Key Highlights
- Under the CARES Act passed by Congress last month, a typical American is to receive a one-time stimulus check of $1,200
- Stimulus checks supplement other federal government relief efforts to help pandemic-impacted people deal with disruption
- Other government efforts to help relieve COVID-19 losses include expanded eligibility for unemployment benefits, a moratorium on foreclosures and evictions for many owners and renters, a mortgage forbearance program and several small business relief efforts
A component of the $2.2T Coronavirus Aid, Relief, and Economic Security Act (CARES) designed to assist people and businesses impacted negatively by the COVID-19 pandemic is a provision of a one-time stimulus check for as much as $1,200 to millions of American adults. Households with children under 18 years old are to receive an additional check of $500/child.
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How far would $1,200 go in terms of paying one month’s worth of housing?
Of the 50 largest metro areas, here are the top 5 and lowest 5 city rankings by the percentage of homeowners who could cover “most or all” of their one month mortgage payment combined with basic utility costs:
- Nationally, with a median monthly mortgage payment of $1,566, 47% of homeowners could cover most/all of monthly mortgage and utilities with $1,200
- Indianapolis IN – 66% could cover most/all of one month mortgage/utilities with $1,200; 80% could cover with $2,400
- Louisville KY – 65% could cover most/all with $1,200; 92% could cover most/all with $2,400
- Birmingham AL – 65% could cover most/all with $1,200; 91% could cover most/all with $2,400
- Memphis TN – 64% could cover most/all with $1,200; 92% could cover most/all with $2,400
- Buffalo NY – 63% could cover most/all with $1,200; 92% could cover most/all with $2,400
- San Diego CA – 14% could cover most/all with $1,200; 47% could cover most/all with $2,400
- Los Angeles – 13% could cover most/all with $1,200; 48% could cover most/all with $2,400
- New York NY – 11% could cover most/all with $1,200; 43% could cover most/all with $2,400
- San Francisco CA – 8% could cover most/all with $1,200; 33% could cover most/all with $2,400
- San Jose CA – 6% could cover most/all with $1,200; 27% could cover most/all with $2,400
Here are the top 5 and lowest 5 city rankings by the percentage of renters who could cover “most/all” of their one-month rental payment combined with basic utilities costs:
- Nationally, with a national median rental payment of $1,058, 77% of renters could cover one month of rental and basic utilities costs with $1,200 and 96& could cover most/all with $2,400.
- Buffalo NY – 94% could cover most/all with $1,200; 98% could cover most/all with $2,400
- Cleveland OH – 93% could cover most/all with $1,200; 98% could cover most/all with $2,400
- Louis MO – 93% could cover most/all with $1,200; 99% could cover most/all with $2,400
- Birmingham AL – 93% could cover most/all with $1,200; 99% could cover most/all with $2,400
- Memphis TN – 93% could cover most/all with $1,200; 99% could cover most/all with $2,300
- Seattle WA – 47% could cover most/all with $1,200; 90% could cover most/all with $2,400
- San Diego CA – 42% could cover most/all with $1,200; 86% could cover most/all with $2,400
- Washington DC – 40% could cover most/all with $1,200; 88% could cover most/all with $2,400
- San Francisco CA – 32% could cover most/all with 41,200; 71% could cover most/all with $2,400
- San Jose – 22% could cover most/all with $1,200; 60% could cover most/all with $2,400
As you’ve noted, there is a higher percentage of renters who can afford most/all of their housing costs than homeowners. Providence RI had the highest disparity as 87% renters and less than 33% of homeowners could cover monthly costs with $1,200. San Jose showed the least disparity with 22% of renters and 6% of homeowners being able to cover most/all costs with $1,200.
Thanks to Redfin.
