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Breaking Down Housing Affordability for Teachers
Conor Dougherty provides analysis and commentary on recent data provided by Redfin that captures housing affordability for teachers in every market served by the brokerage.
“San Jose, in the heart of California’s Silicon Valley, is the worst place for a teacher to buy a home, according to Redfin. There, only 1% of homes are affordable, which in this case means a median-earning teacher wouldn’t have to spend more than 28% of their pre-tax income on their monthly mortgage, taxes and insurance payment.”
California is home to most of the least affordable real estate markets for teachers—but not all. Colorado and Texas also make the top ten: “The same problem exists throughout coastal California. Half of the top 10 least affordable places for teachers are in the Golden State…Four are in Colorado and the other is Austin Texas.”
The article also includes an extensive chart listing median salary, maximum affordable price, and percentage of affordable or-sale homes, among other data points, for markets all over the country.