More Than 60% Of New Yorkers One Check Away From The Streets
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More than half of all New Yorkers don't have enough money saved to cover them in the event of a lost job, medical emergency, or other disaster, according to a new report by the Association for Neighborhood & Housing Development.
Nearly 60 percent of New Yorkers lack the emergency savings necessary to cover at least three months' worth of household expenses including food, housing, and rent, but that statistic isn't spread evenly across the five boroughs.
The Bronx has the highest rate of families without adequate emergency savings: in Mott Haven, Melrose, Hunts Point, Longwood, Highbridge, South Concourse, University Heights, Fordham, Belmont, and East Tremont, 75 percent of families have inadequate emergency savings. The Staten Island neighborhoods of Tottenville and Great Kills have the lowest rate, with just 41 percent of families lacking the funds necessary to cover three months' worth of expenses.
Without these savings, families who face emergencies could be at risk of eviction, foreclosure, damaged credit, and even homelessness.
In Brooklyn, families in Brownsville (70%), Bed-Stuy (67%), Bushwick (68%), East New York (67%), and South Crown Heights/Prospect Heights (67%) are the most at-risk—in Manhattan, an average of 67 percent of families in Harlem, Washington Heights, and Inwood lack necessary savings.
In Queens, the neighborhoods with the highest percentage of these households were Elmhurst/Corona (64%), Rockaway/Broad Channel (60%), Sunnyside/Woodside (59%), and Jackson Heights (59%).
As DNAinfo notes, advocates say that rental assistance is crucial in preventing homelessness citywide, especially in neighborhoods where rents rise faster than incomes—many of which overlap with the neighborhoods where families lack adequate savings.
And although an increase in rental assistance services like the one proposed by Queens Assemblyman Andrew Hevesi could cost the cost $450 million in state and federal funding, it would be more cost-effective than allowing more families to enter the chronically underfunded shelter system.
Many tenants don't know where to get emergency rental assistance, which can prevent them from falling behind on their rent. And landlords are increasingly claiming "chronic rent delinquency" after just a single late payment, which allows them to begin eviction proceedings earlier on than they would otherwise.
The ANHD report also includes a litany of other statistics that, when looked at together, paint a picture of a neighborhood's potential for economic opportunity: incarceration, unemployment, poverty rates for each neighborhood are included, as are each neighborhood's percentage of small businesses, percentage of households without internet, and percentage of rent-burdened households.
According to the report, the three neighborhoods with the biggest risk to economic opportunity are Highbridge/South Concourse, University Heights/Fordham, and Mott Haven/Melrose.
Comments
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Idk about " One check away from the streets" but this isn't really specific to New York.
There was a report earlier this year that said that 63% of Americans couldn't manage an unexpected $500 bill
http://www.cbsnews.com/news/most-americans-cant-handle-a-500-surprise-bill/ -
Idk about " One check away from the streets" but this isn't really specific to New York.
There was a report earlier this year that said that 63% of Americans couldn't manage an unexpected $500 bill
http://www.cbsnews.com/news/most-americans-cant-handle-a-500-surprise-bill/
i believe it.. -
As someone who lives in Inwood right between Harlem/Washington Heights and the west Bronx that seems about right. I know too many people with an actual savings account but a 0 dollar balance on it.
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NY stand up ! (And get the ? out)
Nah but, not having a bank account - doesn't mean people don't have money saved. There's a lot of people from the islands in NY who don't do ? the same way.
All this said, the rent is too damn high (as the saying goes) and there's some truth to this all around. This report could only help the situation so ? it. -
Being from the Bronx. I know all about this.. At the same time.. This is an american issue more so than an issue specific to NYC as mentioned above..
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Idk about " One check away from the streets" but this isn't really specific to New York.
There was a report earlier this year that said that 63% of Americans couldn't manage an unexpected $500 bill
http://www.cbsnews.com/news/most-americans-cant-handle-a-500-surprise-bill/
Lotta folks living check to check, hell income tax to income tax
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Inflation in this country is ridiculous and this is what we should be fighting against.
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Ajackson17 wrote: »Inflation in this country is ridiculous and this is what we should be fighting against.
It's one of the things I agree with your mans about. Now let's see what his administration does about it. -
I aint worried, president Trump said he got us.
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As a person currently living in Manhattan this is ridiculous. The cost of living here is inhumane. You can have a good job make good money and still be struggling. I plan on leaving in a few years ? anywhere but here is a slogan.
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I believe it, cause I got friends from lower east Manhattan. Rich gettin' richer and the poor gettin' poorer. Wouldn't be surprised if it got a lot worse too.....
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Facts
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Idk about " One check away from the streets" but this isn't really specific to New York.
There was a report earlier this year that said that 63% of Americans couldn't manage an unexpected $500 bill
http://www.cbsnews.com/news/most-americans-cant-handle-a-500-surprise-bill/
Canada has similar numbers. The stats vary depending on sample, but it's anywhere from 24% to 47% of Canadians living check to check. -
I feel like someday... after we all have grown old and don't have ? in our savings cause we lived paycheck to paycheck, there has to be a crash at some point.
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Not surprised, but the same can be said for most working people.
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Americans don't save, particularly because they barely saw a raise over the last 20 years adjusted for inflation.
And ? that matters - health care, child care, and education have increased faster than inflation.
And ? don't change by income for black folks
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Glad I don't have this problem.
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Combination of a few things. It's a reflection of the system and the ppl.
Inflation: Cost of living increased but pay wages did not at the same rate. They don't want to raise minimum wage because they'd have to raise everyone else's pay.
They want to continue to charge $7 for a double qtr pounder meal but only pay their employees $7.50. How in the ? can you work at McDonalds but can't afford to eat there?
Another issue is the ppl don't have that hustle in them anymore. I remember women with 3 & 4 jobs and selling Mary Kay and ? . Men had 3 & 4 jobs and wash cars/cut grass.
If it ain't a bank fraud, a 2nd job, drugs or hair.....I don't see that hustle to get side money anymore.
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New York and California are waay overrated. My big house and yard is paid for. The South ftw!
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This isn't suprising at all. NY is a very expensive place to live. I feel like this also applies to a lot of people in CT. Especially in the city in live in. Rent is so high just to live in a one bedroom. I think about moving all the time.
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? complain about cost of living in places like NYC or LA but ? still insist on loving there and got the worst traffic to prove it. Maybe if y'all moved the ? outta dodge the prices would drop eventually
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? complain about cost of living in places like NYC or LA but ? still insist on loving there and got the worst traffic to prove it. Maybe if y'all moved the ? outta dodge the prices would drop eventually
Not that simple.. Depending on your field the jobs are here.. And people will pay a premium for convenience thus driving the price up for hole in the wall apartments.. A dude working in the financial district that wants a 15 minute commute to work will pay 5k a month rent easy cuz he is pulling in $500k a year.. -
Idk about " One check away from the streets" but this isn't really specific to New York.
There was a report earlier this year that said that 63% of Americans couldn't manage an unexpected $500 bill
http://www.cbsnews.com/news/most-americans-cant-handle-a-500-surprise-bill/
My Lord.
That's sad. -
numbaz...80's baby wrote: »Combination of a few things. It's a reflection of the system and the ppl.
Inflation: Cost of living increased but pay wages did not at the same rate. They don't want to raise minimum wage because they'd have to raise everyone else's pay.
They want to continue to charge $7 for a double qtr pounder meal but only pay their employees $7.50. How in the ? can you work at McDonalds but can't afford to eat there?
Another issue is the ppl don't have that hustle in them anymore. I remember women with 3 & 4 jobs and selling Mary Kay and ? . Men had 3 & 4 jobs and wash cars/cut grass.
If it ain't a bank fraud, a 2nd job, drugs or hair.....I don't see that hustle to get side money anymore.
This is false. Millenials are the most overworked generation. -
I bet they have a mean sneakerhead collection tho...