While the housing market in certain areas is showing signs of cooling after all-time highs in 2022, new data shows that housing affordability is still a widespread problem for Americans.

According to the Atlanta Fed Housing Affordability Monitor, housing affordability is worse today than it was more than a decade ago during the 2008 housing bubble. As of December 2022, the average U.S. household would need to spend 42.9% of its income to afford a median-priced home. This marks a new high since August 2006 when it was 41.1%. The data also showed affordability was down 24% year-over-year.

Related: In the 1980s, mortgage rates were almost three times higher, but it’s still harder to buy a house now

The sharp decline in housing affordability may be the result of persistently high house prices in combination with rising mortgage interest rates. As the housing market boomed during the pandemic in 2021 and much of 2022, house prices across the country hit record highs.

Over the past year, as prices began to foreclose millions of potential buyers and the Fed hiked rates, demand finally started to slow. Despite the fall in home prices, housing affordability is still low and the total value of US homes is still 6.5% higher than the same period a year ago, according to the data. Although mortgage rates are high, they are not that high as they were at a November 2022 high of 7.08%, the slight decline led to a slight increase in homebuyers in early 2023, demonstrating how competitive the housing market still is.

Related: Falling mortgage rates are driving interest from potential homebuyers

For those looking for a house, it may be wise to wait a few more months.