Yes, millennials are interested in buying homes, just like previous generations. But they're renting longer, waiting it out until they can afford the real deal.
On an episode of Business Insider's podcast, "Success! How I Did It," Spencer Rascoff, CEO of the real-estate website and app Zillow, broke it down for US editor-in-chief, Alyson Shontell:
"Homebuilders really only build high-end houses now. It's very difficult for a builder to get it to pencil to build a 2,500-square-foot, 2,000-square-foot, 1,500-square-foot starter home, because they can just make so much more money building a 6,000-square-foot-plus home."
As a result, Rascoff said, home prices shoot up, leaving minimal inventory at the middle and low end of the housing market.
So many millennials end up renting until their 30s, when they buy a home that costs $1 million.