The housing market has experienced a massive boom during the pandemic with interest rates at all-time lows and demand exceeding available houses for sale. However, these increases in the cost of housing have left many employers in northern Colorado struggling to secure new employees. Many people are hesitant to move to an area with soaring housing costs because they worry they can’t afford to live. While employers aren’t obligated to help individuals secure housing, they can take steps to make living more affordable for their employees.
Adjust Salary Rates
One way northern Colorado businesses can attract new employees to the area is to offer higher compensation for the work they do. Many companies have entry-level positions available that may not pay well enough to offset the cost of buying a home in the area. To ensure they can fill these positions, companies need to take a closer look at the pay rates they offer their lower-level employees. By increasing compensation, they can make moving to the area more appealing and realistic for future employees.
Assistance Programs May Be on the Horizon
Another avenue some northern Colorado businesses are exploring is offering assistance programs that will make it easier for new employees to afford housing in areas like Brighton, Lafayette, Louisville, Frederick, Firestone, Fort Lupton, Hudson, Mead, Longmont, and Erie. These programs may include down payment assistance, guaranteed mortgages, homeownership savings accounts, and aid for renters. These programs will help individuals and families see the benefit of moving to northern Colorado, despite the soaring house prices.
If you’re interested in learning more about the current housing market in northern Colorado or the available homes for sale in the area, contact us to start working with our real estate professionals.