The Connection Between Affordable Housing and Teachers

A 2022 Redfin analysis of median teacher salaries in the 50 most populous U.S. metro areas revealed that the average U.S. teacher can afford just 12% of homes for sale within commuting distance of their school, down significantly from 30% in 2019, before the mid-pandemic housing boom. The average U.S. public school teacher salary rose by just 2% in 2021-2022 from the prior year, but when adjusted for inflation, teachers are actually making $3,644 less than they were a decade ago, Redfin reports. 

As teacher wages stagnate, home prices and mortgage rates continue to rise, sending the typical homebuyer’s monthly mortgage payment nearly 20% higher than it was a year ago.

There are an average of 796 homes for sale within commuting distance of U.S. schools, down 24% from 1,047 in 2022 and down 46% from 1,466 in 2019. The housing shortage has intensified over the past year because high mortgage rates are prompting many homeowners to stay put. That has left buyers with limited options—an imbalance of supply and demand that’s keeping prices elevated.

“The shortage of affordable homes is exacerbating the shortage of teachers,” said Redfin Senior Economist Sheharyar Bokhari. “Many teachers who can’t afford to buy a house near work are either renting and missing out on the opportunity to build wealth through home equity, or leaving education in search of more lucrative careers.”

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