Redfin Report: Even With a 20% Wage Increase, Less Than 1% of Homes in Phoenix Will Be Affordable to Teachers

Pittsburgh is the Most Affordable Metro for Teachers, With 39% of Homes for Sale Affordable; Denver is the Least, With 0.3% of Homes for Sale Affordable

Seattle, WA – May 9, 2018 (PRNewswire) (NASDAQ: RDFN) Of the 14,406 homes currently for sale in Phoenix, only 0.5 percent are affordable on the average local teacher’s annual salary of $45,965, according to a new report from Redfin (www.redfin.com), the next-generation real estate brokerage. Last week, following a six-day teacher strike in Phoenix, Arizona legislators approved a 20 percent wage increase for teachers across the state. Once those increases are in effect, the share of homes affordable to Phoenix teachers will more than double to 1.1 percent.

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“A 20-percent wage increase is a small victory in the national fight for fair compensation for teachers,” said Redfin chief economist Nela Richardson. “However, in today’s housing affordability crisis, teachers still lack the opportunity to become homeowners and investors in the communities they serve. We still have a long way to go to close the homeownership gap, giving more teachers and other public servants the chance to achieve the American dream.”

The approved raises will increase the average Phoenix teacher’s maximum home-buying budget from $130,000 to $170,000 by the time they’ve been fully awarded in 2022.

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The wage increases come at a critical time. The share of homes affordable to teachers across 28 metros has fallen from 19.7% percent in 2016 to 11.5 percent in 2018. With the lowest average teacher salary, Phoenix ranked second-to-last in Redfin’s latest teacher affordability analysis, with only Denver coming in behind.

Here is Redfin’s 2018 ranking of the most affordable metros for teachers:

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To read the full report, complete with a methodology and a downloadable data set, visit the following link: www.redfin.com

About Redfin
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.

Volunteering Works Program Announces 2018 Mentoring and Grant Recipients

Washington, D.C. – May 9, 2018 (PRNewswire) The National Association of Realtors® and the Good Neighbor Society have announced the recipients of the 10th annual Volunteering Works grants and mentoring program. The program matches Realtors® who work on newer, small-scale charitable efforts with mentors and awards them with funding for their project.

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The five Volunteering Works recipients will receive a $1,000 seed grant and a year of one-on-one mentoring from a member of the Good Neighbor Society, comprised of past recipients of NAR’s annual Good Neighbor Awards for volunteer service.

“This year’s recipients are true examples of committed individuals who recognize needs in their community and have the drive to make a real difference,” says NAR President Elizabeth Mendenhall. “Working with Good Neighbors as mentors will create more opportunities to pursue and grow their cause for years to come, and NAR is proud to support those volunteers by offering mentoring, guidance and funding.”

The Volunteering Works recipients were selected based on their devotion to their communities through volunteer work and the potential for their good works to be expanded or improved upon with the help of an expert mentor. Their mentors are past winners of the Good Neighbor Awards, the highest honor that NAR awards to Realtors® who are involved in community service.

The 2017 Volunteering Works mentoring recipient Vickie Lobo of RE/MAX Champions of Upland, California, and founder of Community Miracle Makeover expressed that her mentee experience gave her a lot of inspiration as she built her charitable program. “My mentee advised me on how to get my nonprofit up and running and shared insight on how I can get even more involved in my community,” said Lobo.

The 2018 Volunteering Works program was made possible thanks to Wells Fargo Home Mortgage. “Wells Fargo is delighted to team up with NAR to recognize the volunteerism and leadership of Realtors® who make a meaningful difference in their communities,” said Martin Sundquist, executive director of the Wells Fargo Housing Foundation. “We applaud the work of Realtors® involved with the Volunteering Works program, because they create opportunities to accelerate the impact local nonprofits can make.”

The 2018 recipients of Volunteering Works grants and mentoring are:

Carl L. Carter, Jr., RE/MAX Elite, North Little Rock, Arkansas

Since the tragic death of his mother, Beverly Carter, who was murdered while showing a house in the fall of 2014, Carter is determined to help make the real estate profession safer. In 2017, Carter founded the Beverly Carter Foundation, which raises safety awareness through consulting, training and support at little or no charge to MLSs, associations and brokerages. Carter will seek guidance from mentor and 2001 Good Neighbor Ron Phipps, Phipps Realty Inc., Warwick, Rhode Island, to expand training by creating a national network of ambassadors and developing coursework for state continuing education programs.

Al Mejia, Broker, Legacy Fifteen Real Estate Brokers, Rancho Santa Margarita, California

In 2014, Mejia and his wife founded Donovan’s SMILE after the loss of their 4-year-old son, who passed away from a rare form of brain cancer. Since then, Mejia has tried to ease the pain for children and families going through treatment through gestures of kindness like toy drives and holiday parties. Mejia aims to create a steadier source of revenue and establish art therapy and financial assistance programs. Mejia will receive guidance from mentor and 2016 Good Neighbor Susan Helsinger, Douglas Elliman Real Estate, Merrick, New York, about setting up a board and creating compelling fundraising events.

Jerry Pinkas, Jerry Pinkas Real Estate Experts, Myrtle Beach, South Carolina

Three years ago Pinkas, his wife and a group of volunteers started the Myrtle Beach Pinball Museum, which sets up pinball machines at local charities and collects donations for local children’s autism programs. Pinkas will receive guidance from 2013 Good Neighbor Winner Tina McDonough, RE/MAX Select, Renton, Washington on establishing a board and opening a permanent museum.

Deborah SeBour, RE/MAX New Beginnings Real Estate Co., Baltimore, Maryland

In 2016, SeBour and her son founded The Veterans Housing Organization to help veterans buy, sell or rent a home. She helps veteran families locate affordable housing, negotiates with mortgage lenders to reduce their interest rates and finds other related home purchase discounts. After the property closings, SeBour gifts them money as a thank you for their military service. SeBour will seek guidance from mentor and 2015 Good Neighbor Barbara Mills, RE/MAX Realty One, Inverness, Florida on obtaining grants and expanding networking.

Cathy Weil, Coldwell Banker Horizons Realty, Corning, New York

In the fall of 2016, Weil developed the Baby Bank to help low-income families obtain diapers, wipes and other necessities. Last year alone, Weil provided diapers for 407 babies and she is teaching her couponing skills to others so they can help serve more families. Weil will seek guidance from her mentor and 2016 Good Neighbor Awards Honorable Mention Pam Harrison, RE/MAX Executive, Millersville, Maryland, on how to obtain 501(c)3 status to make it easier to fundraise and establish a website with online giving capabilities.

To learn more about Volunteering Works or the Good Neighbor Awards, go to www.nar.realtor/gna.

Wells Fargo Home Mortgage offers home loans through the largest network of mortgage locations and bank branches as well as online and by phone. Wells Fargo leads the nation in originating, funding, and servicing residential mortgages. Working together with its business partners, including Realtors®, Wells Fargo financed one of every eight home loans in 2016 and currently services one of every seven homes in the United States.

The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.nar.realtor. This and other news releases are posted in the “News, Blogs and Video” tab on the website.