A report from Redfin shows that the average U.S. teacher can afford just 12% of homes for sale within commuting distance of their school, down from 17% last summer and 30% in 2019. Additionally, the average teacher can afford just over 25% 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.
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In Florida, a Hometown Heroes program 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 the 2023 legislative changes.

In a city-by-city breakdown, some Florida metros beat the national average for nearby home affordability, while others fell short. According to the 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.

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 46% from 2019.

The shortage of affordable homes is exacerbating the shortage of teachers, as 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.

For more information, visit https://www.floridarealtors.org/news-media/news-articles/2023/08/study-reinforces-need-help-hometown-heroes