According to a new report, no U.S. state has an adequate supply of housing that is affordable for the country’s lowest-income renters.

The annual “Gap Report,” published on March 14 by the National Low Income Housing Coalition, documents a shortage of 7.3 million rental homes that are both affordable and available.

According to the report, only 34 affordable and available rental homes exist for every 100 extremely low-income (ELI) renter households, defined as households with incomes at or below either the federal poverty guideline or 30% of their area median income, whichever is greater. ELI households account for 11 million, or nearly one-quarter, of the nation’s 45.1 million renters, and 31% are older adults.

The report provides data for each state, as well as for major metro areas. The availability of units affordable for every 100 households ranges from 14 in Nevada, to 57 in South Dakota.

The research makes a key distinction between affordable and affordable and available: Extremely low-income renters compete with all higher-income households for the limited number of rental homes affordable to them in the private market. Of the 7.1 million homes affordable to ELI households, 3.4 million affordable units are occupied by households with higher income, making them unavailable to extremely low-income renters.

“The shortage is caused by a systemic failure of the private market to serve renters with the lowest incomes, who are disproportionately people of color, seniors, and individuals living with disabilities,” states the report. “Without public subsidy, what renters with extremely low incomes can afford to pay for rent does not cover the development and operating costs of new housing and is often insufficient to incentivize landlords to maintain older housing.”

The report comes on the heels of the President’s budget request for Fiscal year 2025, which seeks to cut Section 202, HUD’s flagship senior housing program.