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As a GenX this narrative that Millenialls aren't buying homes is weird.
Of the people born in 1970 about 41% of them owned a home by the time they were 30. Of the people born in 1990 some 43% of them owned a home by the time they were 30. Millenialls are actually slightly ahead of where GenX was at the same age!
GenZ shouldn't really be a discussion as most of them simply haven't reached "home buying" age yet.
https://www.apartmentlist.com/research/homeownership-by-generation
It's a distribution thing. In rural and lower populated areas, hone ownership by younger persons is probably higher than 1989 (i remember when, in my home area, a house could be had for ten grand but that was a unimaginable amount of money then and there, more there being the issue than then I guess), but also that large groups of young people concentrated in cities can't afford anything.
I'm 27 and classed as gen z as I was born in 96. I'd class 23 and up being house buying age.