While a lot of reports point to millennials for being the problem behind the lag in the housing recovery, an article in The Atlantic points to another cohort turning away from homes even faster, generation X. Per The Atlantic:

In the last 20 years, homeownership has fallen less for young people than for any other age group under 64. Today's historically low homeownership rate isn't the result of the cheapest generation abandoning the housing market. It's their older cousins, Generation-X, who are really running for the exits.

The article explained that although total homeownership is up .09% since 1994, among the 35-44 crowd, it’s down 9%.