School Is Starting Again. These Are the Most Affordable Cities for Teachers

A survey conducted by the National Education Association in 2021 found that 28% of teachers with education debt struggle to make mortgage payments, up from 22% before the pandemic.

Teachers may feel the pinch of rising housing costs more than other people because their salaries are statistically lower than many other professions. Plus, the median home price has surged about 29% over the past three years to $416,100. That makes buying a home very difficult, considering that the median income for a high school teacher is $61,820, according to the latest U.S. Bureau of Labor Statistics data.

But some cities are more affordable for teachers to get a mortgage loan or rent an apartment, according to National Council on Teacher Equality research. Here are a few locations teachers may want to consider.

Five affordable cities for teachers to buy a home

For teachers looking to buy a home, there are a handful of places where an educator's salary will go much further than just affording a mortgage. Spoiler alert: The Midwest is the place to be.

The teacher salaries in the National Council on Teacher Equality data are based on educators who have earned a Bachelor's degree and have 15 years of experience. The organization compared the salaries of experienced teachers in cities across the country to find locations where teachers spend far less than 30% of their salary on a monthly mortgage payment.

1. Cleveland, Ohio: Based on the average $79,682 salary for teachers with 15 years of experience, educators will spend 21% of their salary on their monthly mortgage payments of $1,410.
2. Cincinnati, Ohio: Experienced teachers in Cincinnati earn an average salary of $79,639. With median monthly homeownership costs of $1,454, teachers spend 22% of their income on housing.
3. Columbus, Ohio: Teachers with 15 years of experience earn an average of $82,338 in Columbus. The median home costs $1,582 per month, putting housing costs at 23% of a teacher's salary.
4. Indianapolis, Indiana: Teachers with 15 years of experience in The Circle City earn an average of $75,720 annually. With that income, they'll spend 21% of their salary covering the monthly mortgage expense of $1,354.
5. Pittsburgh, Pennsylvania: Experienced teachers can earn an average of $98,908 in the Steel City. Educators spend a median cost of $1,405 for their home per month, putting the cost of homeownership at 17% of their annual income.

Five affordable cities for teachers to rent

The National Council on Teacher Equality also looked at fair market rent across the U.S. to determine the most affordable cities. One big difference in this set of data is that the organization compared the starting teacher salary to rental costs, instead of looking at experienced teacher salaries. Here's what they found.

1. Wichita, Kansas: The starting salary for teachers in the city is $45,528, and the average fair market rent for a one-bedroom apartment is $635 per month. That means a new teacher renting an apartment in the Wichita metro area would spend 17% of their monthly salary on housing.
2. New Orleans, Louisiana: Rent in the Big Easy for a one-bedroom apartment will set you back about $690, while the starting salary for a teacher is $49,300. That works out to be 17% spent on housing per month.
3. Cheyenne, Wyoming: On the edge of Wyoming and Colorado is the Cheyenne metro area, where a one-bedroom apartment costs about $699. When factoring in the starting teacher salary of $48,420, an educator will spend 17% per month on housing.
4. Cleveland, Ohio: Starting teachers earn $41,198 in the Cleveland metro area and pay $732 per month toward rent, bringing their housing cost to 18% of their monthly income.
5. Bismarck, North Dakota: With a beginning salary of $48,600 and fair market rent of $737 for a one-bedroom apartment, teachers will spend just 18% of their income on housing in this city.

How to find the best deals on mortgages

With current mortgage rates hovering around 7%, shopping around for a mortgage is more important than ever. If you're a teacher looking for the best mortgage lender, it's a good idea to take some time to compare the fees, interest rates, refinance options, and other perks mortgage lenders are offering.

Some lenders specialize in FHA loans, while others may be better for VA loans or first-time buyers. Additionally, learning more about how the length of your mortgage affects your monthly payment will help you choose between a 15-year or a 30-year mortgage.

It can all be a bit confusing, but educators know better than anyone that taking small steps toward learning can make any subject less intimidating. That's why we've put together a complete guide to mortgages to help you get started.