Homeownership has a lot to do with falling birth rates as well. If you are boomers sitting in a 5 bed 3 bath home on a 2.9% mortgage paying 1600 a month in Illinois, and want to downsize to a 2 bed 2 bath - you will pay much more to downsize in todays and last years market. Many people can't downsize that want to, and what is happening is young couples living in 1 bed 1 bath apartments can't move up in homes.

People in my age range have said to hell with it, i'm just not going to have kids because getting a home is so far out of reach for me - mine as well end the tree right here.