Millions of millennials are locked out of homeownership. Here’s why 

Personal Finance

Today’s young people are also in no rush to reproduce. The share of married households with children, aged 18 to 34, dropped to 25 percent in 2015, from 37 percent in 1990. And having a child increases a person’s chance of owning a house by 6 percentage points, the researchers calculated.

Millennials are also a far more diverse generation than previous ones, and homeownership rates are lower among Hispanic, black and Asian-Americans compared with white Americans. While almost 39 percent of white millennials, aged 18 to 34, own a house, just 14.5 percent of those black Americans do, according to the Urban Institute.

“The homeownership rate for blacks is falling more than it is for other groups,” Goodman said.

The unprecedented student debt millennials take on also reduces their chances of landing in a home of their own. The researchers at the Urban Institute found that if a person’s education debt went from $50,000 to $100,000, their chance of homeownership will decline by 15 percentage points.

Although the research also found that homeownership rates for millennials who don’t have a college degree are falling behind those who do, possibly because of their unstable incomes along with rising rents.

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