Over three-quarters of the nation’s renters would be able to use the standard $1,200 single-taxpayer check to cover one month of their housing expenses, according to a new report from real-estate brokerage Redfin, At the same time, slightly less than half of homeowners would be able to cover one month’s mortgage payment with that amount.
In twelve U.S. cities, 90% of renters would be able to cover all their renting costs with the stimulus check, led by Buffalo, N.Y., where the median rent is $809. Of the ten cities where the stimulus check would go farthest for homeowners, Indianapolis is in the lead, with two-thirds of homeowners able to cover most or all of their monthly mortgage on that amount.
In pricey coastal markets, the stimulus checks will be of little help to the average renter or homeowner. In San Jose, Calif., and San Francisco, less than 10% of homeowners would be able to cover most of their monthly mortgage and utility expenses with the stimulus check alone.
And in six cities across the country — San Jose, San Francisco, San Diego, Los Angeles, Seattle and Washington, D.C. — less than half of renters could cover their rent with just $1,200, Redfin reported.
