60 Percent Of New Yorkers Don't Have Enough Emergency Savings To Pay 3 Months' Worth Of Rent, Report Finds
NEW YORK (CBS) -- A new report finds that a majority of New Yorkers don't have enough emergency savings to cover rent in case they lost their job.
According to DNA Info, a report from the Association for Neighborhood & Housing Development found that nearly 60 percent of people who live in New York don't have enough emergency savings to pay at least three months' worth of food, housing and rent.
Neighborhoods in the South Bronx fared the worst out of the five boroughs as at least 75 percent of residents living in the Mott Haven, Hunts Point, Morrisania and Highbridge sections didn't have enough savings. In the Bronx, overall, more than 50 percent of residents lacked adequate savings.
At least 66 percent of residents who live in the Upper Manhattan neighborhoods of Central and East Harlem, Washington Heights and Inwood, didn't have enough savings to cover three months' worth of household expenses.
Sixty-eight percent of residents in Brownsville and Bushwick, Brooklyn, failed to meet the standards of enough savings, while in Queens, 64 percent of residents in Elmhurst and Corona also felt the pinch.
In Staten Island, 52 percent of residents in the Stapleton and St. George sections did not have enough funds in their savings accounts.
More than 60,000 adults in New York City are homeless.