A new analysis by economists at Realtor.com gave New Hampshire a passing grade – but barely – for its housing production.

The report looked at how affordable homes are in each state and metro region, and how well each state is meeting their populations’ needs for new housing.

To answer the affordability question, the Realtor.com team first calculated what share of each metro area’s housing supply was affordable to residents across the income spectrum. Next, they calculated how much of a state’s median household income would be consumed by the median statewide monthly mortgage payment.

To figure out whether each state was pulling its weight in allowing new homes, the economists calculated how much of the nation’s housing permits were issued in each state relative to their share of America’s population. They also factored in how much these new homes were being sold for.

The net result: New Hampshire got a C- along with Vermont. Maine scored a C, but Massachusetts scored an F and the second-lowest score in the nation after Rhode Island.

South Carolina, Iowa and Texas took the top three spots, with one A and two A- grades between them. With the exception of South Dakota, Iowa and Minnesota, the top 10 slots were dominated by Sun Belt state.

“The only real solution to housing affordability is to build more homes,” Realtor.com CEO Damian Eales said in a statement. “Some states are making progress, but too many others are stuck in a cycle of soaring housing costs and limited inventory. With this report and the Let America Build campaign, we’re shining a spotlight on these gaps. We need bold solutions, and we urge federal, state, and local leaders to step up and take action now. It’s time to break the cycle and start building now to make homeownership a reality for more Americans.”