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Most New Yorkers Are Roughly 1 Paycheck Away From Homelessness: Study

(DNAINFO) Amy Zimmer | November 26, 2016 — Nearly 60 percent of New Yorkers lack emergency savings to cover 3 months rent, a housing group found.

More than half of all New Yorkers are teetering on the brink of homelessness — without enough cash in the bank to cover them in the event of a disaster or lost job, a troubling new study has found.

Nearly 60 percent of all New Yorkers don’t have enough emergency savings to cover at least three months’ worth of household expenses like food, housing and rent, according to a recent report from the Association for Neighborhood & Housing Development.

Without such emergency funds, these families are at risk of eviction, foreclosure and damaged credit.

South Bronx neighborhoods, including Mott Haven, Hunts Point, Morrisania and Highbridge had among the highest percentage of residents without adequate savings. At least 75 percent of residents in these areas barely have any cushion, according to ANHD. In fact, more that 50 percent of residents in all Bronx neighborhoods lacked sufficient emergency savings.

In Brooklyn, Brownsville and Bushwick residents fared the worst, with at least 68 percent of residents lacking enough emergency funds. Bedford-Stuyvesant, East New York and southern Crown Heights/Prospect Heights followed close behind.

At least 66 percent of residents in Central Harlem, East Harlem and Washington Heights/Inwood lacked three months of savings to cover household expenses. These areas were followed by Morningside/Hamilton Heights and Chinatown/Lower East Side.

In Queens, the areas with the highest percentage of such households included, Elmhurst/Corona (64 percent), Rockaway (60 percent), Jackson Heights and Sunnyside/Woodside (both 59 percent).

Staten Island’s Stapleton/St. George area had the highest percentage of such households in the borough, with 52 percent of families lacking sufficient emergency funds, according to ANHD.

The de Blasio administration has expanded its budget for homelessness prevention services, such as legal services and emergency rental assistance to keep families in their homes.

In Fiscal Year 2015, the city spent $180.7 million in emergency rent help to nearly 53,000 households, city officials said in September. That amounted to an average cost of $3,400 per family — which is much less than the estimated $41,000 annual cost for a family in shelter.

Source: Most New Yorkers Are Roughly 1 Paycheck Away From Homelessness: Study – Central Harlem – DNAinfo New York