More Des Moines millennials own homes than rent

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.