Millennial homeownership in the US is at a record low.
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 bullish on demand.
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.
Millennials appear to be flocking to city centers.
...and are more likely to live with their parents.
Millennials are spending more on renting...
It's not only about affordability.
The record level of student debt also makes it hard to take on a mortgage loan.
Housing is less affordable for millennials compared to the overall population.