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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

Exclusive: Lawmakers urge probe into DOJ's alleged racial profiling of Asians

U.S. Attorney General Merrick Garland. Photo: Win McNamee/Getty Images/Bloomberg via Getty Images

Nearly 100 members of Congress members urged Attorney General Merrick Garland to investigate the Justice Department's alleged racial profiling of Asians, according to a letter shared with Axios.

Why it matters: The case of Anming Hu, a scientist who was baselessly targeted in an espionage probe, has renewed scrutiny of the DOJ after an FBI agent admitted to falsely implicating the Chinese Canadian.

Physical stores go hybrid with micro-fulfillment centers

Illustration: Sarah Grillo/Axios

Retail stores of all sizes are turning part of their real estate footprint into logistics and fulfillment centers as they try to blend in-store shopping with e-commerce offerings.

Why it matters: In addition to staying competitive in a buy-everything-online environment, the trend is pushing brands to locate stores closer to dense population centers to try to reach consumers where they are and better cover the last-mile delivery zone to doorsteps.

Updated 2 hours ago - Sports

The Olympic events to watch today

Katie Ledecky. Photo: Al Bello/Getty Images

5 events to watch today...
  • Baseball: USA plays Israel in the opening round at 6 a.m. ET on nbcolympics.com (Watch the replay at 10:30 a.m. ET on NBC Sports).
  • Women’s soccer: USA takes on the Netherlands in the quarterfinals at 7 a.m. ET on NBC Sports (watch the replay at 6 p.m. ET on NBC Sports).
  • 🏊 🚴 🏃‍♀️ Team triathlon: The mixed team relay Triathlon makes its Olympic debut at 6:30 p.m. ET on USA Network.
  • 🏊‍♀️ Swimming finals: Watch Katie Ledecky swim the women’s 800m freestyle final and Caeleb Dressel go for his third gold at this year’s Games in the men’s 50m freestyle. Plus live action from the mixed 4x100m medley relay. Coverage starts at 9:30 p.m. ET on NBC.
  • 🏃‍♀️ Track and field: Athletes compete in prelims and round 1 of several events, including the women’s 400m hurdles and men’s 100m.