Redfin Report: One in Five Homes for Sale is Affordable on a Teacher’s Salary Across 32 Major U.S. Metros

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Despite Declining Affordability, Homeownership is Still Possible for
Teachers in Many U.S. Metros

Detroit, Pittsburgh and Cleveland are Most Affordable for Teachers

SEATTLE–(BUSINESS WIRE)–One in five homes for sale across 32 major U.S. metro areas was
affordable on an average teacher’s salary as of late September,
according to Redfin (www.redfin.com),
the next-generation real estate brokerage. The number of affordable
homes for teachers declined from one in three in 2012. Redfin’s latest
analysis also found that affordability for teachers fell in each
individual metro it studied over the same four-year span, due to the
combination of low wage growth and increasing home prices.

“The national homeownership rate is at a historic low, which is alarming
in itself, but the homeownership rate for teachers is even lower,” said
Redfin chief economist Nela Richardson. “Especially for teachers just
starting their careers, there is a huge affordability gap to overcome
that significantly affects their ability to start building wealth early
through homeownership. This is not just an affordability issue for
teachers; it affects other public servants as well and should be a
national concern. Great things happen when the people who form
fundamental connections between community members, like those who
educate our youth, are able to invest in the communities they serve.”

Homeownership remained most affordable for teachers along the Rust Belt
and in pockets of the South. The most affordable metro for teachers
looking to become homeowners was Detroit, where 49.7 percent of all
homes listed for sale as of September 30, 2016, were affordable on the
average teacher salary of $68,100. Teachers also fared well in
Pittsburgh, where they could afford 48.3 percent of the homes for sale
on an even more modest average salary of $58,800.

Still, affordability remained a significant challenge for teachers in
many metros, especially in San Francisco, where only 0.6 percent of
homes were affordable, and in Denver, where 1.1 percent could be
purchased on the average teacher salary.

To read the full report, along with the complete findings, metro
ranking, methodology and a downloadable data set, click or paste the
following link into your browser: https://www.redfin.com/blog/2016/11/teacher-home-affordability.html.

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About Redfin Corporation

Redfin (www.redfin.com)
is the next-generation real estate brokerage, combining its own
full-service agents with modern technology to redefine real estate in
the consumer’s favor. Founded by software engineers, Redfin has the
country’s #1 brokerage website and offers a host of online tools to
consumers, including the Redfin
Estimate
, the highly accurate automated home-value estimate.
Homebuyers and sellers enjoy a full-service, technology-powered
experience from Redfin real estate agents, while saving thousands in
commissions. Redfin serves more than 80 major metro areas across the
U.S. The company has closed more than $31 billion in home sales to date,
and saved customers more than $335 million in fees, and counting.

For more information or to contact a local Redfin real estate agent,
visit www.redfin.com.
To learn about housing market trends and download data, visit the Redfin
Data Center
.

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Contacts

Redfin Journalist Services:
Jeffery Marino, 206-588-6863
press@redfin.com