40% of DC Area Renters Could Use $1,200 Stimulus to Cover Rent
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
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This article originally published at https://dc.urbanturf.com/articles/blog/40-of-dc-area-renters-could-use-stimulus-check-to-cover-rent/16717.
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