Report: Denver seventh-least affordable housing market for teachers in U.S.

DENVER — A reports shows teachers in the Denver area might struggle to purchase a home.

Real estate website Trulia ranks Denver the seventh-least affordable housing market for teachers to buy a home in the country.

The report found Denver teachers made a median income of $53,400 in 2016, but only 13 percent of homes listed are considered affordable to someone earning that amount.

Trulia defines affordability as spending 31 percent or less of a monthly income on housing.

The website also subtracts a 20 percent down payment and calculates the monthly mortgage payment using a 30-year mortgage at 4.1 percent.

Things look a little better in the report if two teachers combine their income to buy a home.

According to the report, 65 percent of homes are affordable for two-teacher incomes. But that still ranks Denver the 12th-least affordable market in the U.S.