Millennials are more tech savvy, more racially and ethnically diverse, and more educated, and they marry and have children later in life than previous generations. And though most millennials have now entered peak household formation and homebuying years, they are becoming homeowners later and at lower rates.

The How Housing Matters’ new, extensive Millennial Homeownership Report finds that the homeownership rate of millennials between the ages of 25 and 34 was 37 percent in 2015, approximately 8 percentage points lower than the homeownership rate of Gen Xers and baby boomers at the same age.