Rents are rising while interest rates remain low, yet young Americans are still largely choosing to rent instead of buy.
Home rent costs have jumped 14 percent since 2010, and are expected to rise another 3.3 percent this year, to year to an average of $1,161, according to commercial property tracker to Reis Inc.
Real estate agent Joan Kamens said high student loan debt is preventing adequate debt to income ratios required by lenders for a mortgage.
Lifestyle habits are a significant contributor as well, she added.
"Millennials are getting married later in life than previous generations, and a sense of urgency to purchase comes with stability, marriage and growing families," said Kamens, an agent with Coldwell Banker Hearthside in Newtown, Pennsylvania, near Philadelphia. She is also the mother of two 20-somethings.