Many pundits, economists, and businessmen are saying that millennials–saddled with student loan debt, unsure of job security (or are without jobs), and scared by the housing crisis half a decade ago–are holding back the general housing recovery necessary for a full-fledged economic recovery.

But, more and more are now saying that millennials aren’t to blame. It’s the middle-aged who were most hurt by the 2007-09 financial crisis that are not buying homes, while millennials’ home ownership rates are relatively the same as past generations.

Erin Carlyle of Forbes reports:

Housing’s Non-Recovery: Middle-Aged Americans, Not Millennials, Are The Problem

Much has been made of the supposed problem: the Millennial generation, aged 18-to-34, saddled by student debt, is getting locked out of the housing market. First-time home-buyers are holding back the housing recovery, headlines proclaim. But according to a recent study from Trulia TRLA +3.39%, it’s people age 35-to-54 who are truly suffering.

In fact, Millennials as a group aren’t buying fewer homes compared to past generations at all–at least when demographic factors are taken into account, argues Jed Kolko, chief economist at Trulia. He says that the the homeownership rate published by the Census portrays a misleading picture, and that homeownership among young adults is actually now on the rise. He writes:

The demographics of 18-34 year-olds have changed dramatically over the past 30 years, between 1983 and 2013, such as:

The percent married fell from 47% to 30%
The percent living with their own children fell from 39% to 29%
The percent non-Hispanic white fell from 78% to 57%
Each of these demographic shifts is a headwind for homeownership. Young people who are married, have children, or are non-Hispanic white are more likely to own a home than among young people who aren’t.

(Indeed, Census data shows homeownership rates for the first quarter of 2014 highest among non-Hispanic whites, at 72.9%, followed by 55.8% for the category of All Other Races, 45.8% for Hispanics, and 43.3% for Blacks.