The astronomical rise in mortgage rates, now 7.49% for a 30-year mortgage, and rising home prices is putting home ownership out of reach for 99% of Americans, according to a report from ATTOM, a provider of real estate data.

The median price of a home was $416,100 in the second quarter, according to the Federal Reserve Bank of St. Louis.

ATTOM’s report, based on data from 572 U.S. counties, found that the typical cost of $2,053 for mortgage payments, homeowners insurance, mortgage insurance and property taxes nationwide exceeds $2,000 for the first time ever in the United States.

This eats up 34.6% of the average annual national wage of $71,214, up from 32.3% in the second quarter of 2023 and 28.4% in the third quarter of 2022.

“The latest number is considered unaffordable by common lending standards, which call for a 28% debt-to-income ratio,” the ATTOM report said. “It marks the highest level since 2007 and stands well above the 21% figure from early in 2021, right before home-mortgage rates began shooting up from historic lows.”

The prices of homes and condos being out of reach for most Americans in 99% of the counties with enough data to analyze, continues the two-year trend of home ownership becoming more and more unaffordable for the average U.S. wage earner, according to the report.

With mortgages so high, many people are putting off buying a new home and locking in a new, significantly higher mortgage rate. This is lowering the inventory of available homes on the market and pushing prices up.

The number of home listings at the end of July was down 9% from a year earlier—and 46% lower than before the COVID-19 pandemic began in early 2020, according to Realtor.com.

“The dynamics influencing the U.S. housing market appear to continuously work against everyday Americans, potentially to the point where they could start to have a significant impact on home prices,” said ATTOM CEO Rob Barber. “We will see how this shakes out as the peak 2023 buying season winds down.”

The ATTOM U.S. Home Affordability Index analyzed media home prices from proprietary data and information from the U.S. Bureau of Labor Statistics, as well as interest rates from the Freddie Mac Primary Mortgage Market Survey.