Teachers Can Afford Only One In 10 Homes: This year, a greater number of teachers are traveling to work because houses close to the schools where they teach have become more expensive. A recent report by the real estate firm Redfin reveals that the typical U.S. schoolteacher can now only afford to purchase 12% of the homes that are currently for sale within a 20-minute drive of their school. This is a decrease from last year’s 17%. Before the pandemic, a much higher percentage of homes, around 30%, were affordable for teachers near their workplaces. Similarly, only 27% of the rental properties available near schools are affordable for teachers.
Teachers Can Afford Only One In 10 Homes
Average Salary Not Enough
The National Educators Association reports that the typical salary for public school teachers in the United States is $66,745.
Usually, a manageable mortgage is often around two times a person’s total income.
Considering that the average cost of a home in the US is approximately $416,000, and the usual initial payment is about $26,250, the prospects for teachers aiming to live reasonably close to their workplaces appear discouraging.
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Wages Aren’t Keeping Up
Teachers’ earnings are not keeping pace with the increase in prices and the higher costs of owning a home. During the 2021-2022 period, the average salary for public school teachers in the U.S. went up by 2% compared to the previous year. However, when adjusted for inflation, teachers are earning $3,644 less than they did a decade ago.
In the present situation, the average monthly mortgage payment for a typical homebuyer has risen by nearly 20% within a year. Also, due to a scarcity of homes available for sale, teachers are facing difficulties in finding housing they can afford.
Redfin’s Senior Economist, Sheharyar Bokhari, remarked, “The shortage of homes that are reasonably priced is making the shortage of teachers more severe. Many teachers who cannot afford to buy a house near their workplace are either renting, which means they miss out on the chance to build wealth through home ownership, or they are leaving the education field to search for more financially rewarding careers.”
Catastrophic Teacher Shortages
Government officials are actively addressing the issue of the shortage of teachers, but their efforts have not yielded sufficient results. The federal government has introduced programs that provide grants and assistance for eligible teachers looking to buy homes by aiding with down payments. Additionally, around half of the states in the U.S. have put forth proposals to increase teacher salaries this year.
Despite these efforts, schools across the country continue to face challenges such as adjusting schedules, filling vacant positions with individuals lacking proper training or experience, and even recruiting teachers from other countries. According to Mark Klaisner, the president of the Illinois Association of Regional Superintendents of Schools, the problem has evolved from a simple shortage to a full-blown catastrophe.
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Klaisner stated, “It’s almost come down to finding anyone with a pulse and a heartbeat, and that’s considered suitable for the role,” referring to the difficulty of filling job openings in schools.
Source: NBC News.com. “From ‘crisis’ to ‘catastrophe,’ schools scramble once again to find teachers.”
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