I have heard all the excuses, none better than "Millennials do not want to own homes" however I find that not to be true. When did you buy your first house? Where you 18, 20, 25? The average first time US home buyer is age 29.
The Millennials are currently between 13 and 32 years old. The fact is, less than 6% of the US Population falls into the oldest millennials, thus they should not be expected to buy homes. When I was in the largest portion of the Millennial current age group, buying a house was not on my radar, bars and girls topped the list.
The fact is, just like every generation before, the millennials will become older, obtain higher paying jobs, they will begin families and of course they will want to buy a home to raise that family in. Millennials see the value of home ownership and understand the link between wealth creation and owning real property.
Much like the Silent Generation said of the Baby-Boomers and the Boomers said of Generation X, the millennials will find their stride and pick up exactly where we all did, you just have to let them get to that age.