Source: Albuquerque Business First
A new housing study from online real estate company Trulia shows Albuquerque teachers can afford a bit more than half of the homes on the market here.
With houses in Albuquerque having a median listing price of $229,000, Truliareported Albuquerque teachers could afford about 59 percent of Albuquerque’s home listings. Teachers in the Duke City had a median income of $49,393 in 2016.
First responders, which include police officers, sheriff’s deputies and firefighters, were in about the same boat as teachers, being able to afford 51 percent of home listings on a median salary of $45,615. When considering two incomes, teachers’ affordability increases to 90 percent and 88 percent for first responders.
Not surprisingly, doctors could afford about 97 percent of Albuquerque’s home listings. Doctors here had a median salary of $172,190.
Homeowner affordability is in the single digits for restaurant workers. Trulia reports restaurant workers can only afford about 6 percent of home listings in Albuquerque.
San Francisco-based Trulia defines affordability as home payments taking up 31 percent of a worker’s paycheck. For its report, the company used Bureau of Labor Statistics Occupational employment statistics from May 2016.
Home prices have been on the rise across the country and home inventory is at historical lows. Nationally, the median home list price is $254,900, and the typical American worker makes $37,040 annually, meaning the average worker would need to spend 42 percent of their income on mortgage payments on average. Homeownership is an indicator of the health of a city’s economy.
Albuquerque Business First reported earlier this month that the metro’s home market is improving. According to the latest Greater Albuquerque Association of Realtors, there is a surge of homes under contract in the metro area. GAAR reports a 14-year high with 1,299 detached homes placed under contract in March, representing a 22.7 percent increase from the same time last year.