Millennials aren't buying homes in the same numbers as previous and older generations, but it's not because they don't want to. The vast majority of millennials do indeed aim to buy someday, or would even like to now if they could. Unfortunately, the numbers don't look good. New data from Apartment List shows that, although 80 percent of millennials would like to purchase real estate, very few are in a good position to buy, largely because they have nothing saved. According to the report, "68 percent of millennials said they have saved less than $1,000 for a down payment. Almost half, or 44 percent, of millennials said they have not saved anything for a down payment."

Depending on where they are looking to buy, given their current savings rate, millennials are 10 years or more away from home ownership. Young residents of pricey San Jose, Calif., will have to be exceptionally patient: Odds are they won't be in a good position to buy an apartment there for "almost 24 years," or "until the year 2041." Apartment List reports that "millennials in San Francisco, San Diego, Los Angeles, Austin" and other major metro areas "each face a wait of at least 19 years."

As the report puts it, "millennials face a severe shortage of affordable entry-level homes in many parts of the country." It's not clear to what degree most millennials realize the magnitude of the problem. They acknowledge that buying is a long-term goal, and over 70 percent cite "affordability" as the main problem, but they also seem unduly optimistic about when they think they'll be able to buy. For example, a majority of those surveyed said that buying real estate is in their five-year plan.