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Top 5 cities in California for teachers to buy homes!
California’s current home prices are through the roof. Meanwhile, the teachers who strive to educate the next generation are making less than what is considered adequate for a decent standard of living in the Golden State.
According to Redfin, the top five areas of California where home prices most closely align with teacher incomes are Merced, Fresno, Riverside, Modesto, and Bakersfield. The median salary for a teacher in these areas ranges from $89,000 to $100,000 while average home prices range from $238,000 to $350,000.
Riverside stands out as the largest metro of the five. The average homeownership cost is $40,100, the average teacher’s salary is $90,200 meaning that a typical teacher spends about 44% of their income on an average home in Riverside including utilities and property taxes. This is still well above the 30% financial experts recommend spending on housing, there will still be cheaper housing options for a teacher with a single income, and one in a multi-income household will have more options.
Merced is an agricultural community in Central California. It has the best teacher income to housing cost proposition for teachers in California. The median annual homeownership cost is $35,000 while the average teacher’s salary is just under $100,000.
Fresno, Bakersfield, and Modesto are other inland agricultural communities similar to Merced. The median annual homeownership cost in Fresno is $34,700, $36,900 in Bakersfield, and $37,900 in Modesto. These are all inland options, far from the coastal job centers. The reason for this is the coastal cities have more restrictive zoning, which can make a huge difference for someone working off of a teacher’s salary.
To read more about the top cities for teachers to buy, as well as, zoning regulations that will make or break teachers! Click the link!