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?
Teachers
can afford
Astronauts
can afford
Firefighters
can afford
Doctors
can afford
Restaurant Servers
can afford
Computer Programmers
can 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
We certainly aren’t breaking any news that San Francisco is unaffordable for those with moderate incomes, but it’s still surprising to see whole professions completely priced out of an entire city (teachers, firefighters, restaurant servers, astronauts). The median sold price for a San Francisco home is now $1,150,000, nearly 54 times higher than the median sold price in Detroit.
Detroit and St. Louis offer the most selection for ordinary home buyers, whereas the rising costs of homes in Los Angeles and Seattle make those cities increasingly unaffordable to most incomes.
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