Denver is among the ten least affordable metros for teachers, according to a new analysis of 100 metropolitan areas from Trulia.
Only about 13 percent of Denver homes listed in early April were affordable on a teacher’s salary, based on their median income of $53,400 each year, the analysis found. For a double-income household, the margin goes up considerably, with roughly 65 percent able to afford a home.
Overall, Denver was the seventh-least affordable metro for teachers out of 100 major metropolitan areas, according to Trulia.
We can all recognize the value of educating children of Denver, but restaurant workers, another population that serves you, are even worse off. Less than half a percent of restaurant workers could buy a home with their median salary of $21,346. For a double-income household, it goes up to 6 percent.
If affordable homes are so out of reach for these professions, let’s suppose some of those teachers and restaurant workers rent their homes. They’ll need a down payment, and roughly 66 percent of Denver renters say that’s their biggest barrier, according to a survey from Zillow.
Correction: The headline of this post has been updated to reflect that nearly 13 percent of teachers can’t afford a Denver home.