More Des Moines millennials own homes than rent
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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.
- The median home sale price in the metro for March 2023 was $269,990, according to the Des Moines Area Association of Realtors.
- Nationally, it was $424,000.
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.