The National Association of Realtors' March 2016 Home Survey revealed that 53% of respondents under the age of 44 believe it would be “very difficult” to qualify for a mortgage. Despite the majority of participants wanting to buy a single-family home in the next six months, builders are focusing on the 55 and older market, which has more money to spend.

This holds true in markets like Phoenix where despite falling interest rates, many still fear taking a mortgage due to the belief of a looming recession:

Communities designed to attract Phoenix millennials downtown may have to shift their marketing strategies towards the retiring population with money to spend, lower debt and better credit scores than their millennial counterparts. Replacing them in their big suburban homes might be these Phoenix millennials who are beginning to start families, seek more space and better schools.

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