A new report from real estate consultant and author John Burns predicts that the home ownership rate will continue to fall through 2025, and this means that many millennials will continue to rent rather than actually buy homes. CNBC staffer John W. Schoen takes a look at this report and how home ownership rates for the 25-34 year old age group has fallen since it's peak in 2004.

With mortgages more difficult to obtain, the current group of 25-34 year-olds (millennials) are not the only ones struggling to become homeowners:

A decade after the peak, that 1970s generation, now 35–44 years old, has also seen its grip on home ownership eroded by the housing bust. Its current 59 percent home ownership is 7 percent below the norm for that age group, and the lowest rate for 35–44-year-olds since the data became reliable in the early 1980s, Burns said.

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