For all the speculation as to why millennials are not buying into the housing market, Freddie Mac says the answer is basic–prices for homes are rising faster than incomes. And they’ve been doing so since the beginning of the century.

Freddie Mac’s report looked at economic and demographic trends from 2000 to 2016 to identify the causes behind the 8 percent decrease in homeownership rate among adults under age 35 since the rate’s peak in 2004.

Homeownership rates dropped steeply after the crash in 2008, and overall, around 700,000 young adults did not buy a home between 2000 and 2016 because of increases in inflation-adjusted home prices and rents, according to the report.

While half the reason, Freddie Mac found, was higher rents and home prices, the other half was a mix of socio-economic factors…