AUSTIN (KXAN) — A new report from real estate company Redfin states that teachers in the Austin metro can only afford 59% of apartments and 1.2% of homes near schools.
That share of apartments grew from 45.9% in 2023. But the share of homes near schools only grew from 1%.
“The small improvement in housing affordability for teachers who rent is only a drop in the bucket,” said Redfin senior economist Sheharyar Bokhari, in the release.
The report states that metro teachers' median pay was $63,027, up 2.1% from 2023.
“Homeownership remains out of reach for a lot of educators, who, unlike many workers today, don’t have the flexibility to work remotely from somewhere more affordable. Building affordable housing near schools should be a priority for U.S. policymakers, but that’s only half the battle, as teacher salaries have faced years of underinvestment," Bokhari said.
The San Antonio metro saw the most improvement compared to the rest of the nation. Teachers there can afford 20.6% of homes.
"Teacher pay in San Antonio rose 4.5% year over year in 2023—not a huge jump—and median list prices in the metro as a whole are up from a year ago. But prices of homes specifically within commuting distance of San Antonio schools actually fell, which is why housing affordability improved," the report states.
