The amount of money homebuyers are being asked to put down on their purchases of new homes has reached a “record high” under the Biden-Harris administration, thanks largely to dramatically higher interest rates resulting from inflationary monetary and economic policies.

“The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8 percent from $58,788 a year earlier,” according to an Aug. 28 news release from real estate brokerage Redfin.

Year-over-year down payment costs have been continuously increasing over the past months, with June marking the 12th consecutive month of rise, the report said, as noted by The Epoch Times.

Higher down payments are contributing to the ongoing affordability crisis in the housing market during the Biden-Harris administration. According to data from the National Association of Realtors (NAR), in June, the monthly payments required to afford a median-priced existing single-family home were $2,303. That is nearly double the $1,206 monthly payment needed in 2021.