A survey showed that many of its respondents have little in reserve to weather a long recession. The findings include:
—22% of homeowners don’t have enough in savings to cover one month’s mortgage.
—Almost half of renters surveyed reported having less than $500 set aside for emergencies. A similar amount said their savings wouldn’t be enough to cover one month’s rent.
—30% of homeowners had less than $1,000 reserved for emergencies. The Bureau of Labor Statistics estimates the average homeowner spends just under $6,000 per month, and recommends homeowners have between $17,300 and $35,600 squirrelled away for expenses over 3-6 months in case they have no active income.
—12% of homeowners are already behind on mortgage payments due to the coronavirus crisis. About 27% are worried about defaulting on their mortgages.
—More than half of both renters and homeowners say they are racking up credit card debt to pay bills. Federal stimulus checks of up to $1,200 should provide some relief, but the respite is likely to be temporary.
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