The typical American homebuyer must make nearly $115,000 every year to afford a house, marking the highest annual income necessary to become a homeowner on record, according to a recent analysis from residential real estate brokerage Redfin.

The income required to afford the monthly $2,900 mortgage payment on a typical home has increased to $114,600 per year, an increase of over $15,200 from one year ago and an increase of more than 50% since the start of the lockdown-induced recession. The median American household earned $75,000 as of last year, according to data from the Census Bureau.

Homebuyers must now earn an additional 15% relative to their income one year ago in order to afford a home, even as wages increased only 5% over the same time horizon.

“In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments. But that’s not what’s happening now,” Redfin Economics Research Lead Chen Zhao said in a statement. “Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates, and that’s propping up prices. Buyers, particularly first-timers, who are committed to getting into a home now should think outside the box.”

Households able to purchase a property in cash remain largely unaffected even as rates for thirty-year fixed-rate mortgages now approach 7.8%, according to data from Freddie Mac. Homeowners who purchased their houses before the lockdowns are likely to have equity in their current properties, thereby reducing the impact of higher payments should they decide to move, yet those who acquired low mortgage rates during the lockdowns but now need to move may be at a disadvantage since they likely lost value on their home and must surrender their low rates.

The cities with the most severe increases in home payments relative to income were Miami, Florida and Newark, New Jersey, where buyers must earn 33% more than last year to afford the typical home. Homebuyers in Miami must earn $143,000 to afford the typical monthly mortgage payment, while those in Newark must earn $160,000. Necessary income has also risen more than 30% in east coast cities such as Rochester, New York and Hartford, Connecticut.

Shortages in home inventory applied upward pressure to prices before the lockdowns but were exacerbated over the past three years as worldwide supply chain bottlenecks increased material prices. Constrained labor markets also increased the price of labor for developers.