Redfin Finds 83 Percent of California Homes Unaffordable on a Teacher’s Salary

Not a Single Home for Sale in San Francisco Meets Affordability Guidelines for Teachers

SEATTLE--()--Redfin (www.redfin.com), the technology-powered real estate brokerage, today issued a report on home affordability for teachers in California. Across the state’s metropolitan areas, just 17 percent of homes for sale are affordable on a teacher’s salary. In San Francisco, that number drops to zero. In San Mateo and Santa Cruz counties, just one percent of homes for sale are within the average teacher’s recommended housing budget. The most affordable counties are Merced, with 59 percent of homes for sale affordable; Stanislaus with 49 percent; and San Bernardino with 45 percent of homes for sale within reach for teachers.

As a general guideline, a homeowner’s monthly payment should not exceed 28 percent of gross monthly income. Therefore, the average California teacher should pay no more than about $1,600 a month for a home. Given current interest rates, property taxes, home insurance and homeowners association (HOA) expenses, a teacher can afford to purchase a $260,000 single family home or condo, on average. Of the 50,559 homes currently for sale in California, just 17.4 percent are listed below $260,000.

To read the full report, complete with a map of all markets Redfin agents serve in California and the percentage of homes that are affordable to teachers in each, click or paste the following link.
http://www.redfin.com/research/reports/special-reports/2014/california-home-affordability-for-teachers.html

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About Redfin

Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.

Contacts

Redfin
Rachel Musiker, 206-588-6863
press@redfin.com

Limited Affordable Homes for California School Teachers by Market (Graphic: Business Wire)

Limited Affordable Homes for California School Teachers by Market (Graphic: Business Wire)

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Release Summary

According to Redfin, across California's metropolitan areas, just 17 percent of homes for sale are affordable on a teacher’s salary.

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Contacts

Redfin
Rachel Musiker, 206-588-6863
press@redfin.com