Some of the people Bend needs the most can’t afford to purchase a home here. Teachers, builders, servers, maintenance workers, public servants and more are often priced out of reach of home ownership. These are people who contribute to a thriving economy and provide services that everyone needs.
The median household income in Bend is approximately $50,000. The median home cost is $325,000. The median home cost requires an estimated income of $77,000 per year, or 154% of the median income. To get some perspective on how this looks in our job market, here are a few examples:
- A Bend public school teacher in 2014 made a median salary of $46,065 (this means that half of the teachers make less). Most homes in Bend are out of reach for many of its teachers.
- Minimum wage in Oregon is $9.25/hour. Two working parents making minimum wage, and working full time, still only make $38,480/year. If 10% is taken off this to account for sick days and holidays, it reduces the yearly income to $34,632. This is 69% of the median income for Bend. Low income is considered to be 80% or less than median income. In the case of a single parent family, that same minimum wage job minus 10% will only bring in $17,316/year. This is 35% of the median income in Bend, Oregon. Super-low income is considered to be 50% or less than median income.
Without help, these people cannot afford to own homes and provide safe, stable places for their families. That is where Kôr comes in.