Facebook Is Paying Workers to Move Closer to the Office
Bay Area housing is infamously expensive, but if you work for Facebook, the social media giant is trying to make it worth your while to move as close to work as possible. Facebook is reportedly paying employees at least $10,000 to buy or rent somewhere within a 10-mile radius of the company's campus in Menlo Park, according to Reuters.
Facebook workers with families could get as much as $15,000 or more to offset housing costs, Reuters reports.
The incentive reflects the difficulty finding affordable and convenient housing in the Bay Area. Workers who seek housing far from campus often must make long, congested commutes. But nearby housing may be unaffordable, even for well-paid tech workers.
According to Zillow, home values in Menlo Park increased 20.8% this year and are projected to rise an additional 5.1% next year. The median home value in Menlo Park is $1,963,100, and the average rental went for a whopping $5,524 a month.
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