Featured News

Teachers Being Priced Out Of The California Market

Housing affordability for teachers is in particularly dire straits in the Golden State, according to a new study by real estate brokerage Redfin. The study found that 83 percent of homes in California are unaffordable on a teacher's salary. Redfin analyzed average teacher salaries in markets in California and compared them with the median home price.

photo credit: woodleywonderworks via photopin cc

Only 17 percent of all homes for sale in the state are affordable to teachers. In some cities, the problem is even worse. In San Francisco, there isn't one house on the market that teachers can afford on their average salary, the study showed.

According to Redfin's data, the median list price in California is $485,000. The state's 300,000 elementary, middle, and high school teachers have an average annual salary of $69,300. Using a general guideline that a monthly home payment should not exceed 28 percent of your gross monthly income, Redfin says that a teacher would likely not want to pay more than about $1,600 a month for a home.

"Given current interest rates, property taxes, home insurance, and home owners association expenses, a teacher can afford a $260,000 single-family home or condo," Redfin says in its report. "Of the 50,559 for sale in California, just 17.4 percent are listed below $260,000."
Redfin says that tight housing inventories are causing home affordability to slip in California. Its report breaks down what teachers can afford by county.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

Recent Posts

Killer Tips For Preparing to Get a Home Loan

Most people need to get help from a lender to buy a home, and applying…

8 hours ago

Why Overpricing Your Home For Sale Can Be A Disaster

Correctly pricing your home is the most crucial step in your marketing plan. If you…

10 hours ago

Nimble CRM Making the Life of a Realtor Easier

The modern real estate agent is a busy professional with a lot to manage. Keeping…

13 hours ago

How to move Intelligently When it is done Urgently

Moving from one house to another is not an easy task. It is even less…

1 day ago


Better Homes and Gardens Real Estate Alliance Group, with offices in Bismarck and Minot, N.D.,…

1 day ago

How to Know a Roof Replacement is Needed

If you find what looks like damage to your roof, you will probably be concerned.…

1 day ago