As of 2025, layoffs in American businesses have exceeded 1.17 million, marking the highest number since the outbreak of the pandemic in 2020. In the wake of this wave of layoffs, many New Yorkers are actively preparing their “emergency fund” to ensure they have income in the event of unemployment and can afford essential items for daily living. According to the latest analysis by financial website GOBankingRates, residents in New York state need at least $12,158 in savings to cover basic living expenses for three months.
The study refers to the 2023 Consumer Expenditure Study by the U.S. Bureau of Labor Statistics, defining “basic expenses” as food, groceries, housing, utilities (such as water and electricity), fuel, and public services. However, since the baseline data is from 2023, the actual amount needed in 2025 is expected to be higher.
When comparing the three-month basic savings requirements across all states in the U.S., New York ranks fourth in terms of the amount needed. Ahead of New York are Hawaii with $17,980, California with $13,830, and Massachusetts with $13,723.
States in the tri-state area have relatively high emergency fund requirements, with New Jersey at $11,186 and Connecticut at $10,953. The analysis points out that the cost of living in these areas is generally high, especially with housing and energy costs accounting for a significant proportion.
In contrast, residents of Oklahoma, where the cost of living is lower, only need $8,358 to cover a three-month emergency period, making it the lowest in the entire country.