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Intern's case study: first-year teachers cannot afford typical Bethany homes
Summary
An intern's model showed a first-year teacher earning about $60,000 would face a down payment (~$83,000) and monthly costs that exceed affordable thresholds in Bethany; only a small number of homes sold in the target price range recently.
Tristan Worth Stricker presented a three-case affordability analysis using local median-income and housing-cost data. For a first-year teacher earning about $60,000, Tristan said the down payment on an average Bethany home would be roughly $83,000 and would take "roughly 7 years" to save; he calculated the teacher would face monthly housing costs near 60% of their salary on the open market and would only qualify under an 80% area median income program.
Committee members noted market realities: Tristan reported only 14 homes sold at the hypothetical $220,000 price point in the past two years and 44 homes sold at an 'average home' price over two years, with currently none on the market at the lower price. Members discussed that small starter homes and nonprofit-led projects could create appropriate options for entry-level buyers, but identified funding and site constraints that make such projects challenging.
