Few teachers can live where they work
By Ron Trujilloemail@example.com
Teachers are often considered among the cornerstones of a community, but many cannot buy a home where they work. And the challenge is most evident in California.
Riverside-San Bernardino is at the head of the class among seven California metro regions when it comes to affordability for its teachers. But it’s far from an impressive score.
Only one of three Riverside-San Bernardino-area teachers could buy a home in the Inland Empire – the highest percentage in California, according to a national Redfin study.
Inland Empire-area teachers earn an average of $76,500 per year, making for a maximum purchase price of $310,000 — $10,000 short of the median-priced home in the region. Of course, teachers could buy a lower-priced home, increase their purchase power with combined income of a spouse or a larger down payment.
Riverside-San Bernardino is the seventh most-affordable market for teachers in the nation (Detroit tops the list at almost 50%). Riverside’s affordability percentage for teachers follows the statewide average for all residents, according to the California Association of Realtors.
The Sacramento region was the second most-affordable market for teachers at 20.2% in the state. Los Angeles, San Diego, Orange County, Oakland and San Francisco affordability percentages for teachers were less than 10%.
Only 0.6% of San Francisco teachers could buy a home in the city, where the median-home price is $1.1 million, according to Redfin.
The California Housing Finance Agency (CalHFA) has recently expanded a down payment program to assist public school educators – including administrators, teacher and support staff – to buy their first homes. The Extra Credit Teacher Home Purchase Program offers up to $15,000.
Photo courtesy of Eli Pousson via #Flickr.
Affordability for teachers in ...
Percentage of teachers who can afford to buy a home in the cities where they work, followed by the average salary for a teacher in these cities:
Riverside-San Bernardino: 33%; $76,500
Sacramento: 20.2%; $69,900
Los Angeles: 7.1%; $74,100
San Diego: 3.7%; $71,900
Orange County: 3.5%; $79,900
Oakland: 2.3%; $72,300
San Francisco: 0.6%; $71,000