The new job - how much more does it pay and is it better than your current job after factoring in the housing allowance plus all other variables?
If you take this housing perk and then take a new job what happens to #2?
If you factor in your housing perks and you have $100,000 to put down that can be matched by your employer (is the matching $100,000 interest free?) plus the $15,000 a year housing supplement (what is this after tax?) plus the $200 000 interest-free loan you get to a housing cost of about $2000-$2500 a month for a 1.1 million dollar home if you get a mortgage for a ten year term @ 2.99 amortized over 25 years.
In my area this budget would include taxes, insurance and most repairs on a well-maintained home but no renos - I don't know your area well enough to guesstimate.
If you invest the savings of buying vs. renting over ten years ($24,000 a year at 6%) you will have an additional $332,886.57 in year ten by buying rather than renting.
At year ten, factoring in the full loan forgiveness, you will have $100,000 of your down payment plus the $100,000 down payment gift from your company plus another $200,000 in paid-off equity, less the payment due on the appreciation on your $200,000 interest-free down payment gift and lost opportunity costs on your $100,000 down payment.
This means that if there is no appreciation over the next ten years you will have the $100,000 (gift from company) + $200,000 equity pay down - $35,000 LOC = $265,000 to the black.
If you get 3% appreciation average over ten years you will get the $265,000 + $378,308 in appreciation - $68,743 payment on company down payment appreciation = $572,565 to the black less cost to sell to realize gains - unless you choose to borrow against equity to invest otherwise instead.
Also, where you live can you write interest on mortgages off against income? If so, you need to add this benefit to the bottom line. You also need to adjust for rental increases and make reasonable estimates of the costs of owning for the house and the neighbourhood.
Renos are tricky, if you do them well you can get a fair portion back on resale so they are not a complete loss but you can erode your bottom line by going overboard on these.
Now, if you would never rent for the next ten years you need to do the calculation all over again with the scenario of being at a higher wage at a different job without the housing perks vs. staying where you are. Job security is also a factor.
I don't believe that you can predict a market crash. I also believe prices cannot rise above inflation forever. Put those things together and you need to make sure you manage risk while considering the most likely scenarios.
Finally, being forced to sell a high priced property with a big mortgage during a crash is a path to bankruptcy. Divorce and job loss are two major risks that could lead to this.