Housing costs are so high that even an $87 billion Wall Street bank is giving workers $6.5K in cash to help them climb the property ladder

(SeaPRwire) –   U.S. workers are facing an extremely severe housing crisis, with many having completely abandoned their dream of owning a home. Now, one Wall Street employer is stepping up to help make that wish a reality with thousand-dollar cash payments.

The oldest bank in the United States, the $87 billion financial services company Bank of New York (BNY), has just rolled out a new homeownership assistance program for its U.S. employees who make less than six figures. Eligible staff earning $100,000 or less annually can receive up to $6,500 to put toward purchasing their first home.

The Wall Street bank noted in a press release that the $6,500 benefit is designed to “address affordability pressures” and support its U.S. staff as they navigate the overwhelming process of buying a home. By providing a helping hand to its lower-income employees during the homebuying process, BNY is addressing one of the most severe affordability challenges weighing on its workforce. 

“Homeownership is a path to financial security and economic prosperity, and we are dedicated to helping our employees achieve that goal,” Robin Vince, CEO of BNY, stated in the program’s press release, adding that these benefits will help “build a more resilient economy.”

All U.S. employees will also have access to homeownership education resources, including digital modules and in-person seminars that cover budgeting, credit preparedness, mortgage options, closing costs, and long-term financial planning. Additionally, all of its U.S. staff will qualify for exclusive mortgage benefits.

America’s housing affordability crisis is creating a new status quo 

U.S. consumers are grappling with an affordability crisis, from skyrocketing gas prices to prohibitively expensive child care—and housing costs are eating up massive portions of their monthly paychecks. Purchasing a home has become so unmanageable that it is reshaping the standard expectations around homeownership. 

According to a National Association of Realtors report published last year, the U.S. housing market saw two concerning trends in 2025: the share of first-time home buyers dropped to a record low of 21%, while the average age of new homeowners rose to an all-time high of 40. In 1991, the median age for a first-time home buyer was 28; last year, Gen Z workers—who earn less than any other generation in the workforce—made up just 3% of home buyers. 

“The historically low share of first-time buyers highlights the real-world impacts of a housing market that lacks affordable housing options,” Jessica Lautz, NAR’s deputy chief economist and vice president of research, said in a statement last year. “The share of first-time buyers in the market has fallen by 50% since 2007, just before the Great Recession.”

Wages are not rising quickly enough to keep up with sky-high housing costs. A 2025 research paper by Seung Hyeong Lee of Northwestern University and Younggeun Yoo of the University of Chicago found that the median home price was 5.81 times the average household income in 2022, up from a ratio of 4.52 in 2010 and 3.57 in 1984. The authors warned that as homeownership becomes increasingly out of reach, people are less motivated to save enough for a down payment. 

Nearly 70% of workers would quit their job for another with housing benefits 

Corporate executives might think that unusual office perks like draft beer on tap or ping pong tables will attract top talent—but many workers are prioritizing larger benefits that improve their overall quality of life.

A 2024 study from insurance company JW Surety Bonds found that nearly half of remote workers would return to in-office work if their employer offered housing benefits. And this perk is not just enough to get employees back to their desks—staffers would actively seek out and switch to an employer that provides this benefit. 

About 69% of workers are so eager for employer-provided housing benefits that they would switch jobs—or even their entire career path—to work for a company that offers them. Professionals are even willing to give up their valuable paid time off to get housing assistance. More than two out of five survey respondents said they would give up as many as 15 days of vacation time—equivalent to three full weeks including weekends—to receive help with homebuying expenses. 

Following BNY’s lead, other companies have started to adopt this trend. Employer-sponsored housing has grown more popular in Japan, where the country’s cost-of-living crisis has pushed many workers into financial hardship. In 2023, Nippon Life, one of Japan’s largest insurance providers, constructed a 200-unit building for male employees in a highly desirable residential neighborhood near Tokyo Disneyland. Employees living there are estimated to pay less than one-third of the market rent for comparable housing in the area; the company also offers subsidized housing for its female staff. 

Trading firm Itochu has also invested in a new housing complex for its male employees, located a 30-minute train ride from the company’s Tokyo headquarters. The living spaces provide breakfast and weekday dinners for staff, along with additional amenities such as a bar, café, and sauna. Itochu also opened a housing facility for its female employees in 2025.