As teachers across the country gear up for the new school year, many are navigating a shifting housing market with glimmers of optimism. According to Seattle-based real estate firm Redfin, rental affordability for educators is improving, though the dream of homeownership remains elusive for most.
New data reveals that teachers can now afford about 48% of rentals near their schools, a notable increase from last year’s 41%. While this marks a positive shift, the current figures still lag behind pre-pandemic levels, which hovered closer to 58%. For many, the struggle for stable housing continues, as rising rents outpace wages in some parts of the country.
Redfin Chief Economist Daryl Fairweather sees a reason for cautious optimism, especially in areas like Seattle, where efforts to increase housing supply are bearing fruit. “I’m optimistic this could be a trend instead of just a blip because Seattle has been moving in the right direction when it comes to adding housing supply to the market,” Fairweather noted.