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National

Rising home prices, falling savings rates, record debt levels and strict lending practices have contributed to pushing homeownership farther out of reach for aspiring young buyers. 

Why it matters: Owning a home is considered a first step toward financial security and has become more difficult as Americans experience the biggest wealth gap since the Roaring '20s.

Most millennials won’t be able to put a 20% down payment on a home until they’re in their mid-40s, according to an analysis on housing affordability from Unison, a company that helps with a down payment in exchange for a percentage of the eventual sale price.

A 20% down payment isn't essential, but it can qualify borrowers for lower interest rates, a waiver on monthly mortgage insurance and save money for borrowers over time. 

It takes 14 years to save for a 20% down payment on a median-priced home with a median income, compared to 9 years in 1975.

Notable: Nearly 75% of first-time, noncash buyers put down less than 20% in 2018, compared to 55% of all homebuyers, according to National Association of Realtors. 

In 1975, it was not only easier to save for a down payment, but loan payments were usually a smaller share of income than today.

Americans were able to save an average of 13.4% of income in 1975, more than double the 6.1% rate today, according to the Bureau of Economic Analysis. 

What's happening: More people are renting or moving to the suburbs. 

The housing shortages in job-rich cities mean millennials are either signing leases or buying houses with higher mortgage rates. More are leaving expensive cities for more affordable suburbs, the Wall Street Journal (subscription) reports. 

The number of investors purchasing single-family homes is at an all-time high. Private-equity firms and real estate speculators with cash offers are outbidding homebuyers, the Wall Street Journal reports. 

Federal Reserve data concluded student debt is responsible for a 20% dip in homeownership for young adults.

What it means: Millennials have changed "the composition of housing starts and the housing market, resulting in the construction of more multifamily dwellings (apartments) than in past cyclical expansions," Joe Brusuelas, chief economist for RSM, tells Axios.

The bottom line: The housing market is still out of reach for average Americans, according to the U.S. Home Affordability Report by ATTOM Data Solutions. Not all millennials want to buy homes, but those who do are faced with waiting longer to gather a down payment in cities with skyrocketing costs of living, or moving to the suburbs.

Go deeper: The bottom 50% of Americans now have 1% of America's wealth

Millennials are relandscaping the housing market

Not all millennials want to buy homes, but those who do struggle with a down payment.

Illustration of a row of houses shaped like arrows charting upward.

Business

Affordable housing

Dems' secret Senate weapon: "American heroes"

Meanwhile, the GOP tries to paint them as radical socialists.

Politics

Senate

Policymaking

2024 will be an election year like no other, as President Biden seeks re-election amid economic uncertainty, two wars and questions about his age. His likely foe, former President Trump, faces felony charges and vows revenge on his political enemies. Meanwhile, Americans generally are dissatisfied with those choices and are divided over immigration, race, education and more.

Politics & Policy

Sports

Axios Sports

England and New Zealand will go head-to-head in the Cricket World Cup final on Sunday, with both countries looking to win their first ever world title.

How it's played: Cricket has two teams of 11 players that take turns batting and playing the field. Like baseball, the objective is to score more runs than the opposing team.

The field: A cricket field is made up of a large grass oval with a 66-foot-long playing area, or "pitch," in the middle. While a baseball field has boundaries that determine fair vs. foul, in cricket, the entire field is in play.

Wickets: On both ends of the pitch are wickets, which are made up of three wooden poles called "stumps" and connected on top by two horizontal wooden pieces called "bails." (see illustration below)

The batting team sends out two batsmen who always work in pairs. Their job is to score runs and defend their wickets, and they continue hitting until they get out.

If the batsman hits the ball and both he and the non-striking batsman safely run to the opposite crease, this scores one run. They try to do this as many times as possible, scoring a run each time.

If the batsman hits the ball and it reaches the boundary (aka, outfield fence) on the ground, this automatically scores four runs (no running required).

If the batsman hits the ball and it reaches the boundary on the fly (aka, a home run), this automatically scores six runs.

If the bowler bowls the ball too high, too wide or throws a "no-ball" (an illegal bowl of any kind), this automatically scores one run.

The fielding team puts all 11 players on the field, one of whom is designated as the bowler (aka, pitcher). The five main ways to get a batsman out:

Bowled out: If the bowler bowls the ball and it knocks over either a stump or a bail, the batsman has been bowled out.

Caught out: If the batsman hits the ball in the air and a fielder catches it, he's been caught out.

Run out: If a batsman runs for his partner's crease and the ball is thrown into the wickets before he gets there, he's been run out.

Leg before wicket (LBW): If the ball hits the batsman's leg and the umpire thinks it would have hit the wickets if his leg wasn't in the way, he's ruled out.

Stumped out: If the batsman swings and misses and the wicket keeper (aka, catcher) catches the ball and pushes it into the wickets before the batter can return to the crease, he's been stumped out.

Game format: After six bowled balls (aka, an "over"), the field of play flips (the pitch is symmetrical so you can play in either direction) and the bowler changes.

Cricket formats vary, but in the World Cup, an "inning" ends after 50 overs — or when the batting team has batted through the order. Once both teams have batted, the game ends and the team with the higher score wins.

How to watch the Cricket World Cup final

England and New Zealand face off on Sunday.

World

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The House Judiciary and House Intelligence committees delayed Robert Mueller's testimony for another week on Friday, giving lawmakers additional time for questioning, NBC's Alex Moe reports. 

The big picture: Mueller is now expected to testify Wednesday, July 24. His public testimony has long been the white whale for Democratic leaders who have staved off calls to impeach President Trump until they can further "educate the public" on the contents of the special counsel's report.

Where it stands: Mueller's testimony is not anticipated to be a bombshell for anyone who has read his report. Each committee will have 3 hours to ask Mueller questions — after Republicans and Democrats complained they would not have enough time to question Mueller on July 17.

Under the old agreement, Mueller would have testified for 2 hours in front of each committee — which rattled members who would not have been able to ask any questions.

Several Dem committee members told Axios they saw the 2-hour time limit as Attorney General Barr walling them off from Mueller and his team.

Judiciary committee Democrats intend to dig into the 10 times that Trump potentially obstructed justice in the Mueller report, per WaPo.

Go deeper: Mueller agrees to publicly testify to Congress 

Mueller's testimony delayed another week

The questioning is not expected to be a bombshell for anyone who already read Mueller's report.

Robert Mueller testifies in 2013. Photo: Chip Somodevilla/Getty Images

Robert Mueller

After more than a year-and-a-half probe, the Federal Trade Commission voted to approve approximately $5 billion in settlement fees with Facebook this week, a source familiar with the case confirmed to the Wall Street Journal.

Why it matters via Axios' David McCabe: A settlement of the long-running investigation would move the global debate over online privacy into a new phase, sparked, in part, by revelations about Facebook's treatment of user data. The $5 billion fine would represent the largest ever of its kind.

FTC commissioners reportedly voted along party lines, with 3 Republicans in support of the settlement and 2 Democrats opposed.

What's next: The final settlement will likely include further guidance on Facebook's management of user privacy. The issue will be reviewed by the Justice Department’s civil division.

Both the FTC and a Facebook spokesperson declined to comment.

Go deeper: How to read a Facebook privacy settlement

FTC votes to approve nearly $5 billion in settlement with Facebook

A settlement of the long-running investigation would punctuate the global debate over online privacy.

Technology

Facebook

Big Tech

Social Media

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

President Trump has told confidants he's eager to remove Dan Coats as director of national intelligence, according to five sources who have discussed the matter directly with the president.

The state of play: Trump hasn't told our sources when he plans to make a move, but they say his discussions on the topic have been occurring for months — often unprompted — and the president has mentioned potential replacements since at least February. A source who spoke to Trump about Coats a week ago said the president gave them the impression that the move would happen "sooner rather than later."

The director of national intelligence serves as an overseer of the U.S. intelligence community and a close adviser to the president and National Security Council, producing each day's top-secret Presidential Daily Brief.

A source with direct knowledge told me that Trump has privately said he thinks the Office of the Director of National Intelligence represents an unnecessary bureaucratic layer and that he would like to get rid of it. He has been told that eliminating the ODNI is not politically possible, but still would like to "downsize" the office, the source said. 

A government source who has discussed the matter with Trump characterized the president's thinking this way: "It's time for a change. Dan's a great guy but the president doesn't listen to him anymore."

A White House official responded: "We have no personnel announcements at this time."

The big picture: Coats has rankled Trump more than once with his public comments, according to sources with direct knowledge. 

He angered Trump when he appeared to criticize the president's relationship with Russian President Vladimir Putin during an on-stage interview with NBC's Andrea Mitchell at last year's Aspen Security Forum.

He drew Trump's ire again in January when he told a Senate panel that North Korea was unlikely to give up its nuclear weapons, contradicting the president's cheerier assessments. 

The other side: In a statement provided by the ODNI, Coats said, "I am focused on doing my job, and it is frustrating to repeatedly be asked to respond to anonymous sources and unsubstantiated, often false rumors that undercut the critical work of the Intelligence Community and its relationship with the President. I am proud to lead an IC singularly focused on the vital mission of providing timely and unbiased intelligence to President Trump, Vice President Pence and the national security team in support of our nation’s security."

Coats previously served for 16 years as a senator from Indiana — a tenure bookended by a stint as the U.S. ambassador to Germany during George W. Bush's administration.

He's also close with Vice President Mike Pence, a fellow Hoosier. (The above statement from Coats was originally provided by the ODNI in response to an NBC News report in March that Pence had talked Coats out of resigning.)

What's next: One potential replacement Trump has mentioned to multiple sources is Fred Fleitz, who formerly served as chief of staff to national security adviser John Bolton. 

Fleitz was previously a CIA analyst and a staff member of the House Intelligence Committee. He is currently the president of the Center for Security Policy.

Trump has told people that he likes Fleitz and has "heard great things." Fleitz has publicly criticized Coats and even called for Trump to fire Coats on Lou Dobbs' Fox Business program after Coats' Senate testimony. Fleitz accused Coats of undermining and "second-guessing" the president.

Go deeper: Dan Coats says he wishes Trump took a different approach in Helsinki

Trump tells confidants he's eager to remove Dan Coats

His discussions on the topic have been occurring for months.

Director of National Intelligence Dan Coats. Photo: Jabin Botsford/The Washington Post via Getty Images

Axios

Saturday's top stories

Millennials are relandscaping the housing market

Dems' secret Senate weapon: "American heroes"

How to watch the Cricket World Cup final

Mueller's testimony delayed another week

FTC votes to approve nearly $5 billion in settlement with Facebook

Trump tells confidants he's eager to remove Dan Coats

Mainstream retail's move into CBD could create $24 billion industry

White House regroups on drug prices

Alex Acosta resigns as Trump's labor secretary

Argo AI gets $2.6 billion boost in new Ford-Volkswagen deal

Trump's cave on Census stuns allies

Iconic brands lose their luster

A digital breadcrumb trail for deepfakes