Apr 17, 2023 - Real Estate

More Des Moines millennials own homes than rent

Illustration of a for sale sign with an upward trending line instead of the sign.

Illustration: Aïda Amer/Axios

Millennial homeowners in Des Moines outnumbered renters over the last five years, according to a new RentCafe report.

  • Around 73% of Des Moines millennials own homes while the rest rent.

State of play: The millennial generation — people who were born between 1981-1996 — is in the prime home-buying age now.

  • But the age group has dealt with years of economic instability, such as student loan debt and the Great Recession — delaying homebuying.
  • 34 is the median-age for millennial homebuyers, which is older than previous generations.

The big picture: Now, for the first time nationally, millennial homeowners overtook renters in 2022.

  • And Des Moines is one of the top 10 metros where a larger share of them own a home rather than rent, the report found.

Zoom in: What sets Des Moines apart are the more affordable home prices, Gina Swanson, a realtor for Century 21 Signature Real Estate, tells Axios.

Zoom in: While home prices have gone up, so has rent, Swanson says.

  • For the first time in 20+ years, the average renter in the U.S. is spending 30% of their income on housing, according to Moody's Analytics.

The intrigue: The most requested things millennial homebuyers are asking for right now has to do with their furry friends.

  • "The thing that we always get, which I know is a little cliche, is that most people are looking for space for their pet," Swanson says.

Get more local stories in your inbox with Axios Des Moines.


Support local journalism by becoming a member.

Learn more

More Des Moines stories

No stories could be found

Des Moinespostcard

Get a free daily digest of the most important news in your backyard with Axios Des Moines.


Support local journalism by becoming a member.

Learn more