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California Is The Most Affordable State For Teachers To Buy A Home
For an educator or teacher looking to buy a home, California is the most favorable state price-wise to buy a home. Fresno, Merced, Riverside, Modesto, and Bakersfield are among the most affordable areas in California for a mortgage. A teacher in California earns an annual salary of 80,000-100,000 a year. This leaves them with between 30,000 and 50,000 disposable income after buying a home. Hawaii, Utah, and Arizona are also among the more affordable places for a teacher to obtain a mortgage.
30 Year Fixed Mortgage Rate
|Change From Yesterday||-0.053%|
|Change From One Week Ago||-0.032%|
|Change From One Year Ago||-0.161%|
15 Year Fixed Mortgage Rate
|Change From Yesterday||-0.079%|
|Change From One Week Ago||-0.040%|
|Change From One Year Ago||-0.411%|
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California, Utah, Hawaii, and Arizona are among the most affordable states for a teacher to buy a home. This is due to a combination of high teacher salaries and relatively low housing prices. For example, the average teacher salary in Utah falls between $47-$70k annually. The average mortgage price is $1,497 monthly or $17,964 annually. After purchasing a home a teacher from Utah is left with $29-$52k in disposable income each year. Educators in California, Hawaii and Arizona can take advantage of similar economic conditions. Take this into consideration if you are a teacher planning to buy a home.
At the beginning of the pandemic, many people were severely economically impacted. As lockdowns were implemented, evictions, unemployment, and foreclosures skyrocketed. Eventually, restrictions were lifted and many people returned back to work. Money was put into the economy in the form of stimulus checks, and unemployment for those who still were not working. As people were going back to work or receiving benefits many were able to either catch up on bills, put money in savings, or get ahead on their current bills. As the economy recovers, delinquencies will continue to decrease.
The Federal Housing Finance Agency has made it much cheaper to buy a second home or investment property due to revisions in specific policies. This revision is only in the short term and it is in your best interest to act fast if you are pursuing a second home or investment property.