A general rule of thumb is that people should spend no more than one-third of their income on housing costs. A new report out this week reveals that teachers in the DC region are bumping up against the upper end of that benchmark.
The report from Zillow finds that teachers in the middle part of their career in the DC region spend about 30 percent of their income on the monthly mortgage. That percentage changes based on how long a teacher has been teaching: teachers just starting their careers spend 37 percent of their income on the mortgage while the percentage goes down to 23 percent for veteran teachers.
For the report, Zillow analyzed salary and income data for a selection of full-time working public preschool, kindergarten, elementary school, middle school, high school and special education teacher categories from the American Community Survey.
See other articles related to: teachers
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-teachers-spend-30-of-their-income-on-the-mortgage/15810.
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