Homeownership

Climate change rains insurance misery on homeowners

Illustration of an umbrella with a chain around the middle locked with a padlock.
Illustration: Aïda Amer/Axios

Climate change is making home insurance unavailable or unaffordable in the riskiest areas for hurricanes, wildfires and flooding.

Why it matters: As insurance companies pay record amounts to homeowners who have suffered partial or total losses, they retreat from or raise premiums in places where claims are owed.

Millennials aren't ready for recession

Illustration: Aïda Amer/Axios

The American dream is on hold.

By the numbers: Millennial homeownership is 8 percentage points lower than previous generations at this age. Student debt is at $1.5 trillion, with defaults rising. Just 37% of Americans under 35 owned stocks last year, vs. 55% in 2001.