Millennials may represent one-third of the overall U.S. population, but they are less likely to become homeowners than young adults from previous generations.

Housing and household formation patterns have affected individuals entering adulthood during the Great Recession and its subsequent recovery. The individuals, referred to as millennials in the White House's report on their economic roles, have encountered homeownership obstacles as education and employment decisions may be given priority.

"In the aftermath of the Great Recession, the share of 18- to 34-year-olds living with their parents increased from 28 percent in 2007 to 31 percent in 2014 -- which is a notable increase even if the actual magnitude falls well short of some popular perceptions," the White House said in its report "15 Economic Facts About Millennials."

Due to millennials not becoming homeowners or independent renters, the demands within the housing market and residential investment rates are more likely to be lower reported. The lack of housing demand, however, has been linked to improved relationships with the millennials' parents. According to the White House, millennials have better relationships with their parents than previous generations. Parents have also been found to be more involved in their children's lives.

"Perhaps it is not surprising that a generation that values living close to their families as much as Millennials would also be somewhat more likely to live with their parents as adults, particularly in an economy that is still recovering from a large recession," the report stated.

As Latin Post reported, millennials have benefited from education, but it may have correlated from students' reliance on their parent's financial and housing support while in college.

Although the overall unemployment rate has declined, college-degree millennials are more likely to be living at home with their parents. The millennial could have a job and is still living with their parents, but the White House suggested factors "outside the labor market" might indicate why the employed millennials are not seeking homeownership.

"For instance, research suggests that increases in rents across many metropolitan areas during the Great Recession are likely to have depressed headship. Moreover, the non-monetary costs of living at home may have decreased, again highlighting the role of the relationship between Millennials and their parents in explaining the former's housing choices," the White House report stated, adding that modern parents are having fewer "serious arguments" with their children than in previous generations.

The strict loan practices following the Great Recession could be another element for millennials not becoming homeowners. Due to regulation policies on lenders, millennials have faced challenges receiving mortgage credit. Millennials may feel discouraged about homeownership if they were previously denied credit application, discouraged of loan practices, employment prospects and how to repay the home loans.

"It is worth mentioning that some observers suggest that rising student loan debt burdens are dimming homeownership prospects for Millennials," the White House said.

"Coming of age during the worst economic crisis since the Great Depression means that young Americans face certain obstacles on the path forward. But no generation [except millennials] is better equipped to overcome them," Council of Economic Advisers Chief of Staff Jessica Schumer said.

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