I really don't see the problem.

Avalon - I really don't see the problem. Millennials own only a small percentage of U.S. housing, but this is almost wholly explained by their preferences. Millennials prefer an urban experience over suburban. They prefer the asset-lite rental experience over ownership. When millennials buy, they prefer smaller homes at lower numbers. All this is no big deal for the real estate market. There are still lots of Gen X buyers and all-cash offers from corporations betting billions that the millennials will someday change their minds. Meanwhile, millennials are living for now. That's what we would do.