{"id":532712,"date":"2021-08-31T08:04:57","date_gmt":"2021-08-31T12:04:57","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-finds-most-affordable-locations-for-teachers-to-buy-a-home\/"},"modified":"2021-08-31T08:04:57","modified_gmt":"2021-08-31T12:04:57","slug":"redfin-report-finds-most-affordable-locations-for-teachers-to-buy-a-home","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-finds-most-affordable-locations-for-teachers-to-buy-a-home\/","title":{"rendered":"Redfin Report Finds Most Affordable Locations for Teachers to Buy a Home"},"content":{"rendered":"
\n

Merced, Calif.–an agricultural hub hit hard by the Great Recession–topped the list of U.S. metro areas where teachers had relatively high disposable incomes in 2020<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SEATTLE<\/span>, Aug. 31, 2021<\/span> \/PRNewswire\/ — (NASDAQ: RDFN) — The five most affordable areas for teachers to purchase homes in 2020 were all located in inland California<\/span>, according to a new report<\/a><\/u> from Redfin (redfin.com<\/a><\/u>), the technology-powered real estate brokerage. Redfin identified these areas through an analysis of median disposable incomes for teachers in the 157 U.S. metropolitan areas where there was sufficient income data from the U.S. Bureau of Labor Statistics and sufficient housing-cost data from Redfin and other sources.<\/p>\n

\n

\n
\n \"Redfin
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n Five Most Affordable Metros for Teachers to Buy Homes In 2020<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n
\n

\n
\n Metro Area<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Disposable
Income for Teachers
Who Own Homes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Teacher
Salary<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Annual
Homeownership Cost<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Home
Sale Price<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Merced, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $64,586<\/span>\n <\/p>\n<\/td>\n

\n

\n $99,637<\/span>\n <\/p>\n<\/td>\n

\n

\n $35,051<\/span>\n <\/p>\n<\/td>\n

\n

\n $277,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Fresno, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $54,510<\/span>\n <\/p>\n<\/td>\n

\n

\n $89,170<\/span>\n <\/p>\n<\/td>\n

\n

\n $34,659<\/span>\n <\/p>\n<\/td>\n

\n

\n $275,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Riverside, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $51,105<\/span>\n <\/p>\n<\/td>\n

\n

\n $91,220<\/span>\n <\/p>\n<\/td>\n

\n

\n $40,115<\/span>\n <\/p>\n<\/td>\n

\n

\n $350,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Modesto, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,950<\/span>\n <\/p>\n<\/td>\n

\n

\n $88,899<\/span>\n <\/p>\n<\/td>\n

\n

\n $37,949<\/span>\n <\/p>\n<\/td>\n

\n

\n $335,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bakersfield, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,931<\/span>\n <\/p>\n<\/td>\n

\n

\n $87,710<\/span>\n <\/p>\n<\/td>\n

\n

\n $36,779<\/span>\n <\/p>\n<\/td>\n

\n

\n $238,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

In Merced, California<\/span>, the median teacher salary was $99,637<\/span> last year, while the median annual homeownership cost was $35,051<\/span>. That means teachers there had a median disposable income of $64<\/span>,586\u2014the highest among the 157 metros in this analysis. Next came Fresno<\/span>, with a median disposable income of $54,510<\/span>, followed by Riverside<\/span>($51,105)<\/span>, Modesto<\/span>($50,950)<\/span> and Bakersfield<\/span>($50,931)<\/span><\/p>\n

“Merced’s<\/span> affordability also comes from its distance to big cities. People travel up to an hour for fine dining, shopping and sometimes work,” said Debbie Engel<\/span>, a Keller Williams real estate agent and Redfin partner agent. “Still, Merced<\/span> has been getting more expensive every year and real estate demand continues to peak. That’s largely due to the presence of UC Merced and the area’s affordability relative to other major California<\/span> metros.”<\/p>\n

\n For Teachers Who Rent, Inland California Is Also Relatively Affordable
<\/b>
\n Merced<\/span> also topped the list of metros where it was most affordable for teachers to rent <\/i>housing in 2020. With a median annual rental cost of $31,635<\/span> and a median teacher salary of $99,637<\/span>, teachers who rented homes in Merced<\/span> had a median disposable income of $68,002<\/span> last year. The median teacher salary in Merced<\/span> was higher than that of any other metro in this analysis.<\/p>\n

Next came Bend, Oregon<\/span>, with a median disposable income of $60,192<\/span> for teachers who rented. Bend<\/span> has exploded in popularity in recent years as city-dwellers have moved\u00a0there in search of relative affordability and access to nature\u2014a dynamic that has caused home prices to surge.<\/p>\n

Rounding out the top five were Fresno<\/span>, Modesto<\/span> and Bakersfield<\/span>, which also ranked on the top-five list of metros where it was most affordable for teachers to purchase homes.<\/p>\n

\n Five Most Affordable Metros for Teachers to Rent Homes In 2020<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n
\n

\n
\n Metro Area<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Disposable
Income for Teachers
Who Rent Homes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median
Teacher Salary<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Annual
Rental Cost <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Monthly
Rental Cost<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Merced, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $68,002<\/span>\n <\/p>\n<\/td>\n

\n

\n $99,637<\/span>\n <\/p>\n<\/td>\n

\n

\n $31,635<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,636<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bend, OR<\/span>\n <\/p>\n<\/td>\n

\n

\n $60,192<\/span>\n <\/p>\n<\/td>\n

\n

\n $90,700<\/span>\n <\/p>\n<\/td>\n

\n

\n $30,508<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,542<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Fresno, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $57,211<\/span>\n <\/p>\n<\/td>\n

\n

\n $89,170<\/span>\n <\/p>\n<\/td>\n

\n

\n $31,959<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,663<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Modesto, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $56,007<\/span>\n <\/p>\n<\/td>\n

\n

\n $88,899<\/span>\n <\/p>\n<\/td>\n

\n

\n $32,891<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,741<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bakersfield, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $55,103<\/span>\n <\/p>\n<\/td>\n

\n

\n $87,710<\/span>\n <\/p>\n<\/td>\n

\n

\n $32,607<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,717<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n San Jose Is the Least Affordable Metro for Teachers to Purchase Homes
<\/b>In San Jose, CA<\/span>, the median teacher salary in 2020 was $90,314<\/span>, while the median annual homeownership cost was $87,612<\/span>. That left teachers with a median disposable income of just $2<\/span>,703\u2014the lowest among the 157 metros in this analysis. Next came Kahului, HI<\/span>, with a median disposable income of $5,038<\/span>, followed by St. George, UT<\/span>($6,560)<\/span>, Salinas, CA<\/span>($7,002)<\/span> and Flagstaff, AZ<\/span>($8,388)<\/span>.<\/p>\n

“San Jose<\/span> is expensive, and those prices are going to keep on climbing. That’s because housing demand is far outpacing supply,” said local Redfin real estate agent Robert Garcia “Land is so scarce that there won’t be many new affordable residential building projects in the near future. If anything is going to change, it will have to come from raising teacher salaries on a policy level.”<\/p>\n

\n Five Least Affordable Metros for Teachers to Buy Homes In 2020<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n
\n

\n
\n Metro Area<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Disposable
Income for Teachers
Who Own Homes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median
Teacher
Salary<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Annual
Homeownership Cost<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Home
Sale Price<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Jose, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,703<\/span>\n <\/p>\n<\/td>\n

\n

\n $90,314<\/span>\n <\/p>\n<\/td>\n

\n

\n $87,612<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,195,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Kahului, HI<\/span>\n <\/p>\n<\/td>\n

\n

\n $5,038<\/span>\n <\/p>\n<\/td>\n

\n

\n $62,607<\/span>\n <\/p>\n<\/td>\n

\n

\n $57,569<\/span>\n <\/p>\n<\/td>\n

\n

\n $756,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n St. George, UT<\/span>\n <\/p>\n<\/td>\n

\n

\n $6,560<\/span>\n <\/p>\n<\/td>\n

\n

\n $42,680<\/span>\n <\/p>\n<\/td>\n

\n

\n $36,120<\/span>\n <\/p>\n<\/td>\n

\n

\n $330,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Salinas, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $7,002<\/span>\n <\/p>\n<\/td>\n

\n

\n $63,680<\/span>\n <\/p>\n<\/td>\n

\n

\n $56,678<\/span>\n <\/p>\n<\/td>\n

\n

\n $675,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Flagstaff, AZ<\/span>\n <\/p>\n<\/td>\n

\n

\n $8,388<\/span>\n <\/p>\n<\/td>\n

\n

\n $47,329<\/span>\n <\/p>\n<\/td>\n

\n

\n $38,941<\/span>\n <\/p>\n<\/td>\n

\n

\n $412,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n
\n St. George, UT<\/span> Is the Least Affordable Metro for Teachers to Rent Homes
<\/b>The median teacher salary in St. George<\/span>, UT\u2014a desert city in the southwestern corner of the state\u2014was $42,680<\/span> last year, while the median annual rental cost was $32,144<\/span>. That translates to a median disposable income of $10<\/span>,536\u2014the lowest among all metros in Redfin’s analysis. It was followed by Sierra Vista, AZ<\/span>, with a median disposable income of $15,390<\/span>, Twin Falls, ID<\/span>($17,319)<\/span>, Palm Bay, FL<\/span>($17,939)<\/span> and Jackson, MS<\/span>($18,202)<\/span>.<\/p>\n

“The city of Palm Bay<\/span> itself isn’t actually that pricey, but there are a handful of real estate hotspots within the larger metro area that raise the median home price in the region,” said local Redfin real estate agent Michael Moore<\/span>. “One of those hotspots is Melbourne Beach\u2014a town on a barrier island with luxury mansions overlooking the Atlantic Ocean and\/or intracoastal waterways. Many areas farther north in Melbourne<\/span> have also become more expensive due to their proximity to defense contractors and Cape Canaveral<\/span>, which employ many people in the area.”<\/p>\n

\n Five Least Affordable Metros for Teachers to Rent Homes In 2020<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n
\n

\n
\n Metro Area<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Disposable Income
for Teachers Who Rent
Homes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median
Teacher
Salary<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Annual
Rental Cost <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Median Monthly
Rental Cost<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n St. George, UT<\/span>\n <\/p>\n<\/td>\n

\n

\n $10,536<\/span>\n <\/p>\n<\/td>\n

\n

\n $42,680<\/span>\n <\/p>\n<\/td>\n

\n

\n $32,144<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,679<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sierra Vista, AZ<\/span>\n <\/p>\n<\/td>\n

\n

\n $15,390<\/span>\n <\/p>\n<\/td>\n

\n

\n $40,986<\/span>\n <\/p>\n<\/td>\n

\n

\n $25,596<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,133<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Twin Falls, ID<\/span>\n <\/p>\n<\/td>\n

\n

\n $17,319<\/span>\n <\/p>\n<\/td>\n

\n

\n $45,040<\/span>\n <\/p>\n<\/td>\n

\n

\n $27,721<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,310<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Palm Bay, FL<\/span>\n <\/p>\n<\/td>\n

\n

\n $17,939<\/span>\n <\/p>\n<\/td>\n

\n

\n $44,894<\/span>\n <\/p>\n<\/td>\n

\n

\n $26,955<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,246<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Jackson, MS<\/span>\n <\/p>\n<\/td>\n

\n

\n $18,202<\/span>\n <\/p>\n<\/td>\n

\n

\n $43,898<\/span>\n <\/p>\n<\/td>\n

\n

\n $25,697<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,141<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

To view the full report, including charts and methodology, please visit: https:\/\/www.redfin.com\/news\/teacher-housing-affordability-2021<\/a><\/u><\/p>\n

\n About Redfin
<\/b>Redfin (www.redfin.com<\/a><\/u>) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1<\/a> real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion<\/span> in commissions. We serve more than 100 markets across the U.S. and Canada<\/span> and employ over 6,000 people.<\/p>\n

For more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a><\/u>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a><\/u>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a><\/u>. To view Redfin’s press center, click here<\/a><\/u>.<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:https:\/\/www.prnewswire.com\/news-releases\/redfin-report-finds-most-affordable-locations-for-teachers-to-buy-a-home-301365841.html<\/a><\/p>\n

SOURCE Redfin<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Merced, Calif.–an agricultural hub hit hard by the Great Recession–topped the list of U.S. metro areas where teachers had relatively high disposable incomes in 2020 PR Newswire SEATTLE, Aug. 31, 2021 \/PRNewswire\/ — (NASDAQ: RDFN) — The five most affordable areas for teachers to purchase homes in 2020 were all located in inland California, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin identified these areas through an analysis of median disposable incomes for teachers in the 157 U.S. metropolitan areas where there was sufficient income data from the U.S. Bureau of Labor Statistics and sufficient housing-cost data from Redfin and other sources. Five Most Affordable Metros for Teachers to Buy Homes In 2020 Metro … <\/p>\n

Continue reading “Redfin Report Finds Most Affordable Locations for Teachers to Buy a Home”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-532712","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRedfin Report Finds Most Affordable Locations for Teachers to Buy a Home - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-finds-most-affordable-locations-for-teachers-to-buy-a-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Report Finds Most Affordable Locations for Teachers to Buy a Home - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Merced, Calif.–an agricultural hub hit hard by the Great Recession–topped the list of U.S. metro areas where teachers had relatively high disposable incomes in 2020 PR Newswire SEATTLE, Aug. 31, 2021 \/PRNewswire\/ — (NASDAQ: RDFN) — The five most affordable areas for teachers to purchase homes in 2020 were all located in inland California, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin identified these areas through an analysis of median disposable incomes for teachers in the 157 U.S. metropolitan areas where there was sufficient income data from the U.S. Bureau of Labor Statistics and sufficient housing-cost data from Redfin and other sources. 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Redfin identified these areas through an analysis of median disposable incomes for teachers in the 157 U.S. metropolitan areas where there was sufficient income data from the U.S. Bureau of Labor Statistics and sufficient housing-cost data from Redfin and other sources. 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