Have you heard that there are some employers that are offering home-buying support benefits now? In this article, we will share about these benefits, whether it’s going mainstream and what you can do for your employees.
Who is offering these home-buying support benefits?
Big employers around the global west are offering their employees help when it comes to purchasing a home. From Amazon to the federal Government to Walmart, these companies are stepping up in a new way. This is primarily happening right now in the United States, but is making its way into Canada as well.
What is the support?
These companies are offering employer-assisted housing programs (EAHPs), which provide financial assistance to employees through grants, loans, down payments, and security deposits. They also provide employees with homeownership education and counseling.
Why does this matter?
For many people, it’s hard to imagine breaking into the housing market. From rising housing prices to higher interest rates for mortgages, it may just feel impossible to check that goal off of the to do list. But with employers who are ready and willing to help, it makes this possible for so many more people!
Why should employers consider this home-buying support?
While it may feel like just another perk to offer employees, there are so many benefits to offering this support. Let’s get into what those are.
- Location – Depending on where your employees live, that can affect whether or not they can work for your company. If you’re able to encourage and help them live around where the office is located, this will help keep your workforce full of great employees.
- Diversity – When you care about housing opportunities, you’re consciously caring about the diversity that will be welcomed into your office. Available and affordable housing is key for diversity.
- Productivity – When employees don’t have to commute for an hour and worry about getting to and from work, it helps with their productivity levels.
Will this go mainstream?
While some of the major big box stores and governments are offering these home-buying support benefits, it has yet to go mainstream. While it would be amazing for small to medium sized businesses to jump on board, it may not be possible just yet at their size.
But, there are other ways you can help employees during the home buying process if offering these supports aren’t feasible.
Here are some ideas:
- Have a mortgage broker come into your office to discuss home buying and what people will need to get approved for a mortgage (income, down payment, information on debt ratio, etc). This will allow your employees to understand where they are and what they need to do to be approved.
- Offer them other home-buying education and resources along with a list of great brokers and realtors in the area.
- Offer forgivable loans for down payments. The longer the employee stays at the company, the more of the loan gets forgiven. This is a great way to work with your employees to help them buy a home while staying committed to the company.
Is there anything else you can do through your benefits?
If you’re looking for different ways you can support your employees during the homebuying process, reach out to Navy & Sage Benefits today. We can discuss what options we provide when it comes to unique ways you can support employees through different phases of their lives.
Visit our website to reach out to us today. We look forward to helping support you and your team of employees!
