Here's why many millennials aren't going to buy homes soon

Millennials have struggled more than other age groups during the economic doldrums of the last few years, making it likely that they will have a harder time purchasing big-ticket items like cars and homes in the near future, according to a report by the Center for American Progress.

Americans under the age of 25 — people on the younger side of the millennial spectrum — suffer from an unemployment rate of 15.6 percent, more than double the national average.

And with the price of college more than 1,000 times higher than what their parents paid for it, many millenials are burdened with outsized student debt, which, unlike other forms of debt, they may not refinance into lower interest rates.

Source: Center for American Progress