Important Questions for Your Mortgage Lender
We’re all feeling the increase in housing costs – rising rents and home prices. How does that impact those providing a critical community service, like teachers and social workers?
It’s important for school workers to live in the community where they work. It helps cut down on overall household costs, like transportation and childcare, as well as reduce stress.
The National Housing Conference’s “Paycheck to Paycheck” study looked at five school occupations—bus driver, child care teacher, groundskeeper, social worker and high school teacher—to find out how we are doing on affordability. It turns out, we could be doing much better. The report found that none of the school occupations earned salaries that were high enough to guarantee either renting or owning a home in every metro area included.
For example, high school teachers earning median wages are only able to afford to buy a median-priced home in 130 out of the 210 metros analyzed.
We know our communities are better when we have community service workers near us. State and local housing finance agencies (HFAs) are helping make that happen through their programs. They include assistance with down payments or closing costs and providing access to affordable loan products (both private and public).
About 14 percent of programs in Down Payment Resource are specifically reserved for community heroes, such as teachers, police officers, firefighters, and veterans.
The Paycheck to Paycheck report highlights programs that are designed for education workers.
Find out if there are programs for school occupations in your area. The Down Payment Resource program search allows you to select ‘Education’ as an occupation to filter your results. Plus, there are nearly 2,500 programs available across the country.