The biggest time-suck for many Americans is commuting.
And their biggest money-suck? Housing.
A few companies are trying to solve the problem — and kill two birds with one stone — by paying their employees to live closer to work.
Not only does this help them recruit employees who otherwise wouldn’t want to live in high-rent areas, it also improves work-life balance — and retention rates.
Though many of us won’t be able to swing a housing benefit at our current jobs, or switch to a company offering one, it’s still interesting to read about.
Plus, being informed could help you negotiate for other perks.
3 Companies That Pay You to Live Close to Work
Here are three tech companies that help employees with housing costs.
An investment management technology company with offices in Mountain View, Chicago, New York and Salt Lake City, Addepar pays employees to live nearby. For example, living within a mile of the Mountain View office gets you $300 a month.
“If you live within 15 minutes of the [New York] office you get $300 a month, within 30 minutes $150,” Lisa Minkin, VP of People at Addepar told CBS2.
If a Facebook employee buys or rents a home within 10 miles of its Menlo Park, California, headquarters, the social media behemoth gives them a one-time bonus of $10,000 to $15,000.
This voice, video and chat messaging startup offers employees $500 per month to live within five miles of its Palo Alto, California, office.
In addition to the tech companies, a few cities have launched their own housing initiatives. The following eight employers in Michigan and Pennsylvania round out the list.
Through the city’s Live Downtown project, employees at Compuware, DTE Energy, Marketing Associates, Quicken Loans and Strategic Staffing Solutions can get big perks for moving downtown.
In Harrisburg, the city offers public servants $2,000 toward closing costs, reports PennLive, and PinnacleHealth gives full-time employees $5,000.
Thirty miles south, York College provides employees with up to $8,000 to buy houses within city limits.
Who knew these types of benefits were available? I sure didn’t.
If your employer doesn’t offer a housing benefit, consider asking for a raise instead.
Your Turn: Do you know of any other companies or cities that help with housing costs?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.