Employees Want Housing Benefits

The majority of employees (61%) would switch jobs for better housing benefits, according to a survey of 800 employees and 200 employers conducted by Lance Surety Bonds. 

For many Americans, access to affordable housing is often tied to job decisions, such as relocation and in-office attendance policies. Housing benefits can help employees make these decisions and open more options to accessible housing. 

Per the survey, employees said the most valuable housing benefit a company could offer was: 

1. Monthly rent stipends (41%) 
2. Down payment assistance (24%) 
3. Relocation assistance (13%)
4. Employer-owned or subsidized housing (10%) 

Additionally, 65% of employees said they would move to a new city or an employer-owned housing community to lower their living costs. Also, 52% of remote workers and 63% of hybrid workers would return to the office if their employer helped pay for housing. 

But what are employees willing to sacrifice in exchange for housing support? 

Thirty-eight percent said they would take a pay cut for employer housing, and the top five things they were willing to trade were: 

1. Holiday parties (37%) 
2. Gym memberships or wellness stipends (36%) 
3. Team-building retreats or offsites (36%) 
4. Gift cards or spot bonuses (31%) 
5. Unlimited PTO (26%) 

Still, despite many employees’ desires for housing benefits, the survey found that only 4% of employers currently offer them, while 10% are considering it. 

The housing benefits employers said they’re most willing to offer were: 

1. Relocation assistance (30%)
2. Monthly rent stipends (19%) 
3. Down payment assistance (10%) 
4. Employer-owned or subsidized housing (9%) 

Although it might take some time, 32% of employers said they believe employer-based housing will become a standard perk in the future. Some reasons they reported for backing housing benefits included: 

1. To improve employee well-being and financial stability (59%)
2. To reduce long commutes (55%) 
3. To build long-term retention (53%) 
4. To attract talent in high-cost cities (51%) 
5. To reduce employee turnover (50%)