This is John Batchelor. Comments by Gene Marks, my colleague on small businesses, also points to

a national number that may explain hesitation about first-time home purchases. First home purchases.

The millennials and the young Gen Xers are not buying. They're renting. Why? And what do they do with the money?

They're not tying up in their down payment and their mortgage. They're traveling. Gene explains.

It's a phenomenon. I've observed it close at hand. Travel. Wonderful.

But, and Gene looks to the future.

More of this tonight.

And it's struggling to do that.

And you know what John is also working is just demographics of generations.

I mean, the home buying generation right now would be the millennial generation, the younger

millennials and older Gen Zers.

And a lot of them are renting because it makes more financial sense to do living at home,

but using their spare money to travel.

It's been a big thing in that generation too.

So a lot fewer of those younger people buying homes right now.

But I do think as mortgage rates come down, I do think that that will pick up.

I think there was pent up demand.

But not for the foreseeable future, John.