Flickr/j_benson Millennial homeownership in the US is at a record low.

The age range of millennials — Bank of America Merrill Lynch economists used 25 to 34 — is usually prime time for purchasing a first family home. That demographic factor is one reason why some housing economists are bullish on demand.

However, the data has not yet caught up.

"We believe the delay in homeownership is due to tighter credit standard and lifestyle changes, including delayed marriage and children," wrote Michelle Meyer, a US economist at BAML, in a recent note.

"We do not expect these factors to change in the medium term, keeping the homeownership rate low for young adults."

The following charts illustrate some of these factors.