigious Arrowhead Country Club neighborhood! This spacious 3-bedroom, 2.5-bathroom home boasts 2,304 square feet of comfortable living. Enjoy a generously sized living area perfect for entertaining guests or relaxing with family. The very large kitchen is a chef's delight, offering ample space for culinary creativity. Retreat to the large master suite for ultimate comfort and relaxation. Beat the Arizona heat with your own private pool, ideal for refreshing dips and poolside lounging. Conveniently located near Abrazo Arrowhead Hospital and neighborhood schools, with easy access to the 101 freeway and shopping at Arrowhead Town Center. Don't miss out on this incredible opportunity to experience the epitome of Glendale living

View Property

12246 W Paso Trail Peoria, AZ 85383

$489,000

4 Beds

3 Baths

2,333 SqFt

Status Active

MLS # 6670743

Property Type Single Family Residence

Price Type --

Nestled in the sought-after Coldwater Ranch Community, this fabulous two-story home at 12246 W Paso Trl, Peoria, AZ 85383, showcases a perfect blend of comfort and style. Built in 2014, this single-family residence boasts a spacious 2,333 square feet of living space, offering ample room for a growing family The property features 4 bedrooms and 3 bathrooms, providing convenience and privacy for all family members With stone accents and colorful manicured landscaping, this home exhibits a charming exterior, contributing to its overall curb appealExplore the vibrant community of Coldwater Ranch and enjoy the proximity to local amenities and attractions. This home stands as a testament to quality craftsmanship and a desirable living experience.

View Property

3921 E Sweetwater Avenue Phoenix, AZ 85032

$489,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6667808

Property Type Single Family Residence

Price Type --

OWNED solar tesla panels, NO HOA! N. Phx 3bed/2bath 2-car garage, storage room, shed, RV gate & parking on a corner lot. Split floor plan, wy eng wood plank floors, ss appliances, propane cooktop and a walk in pantry. Primary bedroom with walk in closet, double sinks, sitting room w/separate exit to backyard. Back patio full length lattice pergola and separate grilling ramada. Font and back yards low maintenance. PV School District, mins to shopping, dining, entertainment, pv mall redevelopment, freeways, walking/biking paths, hiking, park, pickleball and tennis courts all nearby.

View Property

11748 N 148th Avenue Surprise, AZ 85379

$489,000

4 Beds

3 Baths

2,285 SqFt

Status Active

MLS # 6672081

Property Type Single Family Residence

Price Type --

PRIDE OF OWNERSHIP TURN-KEY HOME! Corner lot! This home is ready for new owners to make it their own. Downstairs offers 1 bedroom and bathroom for in-laws or guest. Living room opens up to the kitchen and dining area. Brand-new stainless-steel appliances, new patio slider, new flooring in main living areas and new carpet in all bedrooms. Upstairs you will find a large loft area great for family entertaining and access to the large patio. 3 more bedrooms and 2 full baths upstairs. Main bedroom offers two walk-in closets. The backyard is well manicured with a children's play area and room for a pool and much more. Home has recently been repainted and refreshed. Don't let this one pass. Get in to see this GEM before it's gone.

View Property

1647 E Grand Ridge Road Queen Creek, AZ 85140

$489,000

2 Beds

2 Baths

1,574 SqFt

Status Active

MLS # 6673612

Property Type Single Family Residence

Price Type --

This Monaco plan is ready for you! Start enjoying Encanterra in 2024! The home is situated on a premium homesite with no neighbors behind, tons of privacy and mature trees. Cozy up by the backyard fireplace and enjoy your morning coffee or glass of wine at night. The front courtyard is ideal for entertaining or waving to the neighbors as they walk by. The den makes a perfect home office but also offers a built in Murphy bed for extra guest space. Upgraded tile is throughout the main living areas and the home offers a ton of natural light that creates a beautiful flow. This home is as short walk to the main clubhouse and Encanterra offers tons of amenities at your fingertips. Start living the Good Life at Encanterra today!

View Property

20478 N 267th Avenue Buckeye, AZ 85396

$489,000

2 Beds

2 Baths

2,323 SqFt

Status Active

MLS # 6674280

Property Type Single Family Residence

Price Type --

The Ideal Location that Captures Arizona Sunsets from a Private Backyard Oasis w/No Neighbors to the West. This Well-Maintained Fiesta Model is a MUST SEE! The 2,323 Sq Ft Home Lives Large w/an Open Concept Floor Plan & Gourmet Kitchen offering Granite Counter Tops, Tiled Backsplash, Upgraded Staggered Cabinets, U/L Pull-out Shelves, Stainless Steel Appliances & Island w/Glass Display Cupboards. Guest Bedroom has a Walk-in Closet & Jack-n-Jill Bathroom. You will Appreciate the Den/Office & Large Great Room w/Sliders to the Extended Patio featuring an Amazing Outdoor Paradise. Retire to the Spacious Owner's Suite w/ Patio Access, Large Closet, & En Suite w/Dual Sinks, Soaking Tub & Shower. Laundry Room Provides Extra Cupboard/Counter Space & Sink. Diagonal Tiles, Woodgrain Laminate, & Plantation Shutters Enhance the Home. The 3-car Garage Offers Extra Storage & Room for your Golf Cart. Owners Installed a New HVAC System in 2023. Festival Ranch Special Assessment CFD has Been Paid in Full. Don't hesitate to see this Spectacular Home. It is time to start Enjoying the FIRST-CLASS Amenities offered in Sun City Festival. A Great Place to Call Home!

View Property

20925 E Sonoqui Drive Queen Creek, AZ 85142

$489,000

4 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6675565

Property Type Single Family Residence

Price Type --

Great home and property recently updated and ready to go. Flooring, bathrooms, and kitchen remodeled in 2022 as well as new roof. Open kitchen and living room area and split master bedroom floor plan. Popular Villages at Queen Creek sub-division with parks, pool and golf course. Come take a look and see.

View Property

15611 W Shangri La Road Surprise, AZ 85379

$489,000

4 Beds

2 Baths

2,118 SqFt

Status Active

MLS # 6688003

Property Type Single Family Residence

Price Type --

Greer Ranch & Nestled on a corner lot, it features 4 beds, 2 baths w/ teen room/flex area & 2-car garage, Fabulous interior showcases a large living room, plantation shutters, abundant natural light, vaulted ceilings that add to the airy feel. The impressive eat-in kitchen boasts SS appliances, granite counters, recessed lighting, a pantry, ample white cabinetry, & an island w/breakfast bar. Versatile den/teen rm/office. Built-in desk. Ideal for an In-Law suite. Spacious main bedroom offers a barn door that opens to the ensuite with dual sinks, sizable shower, & a walk-in closet. 4th bedroom, with mini split, was formerly a garage. Enjoy the fantastic backyard with a covered patio, grassy area, firepit, & a sparkling pool! VA Assumable loan at 4.125% pool pump 2023 & liner 2021.

View Property

4114 E Rustler Way Gilbert, AZ 85297

$489,000

4 Beds

2 Baths

1,754 SqFt

Status Active

MLS # 6630728

Property Type Single Family Residence

Price Type --

Imagine the Possibilities. Single level split floorplan with no interior steps. Ready for your personal touch This home is located in Power Ranch. Active community with Pool,, Splash Pad. Pickell ball, , Soccer field, Fishing lakes, trails and so much more. Wood/laminate flooring and tile. Spacious main bedroom with walk in closet. Light and bright. Backs to single level homes. AC replaced in 2023. Roof updated in 2024.

View Property

5122 N 31st Way Phoenix, AZ 85016

Open House

$489,000

2 Beds

2 Baths

1,319 SqFt

Status Active

MLS # 6681747

Property Type Apartment

Price Type --

Contemporary Spacious Updated -TURN-KEY exceptional BILTMORE TERRACE at ARIZONA BILTMORE ESTATES controlled access gated & security patrolled -Enjoy Walking Paths 2 Pools+ 2 Spas, Clubhouse on the GOLF COURSE & LAKES Fitness Center ELEVATOR -Relaxing South Exposed Balcony for great natural light! CONVENIENCE: pedestrian access direct to BILTMORE PLAZA Restaurants+Safeway Grocery Stores! Spacious kitchen w plenty of cabinet+counter space & breakfast area. UPDATED baths w stone vanities, throughout LED Lighting+USB-charging plugs, carpeting Spacious master suite w dressing & conversation areas and double-sinks - desk! Inside full Laundry! Both Hot & Cold water included w HOA, on demand & unlimited!

View Property

10746 W Wheatridge Drive Sun City, AZ 85373

Open House

$489,000

3 Beds

2 Baths

2,153 SqFt

Status Active

MLS # 6677186

Property Type Single Family Residence

Price Type --

Stunning views for days! Welcome to this customized Forrester model w/stucco exterior positioned on 13th hole of Willow Creek Golf Course. You will love vaulted ceilings, tile floors w/carpet in bedrooms, tons of natural light, custom touches in kitchen with SS appliances & floor to ceiling cabinets. Plenty of space for entertaining, & spectacular sunsets. Boasting a huge master bedroom w/beautifully appointed ensuite, property also features 2 large guest bedrooms & guest bath in hall. Plus, the wonderful enclosed heated/cooled sun room featuring wall-to-wall windows overlooking an amazing view of the lush golf course(with 2 sliders to 2 sep patios.) WiFi remote controlled thermostat & garage door opener. In the garage, you'll find a work bench w/peg boards, & shelving a wall-mounted a/c plus heavy duty mounted overhead storage. Property is conveniently located near shopping, entertainment, restaurants & medical facilities.

View Property

18185 W Windermere Drive Goodyear, AZ 85338

$488,995

3 Beds

2 Baths

1,672 SqFt

Status Active

MLS # 6571144

Property Type Single Family Residence

Price Type --

Stylish single-level home design with upgraded features throughout. The open-concept kitchen, dining room, and great room offer the perfect space for entertaining. The secluded primary bedroom suite provides a perfect getaway and is complemented by a luxe bath with dual-sink vanity, a glass-enclosed shower, and large walk-in closet. Additional highlights include expansive sliding doors to the desirable rear covered patio, a convenient drop zone, and centrally located laundry.

View Property