"There are always good reasons to become a purchaser. The downside is gathering the cash for the down payment. Some people are getting help from their parents or grandparents, others are just renting until they're financially ready."

If you're thinking of renting...

Even people who have enough money for a down payment on a home are often choosing to rent, says Whitney Fite, senior vice president of Angel Oak Home Loans.

"All the Millennial generation has known is change. They've seen the economy boom and bust, then re-boom and bust. They've seen people lose their homes to foreclosure, or buy a home for $250,000 and then a year later it's worth $200,000. It's what they've lived through, so it's only human nature for them to be sitting on the sidelines," Fite says.

Thanks to technology, many people are able to be mobile for work and for them, renting is the best choice.

"People who have a job where they're traveling all over the place, sometimes they're taking jobs in cities that aren't going to work for them long term," he explains. "They're not putting down roots. Also, they're probably not going to be at that company for the next 30 years, so it just doesn't make sense to buy."

If you think there is a slim chance you might need to relocate in the next several years, rent, Braddock says.

"Run the numbers. Do a 'rent vs. buy' analysis. See where it makes sense, and some of that will depend on which state you live in."

If you liked this article you might like

To Downsize or Not to Downsize: The Retiree's Question

10 Reasons Hiring an Older Worker May be the Best Decision You Ever Make

5 Things Boomer Employees With Millennial Managers Should Never Do

5 Questions to Ask Before You Take the Plunge and Quit Your Day Job

3 Reasons Baby Boomers and Millennials Are More Alike Than Anyone Wants to Admit