Are millennials avoiding homeownership?

The housing market is hot this summer with more buyers than available homes. A seller's market means prices are rising. So are younger buyers priced out? With home prices near highs and interest rates rising, very few bargains are out there. In the New York City metro area the average home costs around $400,000, according to StreetEasy's senior economist Grant Long. That is making it tough for millennials to jump into home ownership.