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Illustration: Sarah Grillo/Axios

Over the last several years, millennials have rented to stay nimble and keep work opportunities open. Now, they're ready to buy.

Why it matters: About 4.8 million millennials are turning 30 in 2021, and many are expected to enter the home-buying game if they haven't already.

  • This wave of new buyers will have the opportunity to build and pass on wealth, and shape the market for years to come.

Flashback: Leading up to the financial crisis of 2008, many people bought homes they couldn't afford, allowing developers to gobble up foreclosures, David Kennedy, president of Charlotte-based Canopy MLS, tells Axios.

  • We're still feeling the impacts of that, but it allowed first-time millennial buyers to head into the market with the knowledge their first home may not be their dream home.
  • They're more open to multi-family options like condos and quadraplexes, so they can start building wealth despite today's low inventory of single-family homes.

The big picture: Millennials are getting older and entering a new stage of life, casting off their long-held moniker as the "renter generation," Realtor.com senior economist George Rati says.

  • The oldest millennials are turning 40 this year, and they want more space for their growing families.
  • First-time buyers are also ready to build equity, have more space, and take advantage of low relatively mortgage rates.

The state of play: Homebuyers are entering a competitive market, with inventory down and home prices surging across the board. Low mortgage rates give buyers more power, but there has to be a home to buy to take advantage of current deals.

By the numbers, per a Realtor.com study:

  • 43% of first-time millennial homebuyers have been looking for more than a year.
  • 44% say they still need more money for a down payment and other closing costs.
  • 34% say they can't find a house in their budget.

Where they're going: Millennials are leaving larger cities like New York and heading west or south. Migration patterns, according to SmartAsset, show five of the 10 most popular states among millennials have no income tax.

Data: U.S. Census Bureau migration data analysis by SmartAsset; Chart: Axios Visuals

What millennials want: Rati says the average millennial buyer wants a house with a nice backyard in a desirable, quiet location.

  • A garage, updated kitchens and bathrooms, good schools, and attractions nearby are also common wishlist items.
  • Millennials with money want to spend it. Grandfather Homes president Matt Ewers, who builds $1M+ custom homes, says he's noticed millennial buyers "are willing to spend it as they make it," adding amenities like $150,000 pools during the building process.
  • "They're not all investment bankers either," he says. Millennials who are able to afford the bonus luxuries are involved in anything from sales to multiple side hustles.

The bottom line: "Looking ahead," Rati says, "millennials will continue to be dominant participants in housing markets."

Go deeper

Felix Salmon, author of Capital
Apr 11, 2021 - Economy & Business

The dispiriting housing boom

Illustration: Sarah Grillo/Axios

It's a discouraging scene: Bidding wars, soaring prices, and fears that homeownership is becoming out of reach for millions of Americans. We're in a housing frenzy, driven by a massive shortage of inventory — and no one seems to be happy about it.

Why it matters: Not all bubbles burst. Real estate, in particular, tends to rise in value much more easily than it falls. Besides, says National Association of Realtors chief economist Lawrence Yun, this "is not a bubble. It is simply lack of supply."

Updated 2 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.