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Even though mortgage rates are rising at their highest pace since 1994, Century 21 CEO Mike Miedler argued that’s not the biggest problem facing the real estate market on “Mornings with Maria” Thursday.

“Honestly, we just have not built enough homes in this country between 2012 and 2021,” Miedler told FOX Business’ Maria Bartiromo. “We have 12 million new household formations, but only built 7 million new homes.”

The largest American generation, millennials, are “storming” the market with a population 90 million strong, Miedler noted. Right behind them is Gen-Z with 60 million teens-to-20-somethings preparing for that homeownership goal, which means “we’re going to be in a pinch.”