From the data I’ve reviewed, this is generationally biased. Older people like buying houses. Younger people, when one restricts the population to those who can afford it, don’t show as strong of a bias.
It is the former that are more likely to have kids in school, not the latter.
That wouldn't explain why young people in previous eras bought houses sooner.
It could. Moving across the country is cheaper and less risky now than ever before. That certainly factors into my preferences around home ownership.
Is it? Rent itself was much cheaper in the past, even in New York.
As for the risk, back in the 50s to 80s, a worker had many options of finding work in tons of places. Now, much less so.
This is certainly the case with me, and absolutely every other person I know in their 20s/30s who isn't in a upper-management position at a large company. I'm currently making above the median family income in my country and have no hope of owning a home anywhere near I can get work.
Meanwhile my old co-worker that I used to work with at Safeway as a teen bought a house in the 70s working as a shelf-stocker. In fact both of my co-workers at the time were 40-60 and bought a house working part-time as shelf-stockers early in life. You think a shelf-stocker at Safeway has any hope of buying a house today?