Relocating talent in the U.S. can create affordability challenges for your employees, especially when deploying talent to high-cost locations. AIRINC’s innovative new solution helps your employees when they need it most — up-front when they are looking to purchase a home.
AIRINC’s Home Purchase Differential calculates a lump sum payment to cover the additional cost of buying in higher-cost markets. Based on the difference between house purchase prices in the destination vs. the origin, the differential provides an up-front payment that the employee can use to secure a larger down payment, allowing access to more affordable monthly mortgage payments. You have the option to tailor the payment to your policies – tapering or setting a threshold for the payment.
We built this solution based on actual client needs and we specifically tailored it to deliver an up-front solution addressing high housing costs and down payment requirements. The Home Purchase Differential is different from a COLA, which may not always address the large hurdle of high-cost housing markets.
Home Purchase Differential reports can help you by:
- Providing a “know before you go” comparison between housing markets to help educate employees before they accept their relocation
- Estimating home sale/purchase costs which can be used in cost estimates or for creating lump sums
- Determining if assistance is necessary and, if so, at what level
- Calculating the required down payment assistance to help employees secure affordable long-term housing
By comparing home purchase costs between the origin and the destination, mobility professionals can help to facilitate a successful relocation.