Boston ranks below the national average for millennial homeownership rates, according to a new report from Apartment List.

Using data from the United States Census Bureau, Apartment List found that Boston ranks No. 43 among the nation’s 55 largest metros for rates of millennial homeownership. Just 39% of millennials in Boston own homes, compared to the national average of 47%.

The report found that millennials nationwide have been slower to purchase homes than previous generations, and millennials in coastal cities lag the furthest. Boston ranks lower for rates of millennial homeownership, but not below other large coastal metro areas like Los Angeles, New York and San Jose.

Rob Warnock, senior research associate at Apartment List explained that many millennials may be opting to rent rather than buy, both for financial reasons and due to lack of inventory.

“Throughout their 20s, Millennials were held back from homeownership in part because of the Great Recession,” he said. “The post-recession period was also defined by a shift in new home construction: less investment in suburban, single-family homes and greater investment in urban, multifamily apartments. So as the economy recovered and Millennials were drawn to jobs in centrally-located cities, many found that renting apartments made more financial sense than buying starter homes, which were becoming increasingly scarce and expensive.”