young couple computer house

Millennials waited, and continue to wait, longer than previous generations to own a home, and new data from the Urban Institute reveals why.

For years, several factors have been tossed around such as high home prices, fear over the last housing crisis, delays in family formation and even student loans as reasons why the younger generation is holding out.

But now, the Urban Institute released a study that shows the actual data behind these factors, revealing what is really holding Millennials back.

The generation’s homeownership rate was 37% in 2015, about 18 percentage points lower than the rate of Gen Xers and Baby Boomers when they were ages 25 to 34.

Here are five factors that Urban Institute found have kept Millennials out of the home-buying market longer than previous generations:

1. Delayed marriage: Yes, delaying family formation is, in fact, a hindrance to homeownership. As it turns out, being married increases the probability of owning a home by a full 18 percentage points, after accounting for other factors such as age, income, race/ethnicity and education. If the marriage rate in 2015 had been the same as it was in 1990, the Millennial homeownership rate would be about five percentage points higher.

2. Greater racial diversity: White households have the highest homeownership rate by-far, therefore the increasing diversity within the Millennial population also contributes to the lower homeownership rate. If the racial composition remained the same in…