Economics/Class Relations

Millennial homebuyers are screwed

January 23, 2023
Hello, Insiders. In this remote-work era, there’s something I’ve been thinking about a lot: Homeownership. This week, I’ll be devoting my notes to this topic. But I want to start somewhere near and dear to my heart: Florida. It’s where I grew up. It’s where financial power player Ken Griffin is moving. And it was the fastest-growing state in 2022.

A few reasons for that: low costs (in theory), better weather, and the surge in remote work. But new Floridians told us they’ve regretted moving. Housing prices are going up — resulting in low affordable inventory. Flood-prone coastal homes could be tough to re-sell. Plus, there’s surprisingly high bills and intense storms.

I want to hear from the Floridians reading this. What’s your take? How has this surge in new residents changed the state? Let me know: And now, the news.

— Nicholas Carlson

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The big story
Getty; Marianne Ayala/Insider
Inside Ken Griffin’s rise to becoming one of Wall Street’s most powerful people — and what’s next.

To set the stage for how powerful of a figure Griffin is in the world of finance, I’ll hand things over to Insider’s Dan DeFrancesco, who writes our 10 Things on Wall Street newsletter (sign up for it here!):

2022 was another banner year for both Griffin’s hedge fund (Citadel posted $28 billion in revenue and a 38.1% return on its main fund) — and his trading firm (Citadel Securities nabbed $7.5 billion in revenue, per the WSJ).

So where do you go when you’ve already reached the top? Chief finance correspondent Dakin Campbell has a profile on Griffin, including his increased push into politics via eye-popping donations to conservative candidates.

The story, which includes a conversation with Griffin himself, is a fascinating look at how one gets to, and stays at, the top of one of the most competitive industries in the world.


Top reads

Marianne Ayala/Insider
  • Are jerks more likely to get ahead at work? While Elon Musk may have been able to bully his way to the top of the corporate world, the next generation of business leaders will be far less forgiving of such behavior. Here’s why.
  • Bad news for millennials. Soaring home prices and rising interest rates have pushed homeownership further out of reach, while a lack of investment has led to more competition and fewer options. In fact, things have never looked bleaker for first-time homebuyers. More here.
  • “I asked ChatGPT for real-estate advice.” Insider’s Dan Latu writes that the popular generative-AI tool didn’t give him earth-shattering advice — but it could be a good starting point for first-time buyers. Here’s the deal.
  • This woman became the subject of an episode of a true-crime podcast — without her consent. Sela Freuler attended a school for troubled girls that made headlines over the death of a student. Her story was retold in a podcast, and now she’s speaking out.
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  • How to build a $1 million real-estate portfolio with $14,000. Navy officer Ana Snider turned three properties into cash-flowing assets after putting little or no money down. She told Insider five ways you can do the same. Find them here.
  • “I learned I was pansexual years after marrying my husband.” Growing up in a small town, Kate Beeden had felt ashamed of her sexuality. After finally coming out, she worried she wasn’t queer enough, so she had to find her own queer community. Here’s how she did it.

Take a look

University of Maine
See inside this 3D-printed tiny home in Maine. A team from the University of Maine printed the 600-square-foot home using fully recyclable materials — and it’s surprisingly luxurious. The team hopes this innovation could help sustainably alleviate the US’s affordable-housing crisis. Take a look around.
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This edition was curated by Nicholas Carlson, and edited by Hallam Bullock, Lisa Ryan, Dave Smith, and Nathan Rennolds. Get in touch:

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