Examining the Influence of Housing Assistance Benefits on the Workforce

In today's economic landscape, traditional benefits alone don’t address the immediate financial needs for many employees. Recognizing this gap, employers are reevaluating their benefit packages and are beginning to include non-traditional offerings like housing assistance to better support their workforce.

To appreciate the value of this new type of benefit, picture yourself now at 26, navigating early career decisions while paying student loans and trying to save for a wedding and a future home down payment. The allure of a 401K and employer contribution match feels secondary compared to your current financial realities.

But it’s 2024, and your employer recognizes your immediate financial challenges that can be addressed and supported through non-traditional benefit offerings.

Employee surveys confirm the growing demand for employer-based housing benefits and the positive impacts they can make in a variety of ways.

●     Among those receiving housing benefits, 77% reported job satisfaction, while just 60% of non-recipients.

●     A greater sense of mental well-being among recipients with a housing benefit (75%) than non-recipients (59%).

●     Housing benefits recipients were 25% more likely to rate their overall work productivity as high.

These statistics demonstrate the positive impact of homeownership for employees that can have a demonstrable ripple effort for an organization.

The US labor market is employing more Americans than any time in history while we are witnessing the lowest number of home sales since 1995.

The discrepancy between employment and homeownership shines a spotlight on the economic conditions that warrant an employer group stepping up to make homeownership more accessible for their employees.

The time is now to offer a housing assistance benefit to enhance employee job satisfaction and employee retention in 2024.