The economy is on voters' minds across the country as further highlighted by a new survey that shows most Americans do not have enough emergency savings.
FILE - A for sale sign is posted in front of a home in Sacramento, Calif., March 3, 2022. More than half of Americans , 59%, are uncomfortable with their level of emergency savings . Twenty-seven percent of adults have no emergency savings at all.
Eighty-nine percent of Americans say they need at least three months of expenses saved to feel comfortable, but only 44% have at least three months saved. Even less, 28%, have at least six months saved.Emergency savings has long been the Achilles heel of Americans’ personal finances. More households have no emergency savings and millions of households are far short of the savings they would need to feel comfortable," explained Bankrate Chief Financial Analyst Greg McBride.
The NRA shows a drop in home sales of 0.7% from April to May. Sales are down from almost 2.8% since last year. "Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers," Yun added. "The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Still, first-time buyers in the market understand the long-term benefits of owning.", mortgage rates are at 6.86%.
Home Prices Americans Emergency Savings Percent Months NRA Economy
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