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.”
Advertisement
Related Stories
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Demographics
Post-Pandemic Trends: Working From Home
A greater share of workers are still working from home than before the pandemic and they're concentrated in the information, professional, and financial services sectors
Demographics
Millennials on Top Again as Largest Homebuying Group
Millennials beat out Boomers as the largest homebuying cohort, according to a recent report, but Boomers remain the largest generation of home sellers
