AZ Real Estate 04-29-2018

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Arizona Republic

❚ SUNDAY, APRIL 29, 2018 ❚ 1R

Real Estate

Teacher’s aid Program helps educators who want to buy a home Catherine Reagor Columnist Arizona Republic USA TODAY NETWORK

ILLUSTRATION BY RICK KONOPKA/USA TODAY NETWORK; AND GETTY IMAGES

In metro Phoenix, teacher salaries haven’t come close to keeping up with the area’s rising home prices. Arizona is among the lowest in the nation for teacher pay. Teachers are struggling to afford homes. Many who can buy have to purchase houses far from their schools. In Maricopa County, there’s help for teachers trying to buy. The Home in Five Advantage program helps K-12 teachers with a 4 percent grant to help cover a down payment and closing costs, two big hurdles for first-time homebuyers. Since late 2015, more than 430 Valley teachers have been able to buy by tapping the program, which is not funded by taxpayers. Russell Arnold and his fiance, teacher Tamika Wilson, worked with Home in Five to buy a West Phoenix home last year. “Being first-time homebuyers, we were worried about putting too little down and putting

too much pressure on ourselves and our monthly budget,” Arnold said. “This program allowed us to make a significant down payment.” Home in Five is for buyers earning less than $93,000 a year and purchasing houses priced below $372,000. Teacher pay ranges in metro Phoenix. But in Arizona the median teacher pay is $46,949, according to the Arizona School Boards Association. The Valley’s median home price, close to rebounding to 2006 boom levels, is now about $253,000. Home in Five recently raised its home price level max from $300,000 due to rising prices. “When we started the Home in Five Advantage Program in 2012, the housing market was in the early stages of recovery, and there were good deals to be had,” said Shelby Scharbach, execSee TEACHERS, Page 3R

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