The age range of millennials - Bank of America Merrill Lynch economists used 25 to 34 - is usually prime time for purchasing a first family home. That demographic factor is one reason why some housing economists are $4.
However, the data has not yet caught up.
"We believe the delay in homeownership is due to tighter credit standard and lifestyle changes, including delayed marriage and children," wrote Michelle Meyer, a US economist at BAML, in a recent note.
"We do not expect these factors to change in the medium term, keeping the homeownership rate low for young adults."
The following charts illustrate some of these factors.