News this week has not been kind to Millennials looking to purchase their first home. After a report revealed that the nation'ssupply of starter homes has plummeted in the last four years, driving up prices,new research compiled byNerdWallet, a financial advisory site, shows that this demographic is postponing homebuying due to a host of real and perceived difficulties, especially financial issues, a stance that has profound implications for the real estate profession.

It's clear many Millennials are renting longer and delaying the decision to buy a home; first-time homeowners currently make up 32 percent of all buyers--the lowest since 1987--compared with a historical average of 40 percent.