Walls and a Roof: Housing for Teachers

Clayton and Katrina have had uncommonly good fortune as homeowners. Their success in housing decisions, however, is not rare and can be achieved by teachers by following the strategies outlined in this chapter. The “rent or buy” decision, housing affordability, and the idea of stretching to a bigger home than is financially comfortable are all explored. The chapter also explains the role of housing location for teachers and the tradeoffs involved when a teacher finds housing near school hard to afford. Teachers are led through the entire house-hunting process from window-shopping to the real estate closing. But even after moving in there are important economic decisions to make, including maintenance and refinancing. The chapter shows how to avoid refinancing traps and predatory lenders. By the end of the chapter it is clear that Clayton and Katrina did a lot of things right – things that most teachers can also do on their way to financial fitness.