A new report from online loan provider LendingTree reveals that over half of Americans cannot cover a $1,000 emergency with their savings. The study found that while 48% could handle such a hit, 6 in 10 have had an emergency in the past year that cost more than $1k and one third are in debt from an unrecoverable emergency. They got their data from an online survey of 1,000 Americans which was weighted for demographic representation. Either way, if you’re a homeowner or landlord you know how important it is to be prepared to deal with unforeseen contingencies.
“From a leaky roof to a broken bone, life can throw you unexpected costs that must be immediately addressed. When an emergency expense pops up, having adequate savings can help you ride out the storm. Without savings, however, it can feel as if an emergency expense is capsizing your finances when you’re just trying to stay afloat.”