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The rate of homeownership fell to just 38% for first-time buyers in 2021 as a result of record high housing costs, record low inventory, and stagnant wage growth across the U.S. Luckily, employer-assisted housing (EAH) programs could offer a potential solution by incentivizing and subsidizing home purchases to make housing more affordable and accessible, Fortune reports.
EAH programs employ the help of government entities and private companies, which offer assistance through down payment grants or loans, counseling and educational resources, and access to trusted real estate professionals. Though currently implemented mostly by large corporations, EAH programs are beneficial for all existing employees and are an attractive incentive for incoming employees as well.
One of the nation’s biggest employers, Amazon, recently announced a Housing Equity Fund worth more than $2 billion “to preserve existing housing and create inclusive housing developments through below-market loans and grants to housing partners, traditional and non-traditional public agencies, and minority-led organizations.” The program is initially available in Washington, Virginia, and Tennessee, where the online retailer has major hubs.
