The fact is: rent is going up and the cost of a mortgage is going down; in almost every market across the U.S., it costs significantly less to afford a monthly mortgage payment than it does a monthly rent payment. But even with these facts being well known, the rate of home ownership across the country is still at its lowest point in over a decade. The culprit? The lack of millennials taking the housing plunge.

But why? Especially when owning a home is cheaper than renting.

Here’s a few key factors:

Down payment: With the average 20% down payment between $20,000-$40,000, it’s often a steep hurdle to conquer.

Wages: It’s no secret that stagnant wages have made it hard for millennials to get started and save money.

Student loans: Many millennials are coming out of school with more debt than they’d prefer, making the concept of getting into even more debt unattractive.

Moving: Millennials in general, but especially those who are fresh out of school, are still in a very transient phase of moving for career opportunities, or to seek out new cities.

Location: Many millennials are willing to sacrifice owning a home, for living somewhere they love. In places like New York City, it’s only about 5% cheaper to rent, and when owning comes with a $40,000 down payment requirement, it’s not as feasible.

Source: The Atlantic