The housing market in America is one of the least affordable in modern history, with increasing numbers of households stretched thin in order to afford rent or mortgage payments, according to a new report released by the Joint Center for Housing Studies at Harvard University.

Elevated mortgage rates have caused housing expenses to reach their highest level in three decades, meaning that the homeownership rate in the United States increased last year at the lowest increment since 2016. Half of all renters meanwhile spent more than 30% of their income on housing and utilities as of two years ago, marking the highest reading on record.

“Potential homebuyers have been priced out of the market by high home prices and interest rates, while the number of renters with cost burdens has hit an all-time high,” the report said.

Researchers also observed that the number of homeless people in the United States reached a record high of more than 650,000 last year. They attributed the phenomenon partially to the rollback of housing protections during the lockdowns and increased rent expenses.

The report noted, on the other hand, that there is a “surge in new multifamily rental units” and a rise in “single-family construction” that may somewhat alleviate supply constraints.

The number of properties available for sale has indeed declined over the past decade. Shortages in home inventory applied upward pressure to prices before the lockdowns but were exacerbated over the past four years as worldwide supply chain bottlenecks increased material prices. Constrained labor markets also increased the cost of labor for developers.