Being a teacher is rewarding…spiritually, not monetarily.
A Redfin study of housing affordability for teachers found that, as of September, only 20.4 percent of all homes in 32 of the largest U.S. metro areas were considered affordable for the average teacher salary of $62,800. In 2012, nearly 35 percent of all homes were affordable for teachers.
Affordability rates varied by metro. In Detroit, teachers are paid good wages ($68,000 a year) and can afford 49.7 percent of homes. In Kansas City, Mo., teachers only earn $46,000 a year, but since housing is cheaper, teachers can afford 21.8 percent of homes. In San Francisco, even a solid $71,000 salary can’t cover million dollar-plus house sales prices. Teachers there can only afford 0.6 percent of all houses.
“Especially for teachers just starting their careers, there is a huge affordability gap to overcome that significantly affects their ability to start building wealth early through homeownership,” said Redfin chief economist Nela Richardson. “This is not just an affordability issue for teachers; it affects other public servants as well and should be a national concern. Great things happen when the people who form fundamental connections between community members, like those who educate our youth, are able to invest in the communities they serve.”
