A study conducted by real-estate website Trulia found that Denver is the seventh-least affordable metro area in the entire country for anyone trying to buy a home on a teacher’s salary.
The real-estate website Trulia released a report that helps bring light on why housing assistance is quickly becoming a necessity in areas like metro Denver. Denver was ranked as the seventh-least affordable metro area in the country, particularly on a teacher’s salary. Five California metro areas and Austin, Texas come in as the least affordable housing markets for teachers.
Trulia defines an affordable housing payment as “one that consumes 31 percent or less of monthly income.”
Colorado Springs was found to be more accessible for teachers than in Denver, ranking as the 22nd-least affordable market. Median pay for teachers in the Springs is $45,593, making roughly 31.7 percent of the homes listed attainable. In most areas outside the Front Range, housing costs are lower, as is teacher pay. An average teacher’s salary in rural Colorado is $22,700 a year – $14,000 below the state average.
With the housing market out of most teachers’ reach, Denver Public Schools has been studying ways it can help teachers deal with and manage the rising housing costs.
However, as tight as things are for teachers, it’s been reported that restaurant workers are having an even tougher challenge in the housing market. Trulia found that .39 percent of the home listings in Denver are affordable to an individual in the restaurant workforce, with an annual income of $21,346.
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Featured photo courtesy of Trulia.