The average teacher can afford 47.9% of apartments for rent within commuting distance of their school, up from 40.7% in 2023 but down from 58% in pre-pandemic 2019, according to a new data report from Redfin (NASDAQ:RDFN). However, the average teacher can only afford 14.3% of homes for sale within commuting distance of their school, roughly the same from 14.4% in 2023 but down substantially from 39.1% in 2019.
Redfin noted the median U.S. teacher salary rose 3.8% year-over-year to $64,266 in 2023, outpacing rents. But teachers are making an average of 5% less than a decade ago when adjusted for inflation, according to the National Education Association.
While asking rents declined in 2023 and are now up just 0.4% from one year ago, asking rents were 21.4% above pre-pandemic levels. As for homeownership, Redfin observed the median monthly mortgage payment jumped 4.7% year-over-year in July while mortgage payments were 90.7% above pre-pandemic July 2019 levels.
California has three of the five metros where it’s hardest for teachers to buy a home, even though the state has the highest teacher salaries. In San Jose, the median teacher salary is $100,805, but the average teacher can only afford 0.1% of homes for sale within commuting distance of their school.
“The small improvement in housing affordability for teachers who rent is only a drop in the bucket,” said Redfin Senior Economist Sheharyar Bokhari. “Homeownership remains out of reach for a lot of educators, who, unlike many workers today, don’t have the flexibility to work remotely from somewhere more affordable. Building affordable housing near schools should be a priority for U.S. policymakers, but that’s only half the battle, as teacher salaries have faced years of underinvestment.”
As Mark Twain said, “There are liars, damn liars and statisticians.” That was before socialism and communism were prevalent and had taken over the Democrat party. This exaggerated and largely manufactured crisis is just another left wing attempt to usurp more power and cash in on people’s anxiety ginned up by Marxists. Climate change is worth over $1 trillion a year to the globalists pushing that scam at international organizations. Covid was worth hundreds of billions of dollars for the globalists and their pharma friends, while tens of millions were killed or harmed by the “vaccines” they forced so many victims to take. They changed the definition of vaccine, which tells you everything. Affordable housing must be shut down. Migration is another Marxist power and money grab worth hundreds of billions of dollars and designed to destabilize Western Civilization. Look at the UK.
Well said We The People.
And I’d like to add the teachers union takes a chunk out of teacher’s pay.
Unions are another way the demonkrats fill their pockets and re-distribute wealth🤬
Just plain ignorant
Obviously your a right wing shill who knows nothing about what teachers go thru to educate children, and no understanding of how teacher salaries have fallen behind the cost of living.
Your lack of education is prominently on display from the responce above.
I’m good friends with 2 fabulous teachers in the private sector barely making $100,000 combined, and they have 2 daughters to raise, and a mortgage.
Your lack of compassion and your trolling attack shows just how uneducated you are.
It’s an article about how teachers struggle to buy a home, not about the soap box you think you deserve.
Corporate Greed and the Rump like mentality you so heartily embrace is the Problem.
To Bob in Ohio,
Spot on.
I have two daughters who teach, and neither of them can afford a home. The sharp increase in home prices has far exceeded anything they can EVER hope to afford. The policies and practices make it nearly impossible for them to actually TEACH. Unfortunately, it is not really about the kids or the teachers, it is about the mess created by too much focus on poor policies, no discipline, social media, and not making kids actually use their minds and LEARN. I know we need good teachers, but with what my daughters face, I wish they were in a different career. This does not even address the issue that it is no longer safe for teachers or students. My daughters and my grandchildren are in the same school and it worries me every day that the unthinkable would happen. The profession is not moving in a positive direction. Many professions appear to be in the same boat as does the entire Country. It is very sad to watch the fall of our Great Country. But we are witnessing it as it happens.
I just wrote a comment about the teachers and no home affordability but apparently, it was decided that it should not be published. This is just another part of the problem.