A comparison of teacher salaries to home values within 20 minutes of work found a high of 18% affordable in Fort Lauderdale and Jacksonville but only 4% in Miami.
ORLANDO, Fla. – The average U.S. teacher can afford just 12% of homes for sale within commuting distance of their school, according to a report from Redfin. That’s down from 17% last summer and 30% in 2019, before the pandemic homebuying boom drove up housing prices.
In addition, the average teacher can afford just over one-quarter (27%) of available rentals within commuting distance of their school. The study defines “commuting distance” as a home that can be reached within 20 minutes during rush hour.
In two U.S. cities – San Jose and San Diego – no commutable homes are affordable on a local teacher’s median salary. However, three metros had a share above 50%: Detroit, Cleveland and Pittsburgh.
In Florida, a Hometown Heroes program – strongly backed by Florida Realtors® – aimed to help teachers and other lower-paying yet vital metro jobs, such as nurses, firefighters, first responders and more. The program now serves a wider audience after 2023 legislative changes. Redfin’s study appears to reinforce the need for workforce housing programs in Florida and the nation.
In a city-by-city breakdown, some Florida metros beat the national average for nearby home affordability, while others fell short. According to study authors, California is the least affordable place for teachers looking to buy a home, while Florida is the least affordable for teachers looking to rent.
Teacher home affordability in Florida metros
- Fort Lauderdale: 18% of homes within reasonable commuting distance are affordable, a 17 percentage point decline since 2019, with rentals down 4 percentage points over the same timeframe. Median teacher salary: $60,463
- Jacksonville: 18% of homes within reasonable commuting distance are affordable, a 41 percentage point drop over the same two years, with 35% of commutable rentals affordable. Median teacher salary: $65,612
- Miami: 4% of homes within reasonable commuting distance are affordable, down 13 percentage points over two years, with only 2% of nearby rentals affordable. Median teacher salary: $60,463
- Orlando: 5% of homes within reasonable commuting distance are affordable, down 24 percentage points since 2019, with only 4% of nearby rentals affordable. Median teacher salary: $49,561
- Tampa: 12% of homes within reasonable commuting distance are affordable, down 44 points in two years, with 13% of nearby rentals affordable. Median teacher salary: $63,365
- West Palm Beach: 15% of homes within reasonable commuting distance are affordable, down 19 percentage points in two years, with 6% of nearby rentals affordable. Median teacher salary: $60,463
The average U.S. public school teacher salary rose 2% in 2021-2022 from the prior year to $66,745, but when adjusted for inflation, teachers are making $3,644 less than they were a decade ago, according to the National Education Association.
Each U.S. school has an average of 796 homes for sale within commuting distance, down 24% from 2022 and down 46% from 2019.
“The shortage of affordable homes is exacerbating the shortage of teachers,” says Redfin Senior Economist Sheharyar Bokhari. “Many teachers who can’t afford to buy a house near work are either renting and missing out on the opportunity to build wealth through home equity, or leaving education in search of more lucrative careers.”
© 2023 Florida Realtors®
Go to Source
Author: kerrys