Which Occupations Are Priced Out of Homeownership?
Everyone dreams of owning a home, but the odds of realizing that dream depend on a myriad of economic and geographic factors. Estately analyzed salaries for six different occupations and prices of recent home sales in eight major U.S. cities to determine what percentage of homes are affordable to local workers.
What percentage of Los Angeles homes can someone in each occupation afford?
How did we arrive at these percentages?
After finding the average annual salary for each profession in each city from Glassdoor, Estately then determined how much people in each profession could afford to spend on a home (monthly mortgage payments, down payment, property taxes, homeowner’s insurance, etc). We then analyzed home sales for the past six months in each city to determine what percentage of homes people in each of those professions could afford.
What percentage of homes can a Teacher afford?
Percent of homes an occupation can afford