This summer, I worked with Landed’s Growth team to help build new partnerships so we can begin to serve more educators in Southern California. As a former educator and current MBA student, Landed’s mission to help educators build financial security in their communities resonated strongly with me.
To date, Landed has helped 100 educators across California and Denver buy homes – and now, we’re tackling Southern California! After launching our first Southern California partnership with Redondo Beach Unified School District last year, we’re excited to expand Landed’s down payment support program to serve eligible educators in Los Angeles County, Orange County, and San Diego County.
Why Southern California?
When we thought about where we wanted to go next, we looked for markets where we believed we could have the greatest impact. We looked at locations where housing prices are high and where the gap between housing prices and teacher salaries are particularly profound. Southern California checks all of these boxes.
What challenges do homebuyers face in the Southern California market?
Southern California is one of the most difficult and expensive housing markets in the country. In June 2018, median home prices in Los Angeles, Orange, and San Diego counties hit $615,000, $739,000, and $575,000 respectively.
These prices make homebuying largely inaccessible for broad swaths of Southern Californians, and educators, in particular, are often priced out of the homebuying market. The National Council on Teacher Quality analyzed how long it would take educators in districts across the country to save enough for a 20% down payment:
- In the Los Angeles Unified School District, teachers would need to save 10% of their salary for 17.6 years to be able to afford a 20% down payment on a median priced home in their district.
- In the Capistrano Unified School District, teachers would need to save 10% of their salary for 25.5 years to be able to afford a 20% down payment on a median priced home in their district.
- In the San Diego Unified School District, teachers would need to save 10% of their salary for 19.3 years to be able to afford a 20% down payment on a median priced home in their district.
This is where we come in. By providing half of a traditional 20% down payment, Landed helps educators access homeownership before they would be able to do so on their own.
“If you talk to our employees, especially our teachers, they will tell you they would love to buy a home. They might have enough money for a monthly payment, but a down payment is always the most difficult part.”
–Superintendent Steven Keller, Redondo Beach USD
How can Southern California educators start working with Landed?
We’re so glad you asked! We’ve already helped a number of Southern California educators buy homes, including Carol & Jim and Eric & Amy, and we’re excited to help more educators achieve the dream of homeownership.
Interested educators can get the process started using our quick 5-minute interest form. And if you are a school or district that wants to follow the lead of districts like Redondo Beach USD, Manhattan Beach USD, and El Monte City SD to bring Landed support to your staff: email Nikki Lowy to learn more about the next steps you can take to help your staff put down roots in the communities they serve.