By TOBIAS PETER
As rising home prices continue to undermine the American Dream of homeownership for hard-working Americans, Congress is considering a bipartisan bill modeled after the successful VA home loan program, to help first responders and teachers buy a home. However, as long as there is a housing shortage, first-time homebuyer assistance programs, such as the Homes for Every Local Protector, Educator, and Responder (HELPER) Act of 2023 are part of the problem, not the solution.
The HELPER Act, with over 100 cosponsors in the House and Senate, aims to exempt potential buyers from putting any money down or purchasing mortgage insurance, which is typically required for homebuyers putting less than 20% on a down payment. In addition, the…
By KIMBERLEY HAAS
It is being estimated that the average teacher can afford 12% of homes for sale within commuting distance of their school and just 27% of available rentals in the same area.
These numbers come from a Redfin analysis which looked at 2022 median teacher salaries in the 50 most populous U.S. metro areas. Commuting distance was defined as 20 minutes or less during rush hour and affordability was defined as no more than 30% of the metro’s median teacher income. For house sales, a 10% down payment was assumed.
In 2019, before the pandemic boom drove up prices, the average teacher could afford 30% of homes for sale within commuting distance of their school. A lack of…
Lack of affordable housing is forcing in-person workers like teachers and nurses into smaller, older homes, according to a Zillow report. While remote work has allowed some people to buy upscale homes in more affordable markets, workers in occupations that require in-person work are left to deal with rising rent and home prices. Those left behind are often forced to live with roommates or in a less desirable home. “Many renters have been able to keep costs low even as prices have grown over the past several years, but merely affording rent does not mean they are thriving,” said Zillow economic data analyst Nicole Bachaud. “A deeper look shows a big slice of the market is out of reach for…
