Utah company aims to turn homeownership into an employee benefit

PROVO – Cheri Salazar believes the American dream of buying a home isn't dead. It's just "stalling out."

"People want to buy a home," she told KSL. "They just don't think it's possible."

That's why Salazar, a real estate broker, co-founded NestSteps. The Provo-based startup company has developed a program that employers can use to turn homeownership into a benefit for their employees.

Specifically, NestSteps offers a financial management platform that helps employees save for a down payment, employer contribution plans for those down payments similar to contributions toward a 401(k) retirement account, and education and coaching about homebuying and budgeting.

NestSteps makes money through platform fees and referral fees from real estate agents who help participating employees eventually buy a house, according to Salazar.

"We are currently working with 11 companies in Utah," Salazar said, although she wouldn't identify them as many are still early in the process.

But she said interest in the product is strong.

"From a meeting that we held last week with one of our companies, we immediately upon ending that meeting had 58 people sign up instantly," Salazar said.

Jared Bowen, 24, is closing on his first house in Saratoga Springs on Thursday. He was basically a test subject for the program in its early stages.

"I've been wanting to get a house," he said.

Bowen said receiving education and information from NestSteps "really helped me have the confidence that buying a home was something I could do, and that it was an attainable goal."

Over the years, state leaders have passed bills and announced initiatives aimed at moving the needle on housing affordability. But Gov. Spencer Cox recently acknowledged those efforts just aren't working.

The housing market remains difficult and expensive for many Utahns, especially first-time homebuyers. The statewide median sales price in August for all housing types was around $520,000, according to early data from the Kem C. Gardner Policy Institute.

Salazar hopes her private sector idea will make a difference.

"People want this program. They need this program," she said. "This is what's been missing in the benefits space for a long time."

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