ST. LOUIS–The pandemic has hit Americans hard, and one year in a new survey shows many continue to feel the ongoing strain of the economic slowdown, although there is a “welcome flicker of optimism,” according to a new survey.
Nevertheless, nearly half of Americans said they have zero personal savings.
With what it called a “major turning point in sight,” a reference to the ongoing vaccinations taking place, Real Estate Witch said it surveyed 1,000 Americans to learn more about how their lives have changed — and their expectations for the future.
“We found that, roughly one year into the pandemic, Americans are still coping with major blows to their personal finances, homeownership plans, and outlook on the national economy,” the company said.
This report was released as part of an ongoing series first published on its sister website, Clever.
Key Insights
Among the insights in the newest research:
- 61% of all respondents have lived paycheck to paycheck at some point during the pandemic. Of those, 62% are currently living paycheck to paycheck.
- 43% of respondents said they don’t currently have any emergency savings.
- 59% of Americans have accumulated more debt since the pandemic began, with 38% taking on more than $3,000 in additional debt in the last year.
- Renters are 56% more likely to say they’re worse off financially now — and renters are 92% more likely than homeowners to rely on food stamps.
- Compared to last fall, Americans feel more optimistic about economic recovery — yet 51% predict the national economy won’t recover this year, and 39% believe their personal finances won’t recover in 2021, either.
Real Estate Insights
- One in four homeowners (25%) and renters (26%) missed at least one rent or mortgage payment during the past year.
- 43% of homeowners had plans to sell their home in 2020 or 2021 — but 65% delayed selling or decided not to sell altogether.
- Among homeowners who still plan to sell their home, 77% say they expect to list their property in 2021, suggesting that nationwide inventory might see a welcome bump.
The full survey with more extensive detail can be found here.