Teachers, restaurant workers and first responders such as police officers and firefighters are likely having a tough time finding a house to buy in Charlotte.
That’s according to a new analysis from home-listing site Trulia, which compares the average listing prices for houses in U.S. cities with the average wage different workers in each city make. Using the assumption that housing payments shouldn’t take up more than 31 percent of income, Trulia reaches a dispiriting conclusion.
“The news is discouraging. Workers in these roles are finding it even harder to live in the communities they serve,” the report said. The share of houses affordable to teachers decreased or was flat in 85 of the 93 largest metro areas compared to last year.
The same dynamics that have driven up prices across the nation are impacting Charlotte’s housing market: strong demand and tight supply. The median price of a home sold in the Charlotte region jumped 13 percent in February, compared to the same month a year earlier, hitting $227,000. At the same time, the number of houses on the market plunged 18 percent, meaning there’s even less supply and prices are likely to go higher.
Those dynamics are especially tough for teachers, restaurant workers and first responders in Charlotte. With a median income of $43,000, only 18 percent of home listings are affordable to the average first responder.