{"id":505043,"date":"2024-08-16T13:53:53","date_gmt":"2024-08-16T17:53:53","guid":{"rendered":"https:\/\/www.rent.com\/research\/?p=505043"},"modified":"2024-08-16T13:53:54","modified_gmt":"2024-08-16T17:53:54","slug":"riverside-ca-teacher-affordability","status":"publish","type":"post","link":"https:\/\/www.rent.com\/research\/riverside-ca-teacher-affordability\/","title":{"rendered":"Riverside, CA Has One of the Highest Shares of Rentals Affordable for Teachers"},"content":{"rendered":"\n

78% of rentals in Riverside are affordable for teachers \u2013 among the highest shares in the nation<\/h3>\n\n\n\n

For many teachers, finding a place to live that doesn\u2019t break the bank can be nearly impossible<\/a>, as rising costs of living and meager wage increases strain budgets. <\/p>\n\n\n\n

However, Riverside, CA bucks this trend: 78.4% of Riverside rentals are affordable for teachers<\/strong>, up from 74.4% last year but 7% lower than 2019.<\/p>\n\n\n\n

Nationwide, 47.9% of rentals are affordable to teachers \u2013 up from 40.7% last year but much lower than 2019, when 58% of rentals were affordable. These figures underscore how much rents have outpaced wages<\/a>, especially since the pandemic<\/a>. <\/strong>This effect is beginning to wear off, though, as rent prices stabilize<\/a>. <\/p>\n\n\n\n

So why are so many Jacksonville rentals affordable for teachers? Let\u2019s find out.<\/p>\n\n\n\n

Why are Riverside rentals affordable to teachers? <\/h2>\n\n\n\n

Riverside is so affordable for teachers largely because of its high wages and relatively low rents.<\/strong><\/p>\n\n\n\n

As of 2024, the median wage for Riverside teachers was $102,309, up 21% from 2019 and far above the national median of $72,000. The median rent for teachers in Riverside is $2,315, well above the nationwide median of $1,647.<\/p>\n\n\n\n

Riverside strikes a balance of high wages and relatively affordable housing, and is especially affordable when compared to other California metros. San Jose, for example, where the median rent is $3,250, pays teachers $2,000 less than Riverside. Los Angeles and San Diego see similar trends. <\/p>\n\n\n\n

Even though California pays teachers more than any other state<\/a> \u2013 pay has increased by upwards of 20% since 2019 in some metros \u2013 it\u2019s still not enough<\/a>. Houses are widely unaffordable and many can\u2019t afford rentals, leaving some teachers to take on multiple jobs. It\u2019s no wonder 12%<\/a> of California\u2019s teacher workforce turns over every year. <\/p>\n\n\n\n

To help close the cost of living gap, the state has proposed a 50% pay increase<\/a> over the next seven years and is looking into building<\/a> affordable homes for teachers on state-owned land. <\/p>\n\n\n\n

What\u2019s happening with teacher affordability nationwide?<\/h2>\n\n\n\n

Nationally, teacher salary growth has actually outpaced rent price growth. The <\/strong>average public school teacher salary<\/strong><\/a> in 2023-2024 is ~$72,000<\/strong>, up 3.1% from the year prior, while median asking rents increased just 0.4% over the same time period. Rent growth is slowing or reversing in some parts of the country due to an increase in apartment supply. <\/p>\n\n\n\n

Still, many teachers are struggling to find affordable rentals. Rent growth has slowed but remains just $53 below its 2022 record high, and teacher salaries have not kept pace<\/a> with recent historic inflation<\/a>. In fact, teacher salaries are actually 5% <\/strong>lower <\/em><\/strong>than a decade ago when adjusted for inflation<\/strong>. The combination of high rent prices, persistent inflation, and modest wage increases has resulted in record-low affordability<\/a>. <\/p>\n\n\n\n

However, in metros where teachers are paid more, affordability is often slightly better. An exception is in places with exceptionally expensive rentals, like San Jose and New York. These metros have among the lowest number of rentals affordable to teachers, even though median wages reach above $100,000.<\/p>\n\n\n\n

Where do we go from here?<\/h2>\n\n\n\n

Homeownership remains out of reach for many educators, who, unlike many modern workers, don\u2019t have the flexibility to work remotely from somewhere more affordable. Unfortunately, rentals are also quite expensive in many cities.<\/p>\n\n\n\n

A few ways to help increase the amount of housing affordable to teachers include building affordable housing<\/a> near schools, increasing pay<\/a>, and allowing collective bargaining<\/a>.<\/p>\n\n\n\n

10 Most Affordable Metros for Teachers Looking to Rent<\/h2>\n\n\n\n
Metro<\/strong><\/td>Average share of rentals affordable to teachers* <\/strong><\/td>YoY change in share of affordable rentals (ppts)*<\/strong><\/td>Median asking rent<\/strong><\/td>YoY change in median asking rent<\/strong><\/td>Median teacher salary<\/strong><\/td>YoY change in median teacher salary<\/strong><\/td><\/tr>
Portland, OR<\/a><\/td>91.3%<\/td>+16.4 ppts<\/td>$1,799<\/td>-3.8%<\/td>$95,486<\/td>+16.0%<\/td><\/tr>
Pittsburgh, PA<\/a><\/td>83.9%<\/td>+8.3 ppts<\/td>$1,465<\/td>-3.5%<\/td>$71,162<\/td>+3.9%<\/td><\/tr>
Atlanta, GA<\/a><\/td>82.0%<\/td>+21.0 ppts<\/td>$1,573<\/td>-0.9%<\/td>$76,004<\/td>+15.3%<\/td><\/tr>
Jacksonville, FL<\/a><\/td>80.6%<\/td>+37.0 ppts<\/td>$1,465<\/td>-14.3%<\/td>$68,436<\/td>+4.3%<\/td><\/tr>
Houston, TX<\/a><\/td>78.8%<\/td>+2.0 ppts<\/td>$1,299<\/td>+9.6%<\/td>$65,624<\/td>+4.8%<\/td><\/tr>
Riverside, CA<\/a><\/td>78.4%<\/td>+4.0 ppts<\/td>$2,315<\/td>+1.8%<\/td>$102,309<\/td>+2.0%<\/td><\/tr>
Seattle, WA<\/a><\/td>77.5%<\/td>+9.4 ppts<\/td>$2,075<\/td>-3.5%<\/td>$98,573<\/td>+8.0%<\/td><\/tr>
Cincinnati, OH<\/a><\/td>74.2%<\/td>-3.9 ppts<\/td>$1,356<\/td>+9.9%<\/td>$65,464<\/td>+4.9%<\/td><\/tr>
Detroit, MI<\/a><\/td>69.9%<\/td>-2.1 ppts<\/td>$1,392<\/td>+1.6%<\/td>$64,139<\/td>-0.1%<\/td><\/tr>
Sacramento, CA<\/a><\/td>67.2%<\/td>+17.0 ppts<\/td>$2,047<\/td>+1.6%<\/td>$90,426<\/td>+10.5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Table sorted by average share of rentals affordable to teachers<\/p>\n\n\n\n

*Within commuting distance of school<\/p>\n\n\n\n

Methodology<\/h2>\n\n\n\n

According to a Redfin analysis<\/a> of local median teacher salaries and rental listings in commuting distance of public and private PreK-12 schools across 33 major U.S. metropolitan areas, as of July 2024. Rental data only covers apartments listed on Rent. and Redfin. <\/p>\n\n\n\n

School location data came from GreatSchools<\/a>. The 20-minute rush hour commute time was determined for each school using the WalkScore Travel Time API<\/a>. <\/p>\n\n\n\n

Annual teacher wage data came from the U.S. Bureau of Labor Statistics\u2019s Occupational Employment and Wage Statistics program and covers the 2022-2023 school year (valid May 2023), unless otherwise noted.<\/p>\n\n\n\n

A listing is considered “affordable” if the monthly payment was estimated to be no more than 30% of the metro area\u2019s median monthly teacher income.<\/p>\n","protected":false},"excerpt":{"rendered":"

Less than half of rentals nationwide are affordable for teachers, as wages continue to lag. But not in Riverside, where 78% of rentals are affordable. Why?<\/p>\n","protected":false},"author":1022,"featured_media":505044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19835,19832,19828],"tags":[],"topics":[195,202],"renters":[],"cities":[],"propertymanagement":[],"class_list":["post-505043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-trends","category-renting-trends","category-research","topics-data-research","topics-news-trends"],"acf":[],"yoast_head":"\nRiverside Is Affordable for Teachers Looking to Rent | Rent. Research<\/title>\n<meta name=\"description\" content=\"Less than half of rentals nationwide are affordable for teachers, as wages continue to lag. But in Riverside, 78% of rentals are affordable. 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