Some of the people Bend needs the most can’t afford to purchase a home here. Teachers, builders, servers, maintenance workers, public servants, and others, 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 $52,471. The median home cost hovers around $450,000. The median home cost requires an estimated income of just under $100,000 per year, or double 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 an average salary of $54,412 (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 $10.75/hour. Two working parents making minimum wage, and working full time, still only make $44,720/year. If 10% is taken off this to account for sick days and holidays, it reduces the yearly income to $40,248. This is 77% 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 $20,124/year. 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. This is where Kôr and the Community Land Trust Model come in.