This report from RAND uses the 2024 State of the American Teacher survey to explore a set of factors that could relate to teachers’ negative perceptions of their pay between the 2022–23 and 2023–24 school years. It discusses three factors related to teachers’ intentions to exit the field: pay increases, benefits, and major household expenses. The report pays particular attention to Black teachers. Findings include (a) larger pay increases, providing benefits that mitigate major household expenses, and improving the quality of benefits could improve teacher retention; (b) employer-provided benefits that could help teachers pay for household expenses were uncommon; and (c) one in four teachers nationally was not paid for the extra work they performed (this issue was exacerbated for Black teachers). This report is best suited for policymakers, advocates, and stakeholders concerned with teacher recruitment and retention.