SoFi At Work First Time Homebuying
First-time homebuyer support for Black employees.
The homeownership rate for Black employees is lower than any demographic. You can help Black employees navigate these systemic challenges by providing financial wellness resources and tools tailored to their needs.
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The numbers behind the problem.
13%
Black Americans in the U.S. workforce.1
40%
of employers address DEI in financial wellness strategy.2
45%
homeownership rate for Black employees.3
3%
of homebuyers in 2022 were Black.4
1Labor Force Characteristics by Race and Ethnicity, 2021. 1100, U.S. Bureau of Labor Statistics, Jan. 2023. https://www.bls.gov/opub/reports/race-and-ethnicity/2021/home.htm.
2 Copeland, Craig and Employee Benefit Research Institute. 2021 Employer Financial Wellbeing Survey Diversity, Equity, and Inclusion in Financial Wellbeing. 9 Dec. 2021.
3Quarterly Residential Vacancies and Homeownership, Third Quarter 2022. CB22-170, United States Census Bureau, 3 Nov. 2022, www.census.gov/housing/hvs/files/currenthvspress.pdf.
42022 Profile of Home Buyers and Sellers. National Association of Realtors, 30 Nov. 2022, cdn.nar.realtor/sites/default/files/documents/2022-highlights-from-the-profile-of-home-buyers-and-sellers-report-11-03-2022_0.pdf.
How employers can help:
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Break down barriers to entry.
Student loan debt is a huge barrier to homeownership. Black households—43%—are twice as likely as white households—21%— to have that debt.5 SoFi at Work offers exclusive benefits that can really help.
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Provide better home buying options.
Many renters mistakenly believe they need 20% or more for a down payment. SoFi at Work offers flexible and accessible mortgage terms with as little as 3% down for qualifying first-time buyers.†
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Simplify the process.
Buying or refinancing a home can be a mess of paperwork, fees, and unexpected costs. SoFi at Work can help make it simple—for mortgages, cash-out refis, or home equity loans.^
5“Student Debt, Mortgage Access Limit Black Buyers.” www.nar.realtor, 17 Feb. 2021, www.nar.realtor/newsroom/nar-finds-black-home-buyers-more-than-twice-as-likely-to-have-student-loan-debt-be-rejected-for.
Empower your Black employees with SoFi at Work.
We offer exclusive benefits and programs to help break down barriers and make home buying more accessible.
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Student loan assistance
Help employees pay off debt and build toward a down payment faster with our Student Loan Employer Contribution Program.
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Emergency savings
Leverage emergency savings accounts to help employees prepare for the costs of buying and owning a home—as well as expenses like medical, auto, and more.
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Credit score monitoring
Give employees the tools to track their credit and save on their mortgage through our workforce financial health assessment, financial planners, and budgeting tools.
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Learn how you can help Black employees become homeowners.
Employers who show they care about their employees’ goals and financial well-being are more likely to attract and retain the best talent. This guide gives Black employees the guidance they need to finance their first home.
Download guide
Read up on the home-buying process.
In a housing market as competitive as the one we’re in, every step counts. Learn how you can help Black employees make all the right moves to land their dream home.
Let’s work together.
Want to learn more about SoFi at Work? Let’s talk!
Stand out with financial well-being benefits.
No two employees’—or companies’—needs are the same. That’s why our suite of benefits covers every major life stage and can be customized to match your employees’ needs. From saving for a child’s education to planning for retirement, or saving for the unexpected in between, where there’s a plan, we have a solution—and the team to put it in place for you.
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