Despite having relatively low salaries for teachers, places like West Virginia, Mississippi, and Arkansas top our list because housing costs are still rock-bottom compared to most of the country.Īffordability isn't just about low housing costs, though. In general, housing prices trump salaries in the best places for home ownership. Idaho was the number one destination in the country for domestic migration in 2020 according to U.S. There's something else that has been at work in the real estate market in recent years: mobility.ĬOVID-19 saw a dramatic shift in domestic migration patterns, often tracking people moving out of high-cost housing markets in urban areas and into more affordable suburban and rural areas. That's what this list is about: finding locations where teacher salary and housing prices hit that sweet spot where you can put down stakes and live the American dream. You can start by remembering the cardinal rule of real estate: If all that sounds intimidating, it's time to think about it in a different way. Teaching in States Where Home Ownership is Still on The Table With inflation creeping into the equation, bringing higher cost-of-living expenses in almost every aspect of our lives, that house of your dreams can sometimes seem entirely out of reach on a teacher's salary. The hangover of two major recessions in just over a decade.Student debt accumulation and payment overhang. Skyrocketing home values in major metropolitan areas.Bush administration but the issue has gotten only worse since then. Presidents of both parties have been talking about fixing this since at least the George W. Housing costs were such a big issue in the Arizona case that a program called Home in Five was started in Maricopa county to help teachers cover down payment and closing costs. That drove big protests and strikes in Arizona, North Carolina, Oklahoma, and Colorado. Stack a teacher up against a worker with comparable education and job duties, and you find that the average teacher makes almost 19 percent less each week. On top of that, the Economic Policy Institute reported in 2018 that the teacher pay gap reached its highest level ever. According to the Urban Institute's Housing Finance Policy Center, the Millenial generation has a home ownership rate nearly ten points lower than either Gen X or the Baby Boomers that preceded them. Whether you just graduated with a bachelor's degree in education or got a job a decade ago and weathered the Great Recession, that kind of pressure may deal you right out. And even successful buyers usually lose on multiple offers before they hit pay dirt. You have to bring an excellent credit score and a big down payment to the table to even get in the game. But even out-of-the-way places like Boise have started to see home values skyrocket. In major metro areas like Seattle and Denver, it can seem like every home has multiple bids, sells in a matter of days, and goes for way more than listing price. That's a pretty tough goal to reach for the latest generation of American educators. Teachers and the Modern Home-Buying Derby You get the stability and security that comes with home ownership on top of all the great things that come with being a teacher. You're there to stay, maybe even to teach the kids your former students have. Owning a home makes you part of that community in a way that's hard to beat. You are part of their lives, and they are part of yours. You see the names in the paper as they go on to accomplish things later in life, you run into them or their parents at the store and catch up, you see them at school reunions. You watch generations of kids go through your classroom. That hurts, because one of the best things about being a teacher is being a part of the community. That puts the biggest part of that dream out of reach for many in the country.įor teachers, who are hard-working professionals who aren't always bringing in paychecks that match their commitment and effort, that has been particularly true. In May of 2021 the median home price blasted past $350,000, according to the National Association of Realtors. Housing costs have rocketed toward the moon over the past decade, however. It's the American dream: a house, a yard, and a white picket fence.
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