Excerpted from Trulia.com article written by Cheryl Young in April 2017. Read the full article here.
In America’s biggest housing markets teachers, police officers, firefighters and restaurant workers struggle to afford homes in the communities they serve.
In Bakersfield MSA, 98.96% of the housing listings are affordable for doctors, 76.51% for teachers, 75.70% for first responders, and 9.83% for restaurant workers.
With home prices on the rise across the county and inventory at historic lows, home ownership is even more out of reach for many middle-income Americans. Nationally, the typical American worker makes $37,040 annually (national median income) while the typical American house costs $254,900 (national median list price). That means that the median worker would have to spend 42% of their income on mortgage payments if they bought a median-priced home, up six percentage points from two years ago.
Trulia’s study on affordable housing in the United States found that over 75% of teachers and first responders are able to afford a home in Bakersfield, compared to approximately 65% in Fresno, 45% in Riverside, 22% in Los Angeles, and just 14% in San Diego.
View the full table with multiple cities and their affordability HERE.