That's closest to what I've heard. Again, though, who knows how reliable that narrative is. What I've heard is that millennials are finally starting families and buying homes after delaying those things longer than prior generations.

That seems slightly at odds with ownership rates increasing over time for each age cohort. However, it could still be true that the average age of first home purchase is increasing along with the likelihood to ever buy a home.

I would also be willing to speculate that prolonged historically low interest rates led to an increased willingness to take on tons of debt.