A new study out from listing site Redfin shows that only 8.7 percent of the residences on the market in Los Angeles are at all affordable for working teachers in the city. They took the average teacher salary in LA (they don't specify a difference between grade level or private/public schools), then compared it with the median home price. In Los Angeles, the median income for teachers is $69,400, so, using the rule of thumb that a monthly payment should be no more than 28 percent of gross monthly income, a teacher's maximum affordable home price is $260,000. The median three-bedroom home in LA County costs $417,333, so that limits teachers to smaller homes, condos, and dirt lots. We waded through it all and found four places in LA that are theoretically affordable for an LA teacher.
· 83 Percent of California Homes Unaffordable on a Teacher's Salary [Redfin]
· Home Prices [Curbed LA]