It's both. The class of younger generations who can afford to be homeowners is much smaller than it was when previous generations were that age. Sure, it was never easy for most 30 year olds to buy a home but now a 30 year old has had to have a LOT of things swing their way to even consider it.

I don’t mind this narrative and you’re true in most areas, but home ownership is so tightly correlated with generation OP’s comment in not incorrect.

At every age baby boomers were more likely to own a home than millennials at the same age.

https://research.stlouisfed.org/publications/economic-synops...