Owning a home costs a third of an experienced Richmond teacher's salary
- Los Gatos, California, built an affordable housing teacher complex in partnership with a nonprofit earlier this year.
- Austin Independent School District is looking for development partners to build and manage two teacher housing complexes on unused district land within the year.
Why it matters: Many teachers can't afford to live where they work, which can have repercussions for the quality of students' education, Becky Pringle, president of the National Education Association, told Axios.
Zoom in: Since 2017, the average American home price has risen 40%, and the one-bedroom rent in the largest metro areas has increased 22%, per nonprofit National Council on Teacher Quality
- But starting teacher salaries have only risen 15%.
By the numbers: The annual cost of owning a home in Richmond is 33.6% of an experienced teacher's salary, per data from the NCTQ.
- And it would take them 10-15 years to save for a 20% down payment based on last year's median home sale price.
Reality check: Although each district's situation is different, the root of the housing problem lies in chronic under-compensation of teachers, said Pringle with the NEA.
More Richmond stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Richmond.