Housing Costs Are Changing Career Choices

The rising costs of housing in the U.S. are influencing how people make career decisions. Workers are now considering housing benefits as an important factor when deciding whether to accept a job, move to a new city, or return to the office. Meanwhile, employers are struggling to keep up with these changing expectations.
 

Employees Want Housing Perks, but Few Employers Offer Them

A new study surveyed 800 workers and 200 employers. It found that 61% of employees would switch jobs if the new employer offered housing benefits, such as money for rent or help with a down payment. Housing perks are especially popular with younger workers—69% of Gen Z and 62% of millennials say they’d make a career move for those benefits.

Among remote workers, 52% said they’d come back to the office if their employer helped cover housing costs. Some employees are even willing to make sacrifices: around 25% said they’d trade paid time off, while 38% said they’d accept a pay cut averaging 10% in exchange for help with housing.

Despite how important these perks are to employees, only 4% of employers currently offer them. Another 10% are considering doing so. Industries like tech, legal services, finance, healthcare, and marketing are most likely to provide housing benefits since competition for talent is high and the cost of living in these fields can be a significant burden.
 

Employers Are Hesitant to Offer Housing Assistance

Many employers are hesitant to offer housing perks due to cost. Over half (56%) say housing benefits are too expensive, and others worry about long-term risks, compliance issues, or liabilities.

While 35% of employers said they might consider offering housing benefits instead of a salary increase, most would only do it with the employee’s agreement.

Still, the idea of housing support is gaining traction. About 32% of employers believe housing benefits could become a standard part of compensation packages within the next decade.
 

High Housing Costs Are Impacting Hiring Decisions

Rising housing costs are already affecting hiring and employee retention. Around 42% of workers have turned down better job offers because the cost of housing in the new location was too high. The challenges include relocation expenses, availability of affordable housing, and overall cost of living.

Employers are feeling the impact too. About 25% of companies say housing costs make it harder to hire or keep employees, and this percentage jumps to 40% for businesses in expensive cities.
 

What Workers Value Most

When asked to choose between a $5,000 salary increase, employer-provided housing assistance, or unlimited paid time off (PTO), most workers still picked the pay raise. However, 25% said they’d prefer housing help, with 29% of Gen Z employees choosing housing over cash. This shows that younger generations highly value housing stability.

As workers continue to explore the challenges many employees face with rising housing costs, it's clear that many are seeking assistance to make ends meet. If you’re feeling the pressure of increased rent, check out this comprehensive guide!

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