How has the housing market changed since the recession? A new report by Apartment List paints a less-than-positive picture for renters. In the aftermath of the mortgage crisis, many of the costs of homeownership have gone done, even as homeownership rates reach record lows. At the same time, costs associated with renting have risen at a time when more and more Americans are renting apartments and single-family homes.

While homeownership rates have reached historic lows across the country, hitting numbers not seen since the ‘60s, three particular areas and demographics have seen the biggest loss. According to the Apartment List analysis of Census data,  the recent downturn really hit those living in Sunbelt Cities (Las Vegas, Orlando, Atlanta), Americans under 45 years of age, and Hispanic and African-American consumers.

In fact, minorities experienced the largest drops in homeownership: Hispanics (-4.0%), African Americans (-5.5%), and other minorities (-6.7%). Non-Hispanic whites were somewhat less affected, with a homeownership decline of -3.3%.

While a drop in the national homeownership rate has serious implications for long-term financial health, those who do own are often reaping the benefits of lower costs, especially compared to renters. Historically low interest rates mean monthly payments have dropped 13% since 2007. That can really add up: the median monthly mortgage payment is $2,754, but widespread refinancing has cut that to $2,263, a savings of roughly $6,000 a year. With median household income at $54,000 in 2014, that extra money can provide a significant boost.

The story is much different for renters. Rents have increased an average of 3.7% nationwide, exacerbating differences between owners and renters. For instance, in Houston, homeownership costs have dropped $289 since the Recession, while the cost to rent has risen by $115.

The median national rent increased from $901 to $934. While $33 may seem small, held up against a steep 14% drop in inflation-adjusted income for renters, and it becomes much more significant.

Like many aspects of the U.S. economy in the last decade, the stratification of the housing market may only increase inequality. Those with the money to buy are reaping the advantages of historically low costs, while those who can’t, especially Millennials and minorities, are being locked out and missing out on a chance to build household wealth.