Ahead of a potentially historic teacher protest for higher wages on May 1, a new study analyzes South Carolina's housing affordability for teachers.
According to Redfin's analysis, 24 percent of for-sale homes in Charleston, S.C. were affordable for local teachers, a 28 percent drop since 2014. Nationally, 43 percent of for-sale housing stock are affordable for teachers earning the national average income for the profession, even from March 2018 and 14 percent lower than in March 2014.
“Housing affordability in the Charleston market has been an issue for the last few years, largely because wages are not consistent with rising home prices,” said local Redfin agent Shari Broomfield. “Teachers at schools in more expensive parts of Charleston may need to purchase a home in a more affordable part of town, making for a longer commute. For teachers or other people in the area looking to purchase a home, I recommend looking at the South Carolina homebuyer program, which guides residents of the state toward help with down payments and affordable loans.”