Illustration: Rebecca Zisser/Axios

For many in the generation of young adults who came of age during the financial crisis, owning big-ticket items like houses and cars is no longer seen as wise — or necessary.

The bottom line: Formative financial anxieties were cemented just as smartphones arrived, enabling the rise of "sharing" and "gig economy" services like Uber.

Compared to Baby Boomers at the same age, millennials are:

  • More likely to live with their parents.
  • Less likely to be homeowners.
  • More than twice as likely to be unmarried.
  • Less likely to have children.

They also have more than three times as much debt, especially from college loans.

"Millennials want to hold on to the money they have" because they saw their parents lose their jobs and homes, says Morley Winograd, who has written three books about the Great Recession generation.

Apple opened its iPhone App Store just two months before Lehman Brothers went bust, creating the conditions for mobile services that reduced the need to own high-priced items like cars.

  • Even Airbnb was partially a byproduct of these dueling factors, with two of its co-founders hatching the idea after housing travelers to help pay their rent in late 2007, which is still a common reason hosts use the service, according to global policy chief Chris Lehane, who adds: "That time period is very much in the DNA of Airbnb."

Go deeper: Being 30, then and now

Go deeper

Updated 1 hour ago - Science

Texas and Louisiana face fresh flood threat from Tropical Storm Beta

Tropical Storm Beta slowly approaching the Texas coast on Monday. Photo: National Weather Service/Twitter

Tropical Storm Beta was dumping heavy rains over Texas as it churned its way inland overnight, bringing the risk of "life-threatening storm surge" and flooding to parts of the state and Louisiana, the National Hurricane Center said.

What's happening: The slow-moving storm was causing coastal flooding along areas including the bays near Houston and Galveston in Texas Monday, per the National Weather Service. Texas Gov. Greg Abbott (R) made a disaster declaration and Louisiana Gov. John Bel Edwards (D) declared a state of emergency Monday.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,328,238 — Total deaths: 964,839— Total recoveries: 21,503,496Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,857,967 — Total deaths: 199,884 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Louisville police declare state of emergency as Breonna Taylor decision looms

A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

The Louisville police chief declared in a memo obtained by news outlets a "state of emergency" for the department on Monday to prepare for Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

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