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A modest increase in teacher salaries and stable rents have made rents more affordable for teachers, but they are still below pre-pandemic levels, a new report says.

According to a report from Redfin on Wednesday, teachers can now afford 47.9 percent of rental apartments within commuting distance of their school, up from just 40.7 percent last year.

A Redfin analysis of July rental listings in 33 U.S. metropolitan areas and median teacher salaries at public and private K-12 schools in 2023 shows that despite progress, the market is still suffering from the aftermath of the pandemic.

In 2019, teachers could afford 58 percent of the available housing within commuting distance of their workplace.

In 2023, the median teacher salary in the U.S. rose 3.8 percent year-over-year to $64,266, outpacing rental growth, which had stabilized after a pandemic-related surge. Asking rents declined in 2023, rising only 0.4 percent year-over-year.

This rent stability is due to the high rate of new construction, which has kept rental growth in check. However, as housing construction slows, rents may rise again in the near future.

Many teachers continue to struggle with rent costs, with the average rent just $50 below its peak and increases having failed to keep pace with inflation. According to the National Education Association (NEA), teachers earn an average of 5 percent less, adjusted for inflation, than they did a decade ago, contributing to high turnover rates.

“The small improvement in housing affordability for teachers who rent is just a drop in the bucket,” said Sheharyar Bokhari, senior economist at Redfin.

“For many teachers, home ownership remains out of reach because, unlike many workers today, they do not have the flexibility to work from a more affordable location. Building affordable housing near schools should be a priority for U.S. policymakers, but that is only half the battle, as teacher salaries have been underinvested in for years.”

In Portland, Oregon, the average teacher can afford 91.3 percent of rental housing near their workplace, the highest among 33 metropolitan areas. Portland’s high teacher salaries and falling rents contribute to this affordability. In contrast, teachers in Miami can afford just 0.2 percent of nearby housing, the lowest among the metropolitan areas analyzed by Redfin.

Teacher salaries have fallen in four metropolitan areas, with Miami seeing the biggest drop: Compared to the previous year, salaries fell 11.9 percent to $53,297 last year. According to the NEA, Florida’s metropolitan areas have the lowest teacher salaries among the 50 cities studied, and teacher employment has fallen 10.7 percent over the last year.

Owning a home remains a challenge for teachers too.

Teachers could only afford 14.3 percent of homes for sale within commuting distance. This is a slight decrease from the previous year (14.4 percent) and a significant decrease from 2019 (39.1 percent). Rising home prices and increased mortgage rates are contributing to this burden.

According to Redfin, average monthly mortgage payments increased 4.7 percent in July compared to a year ago, while asking rents increased less than 1 percent. Mortgage payments were 90.7 percent above pre-pandemic levels, while asking rents were 21.4 percent above pre-pandemic levels.

Among the 50 largest metropolitan areas, Cleveland offers the most affordable home-buying opportunities for teachers, with 61.1 percent of homes within reach. In contrast, California cities like San Jose are the least affordable, with teachers able to afford only 0.1 percent of homes due to high prices, despite having the highest teacher salaries in the survey.

Current trends show that Hartford, Connecticut, and Kansas City, Missouri, have seen the largest declines in home affordability, while San Antonio and Atlanta have seen significant improvements.

In Hartford, teachers can afford 22.1 percent of housing, 34 percent less than in 2023, or a decrease of 11.9 percentage points. In Kansas City, the decrease is 7.9 percentage points.

In San Antonio, teachers can afford 20.6 percent of apartments, 6.4 percentage points more than last year, followed by Atlanta with an increase of 4.6 percentage points.

Email Richelle Hammiel