Homeowners Ready to Weather Economic Storms Thanks to Supercharged Rainy Day Funds
North American homebuyers are ready for economic downturns thanks to extra large emergency funds.
Gen Z was the only generation who reported doing better after the pandemic
28% of homeowners have more than $10,000 in their emergency fund
Zolo survey shows 87% of homeowners have emergency funds.
In a new survey released by Zolo, one of Canada’s most popular real estate marketplaces, 500 homeowners shared how they fared financially during the pandemic and whether they feel prepared for higher interest rates at mortgage renewal time.
The results highlight that homebuyers have used reduced travel and work-from-home opportunities presented during the pandemic to supercharge their savings. This focus on saving means many homeowners are in a stronger position to face economic uncertainty.
The survey revealed that:
83% of respondents would be able to go at least 30 days before running out of money to pay their bills
24% of savers could go more than 180 days before running out of money
86% of homeowners have money saved for an emergency
28% of respondents have more than $10,000 saved
Emergency savings will be helpful to homeowners soon. Roughly half of the survey respondents reported having mortgages up for renewal in the next two years, and 87% of those respondents said that rising interest rates will at least somewhat impact their ability to afford their mortgage.
Generation Z is the Only Cohort That Feels Better Off Financially Post Pandemic
While homeowners proved to be good savers during the pandemic, few report feeling better off financially than before 2020.
44% of homeowners say they are worse off financially after the pandemic
Generation Z is the only generation that feels better off after the pandemic
Baby boomers face the least amount of struggle and have the largest emergency funds, with 36% saying they have more than $10,000 saved
About Zolo
Zolo is one of Canada’s most popular national real estate marketplaces. Over 10 million home shoppers use Zolo each month to level up how they buy, sell, rent, and learn about real estate.
Press Contact
Jordann Kaye, Content Marketing Manager and Spokesperson, jordann.kaye@zolo.ca
Ph: 902-401-0610
Jordann Kaye
Zolo
+1 901-401-0610
jordann.kaye@zolo.ca
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