As $1,200 federal stimulus checks start arriving in bank accounts this week, Redfin has published an assessment of how far that money could go to cover housing costs around the country.
Over three-fourths of U.S. renters and just under half of homeowners who receive these checks will be able to use them to pay a full month of housing expenses. In the DC area, however, check-recipients won't be as lucky.
The DC region ranks 48th out of the 50 largest metro areas in the share of renters who would be able to pay their housing costs with the one-time check. Assuming a median area rent of $1,670, 40% of renters whose rent is less than $1,500 per month would be able to cover most of their housing costs with the check.
Renters only fare worse in the San Francisco and San Jose metro areas, with one check covering most costs for 32% and 22% of renters, respectively.
The study uses 2018 American Community Survey data to determine median rents and mortgages, and does not account for potential $500 per-child payments included in some stimulus payments.
Thumbnail photo by Ted Eytan.
UrbanTurf's Coverage of COVID-19
- Montgomery County to Consider Rent Freeze
- DC-Area Housing Market Sees Beginning of Corona Effect in March
- April Sees 13% Drop in DC Area Tenants Paying Rent on Time
- April Sees 12% Drop in Households Paying Rent on Time
- DC’s Office of Zoning Seeks Six-Month Extension of Expiring Approvals
- Mortgages Deferred and Rent Frozen: DC Council Passes Supplemental COVID Response Bill
- 2,300% Increase: 3-D Home Tours Skyrocket
- The Drive-Thru COVID Testing Rundown for the DC Area
- Eviction Moratorium Covers One in Four Rental Units Nationwide
- Where Are DC-Area Residents Going (And Not Going)
- Three People Max, Six Feet Apart: Maryland Issues COVID-19 Guidelines to Realtors
- Proposed Bill Would Provide Mortgage and Rent Relief to DC Residents
- DCBIA to Lobby For Local Mortgage Relief To Help Renters
- From Virtual Open Houses to Focus Forums, How DC Brokerages are Maintaining Physical Distance
- Pandemic Puts DC Historic Review Applications On Hold
- One Title Company Implements Drive-Thru Closings
- How Coronavirus is Affecting Property Showings in the DC Area
- How Well is DC Doing at Social Distancing?
- Lyft To Donate Free Essential Rides
- Bank of America Allowing Borrowers to Defer Mortgage Payments
- A Look at 5 Housing Non-Profits in DC
- Van Ness Co-op Building Implements Strict COVID-19 Measures
- HUD, FHFA Suspend All Evictions, Foreclosures Through April
- Two Grocers and Mega Retailer Change Hours for Seniors
- DC Council Passes Sweeping COVID-19 Emergency Bill
This article originally published at http://dc.urbanturf.com/articles/blog/40-of-dc-area-renters-could-use-stimulus-check-to-cover-rent/16717
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