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April 14, 2020 at 12:00 PM EDT
Redfin Report: How Far the Coronavirus Stimulus Check Goes for Homeowners and Renters Across America
Two-thirds of homeowners in Indianapolis could cover most or all of their monthly mortgage payment with a $1,200 check, compared to just 8% of homeowners in San Francisco

SEATTLE, April 14, 2020 /PRNewswire/ -- (NASDAQ: RDFN) — More than three-quarters of U.S. renters could pay one month's worth of housing expenses with the $1,200 coronavirus stimulus check, compared to nearly half of homeowners, according to a new analysis from Redfin (www.redfin.com). The stimulus bill, known as the CARES Act, supplements other measures taken by the federal government, including a moratorium on foreclosures and evictions for many homeowners and renters, as well as a mortgage forbearance program.

Below is a list of the 50 largest metropolitan areas, ranked by the percentage of homeowners who could cover most or all of their one-month mortgage payment, plus basic utility costs, with $1,200. Since some households will receive more than one check, Redfin also calculated the share of homeowners in each metro who could pay for most or all of a one-month mortgage payment and utilities with two checks, or $2,400.

How Far Government Stimulus Checks Will Go for Homeowners in the 50 Largest U.S. Metros

Rank

Metro Area

Median Monthly
Mortgage Payment

Share of Homeowners Who
Could Cover Most or All of
Monthly Mortgage and
Utilities With $1,200*

Share of Homeowners
Who Could Cover Most or
All of Monthly Mortgage
and Utilities With $2,400**


National - U.S.A.

$1,566

47%

80%

1

Indianapolis, IN

$1,254

66%

92%

2

Louisville, KY

$1,261

65%

92%

3

Birmingham, AL

$1,280

65%

91%

4

Memphis, TN

$1,286

64%

92%

5

Buffalo, NY

$1,314

63%

92%

6

Oklahoma City, OK

$1,330

62%

90%

7

Pittsburgh, PA

$1,315

61%

90%

8

Cleveland, OH

$1,331

61%

91%

9

Cincinnati, OH

$1,367

59%

91%

10

Charlotte, NC

$1,381

57%

88%

11

St. Louis, MO

$1,398

57%

89%

12

Jacksonville, FL

$1,404

57%

88%

13

Detroit, MI

$1,407

56%

89%

14

Tampa, FL

$1,416

55%

87%

15

New Orleans, LA

$1,439

54%

88%

16

Columbus, OH

$1,460

53%

87%

17

Nashville, TN

$1,460

53%

87%

18

Kansas City, MO

$1,474

52%

88%

19

San Antonio, TX

$1,486

51%

87%

20

Phoenix, AZ

$1,492

51%

87%

21

Orlando, FL

$1,495

50%

87%

22

Richmond, VA

$1,507

50%

87%

23

Atlanta, GA

$1,520

49%

84%

24

Raleigh, NC

$1,530

49%

85%

25

Las Vegas, NV

$1,529

48%

89%

26

Milwaukee, WI

$1,551

47%

87%

27

Salt Lake City, UT

$1,603

42%

87%

28

Virginia Beach, VA

$1,659

40%

85%

29

Minneapolis, MN

$1,706

37%

82%

30

Houston, TX

$1,727

36%

77%

31

Dallas, TX

$1,779

36%

76%

32

Miami, FL

$1,810

35%

75%

33

Philadelphia, PA

$1,829

33%

76%

34

Chicago, IL

$1,847

32%

74%

35

Baltimore, MD

$1,889

30%

73%

36

Riverside, CA

$1,900

30%

74%

37

Denver, CO

$1,902

28%

75%

38

Providence, RI

$1,862

27%

80%

39

Portland, OR

$1,880

27%

76%

40

Austin, TX

$1,946

27%

70%

41

Hartford, CT

$1,911

24%

75%

42

Sacramento, CA

$2,048

24%

69%

43

Seattle, WA

$2,257

17%

60%

44

Washington, D.C.

$2,331

16%

57%

45

Boston, MA

$2,407

14%

54%

46

San Diego, CA

$2,573

14%

47%

47

Los Angeles, CA

$2,573

13%

48%

48

New York, NY

$2,709

11%

43%

49

San Francisco, CA

$3,104

8%

33%

50

San Jose, CA

$3,371

6%

27%

*Represents share of homeowners who have monthly mortgage payments under $1,500

**Represents share of homeowners who have monthly mortgage payments between $1,500 and $2,499

Indianapolis, where the median monthly mortgage payment is $1,254, ranked number one. Two-thirds (66%) of homeowners there could cover most or all of their monthly mortgage and utilities with $1,200. It was followed by Louisville, KY and Birmingham, AL, both at 65%. On the other end of the spectrum was San Jose, CA, where the median mortgage payment is $3,371. Just 6% of homeowners there could cover their monthly costs with a $1,200 check—the lowest share of any metro Redfin analyzed. In second-to-last place was San Francisco, at 8%, followed by New York, at 11%.

"In Indianapolis, the overwhelming feeling is that when our local economy does come back, it will come back with a vengeance," said local Redfin market manager Jake Johnson. "With the cost of living in Indiana already so low, many residents may use the government stimulus to be good neighbors by supporting local businesses, though workers in the hardest-hit industries, such as hospitality, may use it to pay their mortgages."

How Far Government Stimulus Checks Will Go for Renters in the 50 Largest U.S. Metros

Redfin also measured how big of an impact the White House's aid package will have on renters in each of the largest metropolitan areas.

Rank

Metro Area

Median Monthly
Rent Payment

Share of Renters Who
Could Cover Most or All of
Monthly Rent With$1,200*

Share of Renters Who Could
Cover Most or All of
Monthly Rent With$2,400**


National - U.S.A.

$1,058

77%

96%

1

Buffalo, NY

$809

94%

98%

2

Cleveland, OH

$804

93%

98%

3

St. Louis, MO

$891

93%

99%

4

Birmingham, AL

$892

93%

99%

5

Memphis, TN

$893

93%

99%

6

Louisville, KY

$850

93%

99%

7

Oklahoma City, OK

$879

92%

99%

8

Columbus, OH

$947

92%

99%

9

Cincinnati, OH

$850

91%

98%

10

Milwaukee, WI

$884

91%

99%

11

Indianapolis, IN

$907

91%

99%

12

Pittsburgh, PA

$832

91%

98%

13

Detroit, MI

$927

90%

98%

14

New Orleans, LA

$977

90%

99%

15

Kansas City, MO

$968

89%

99%

16

Providence, RI

$956

87%

98%

17

San Antonio, TX

$1,002

86%

99%

18

Charlotte, NC

$1,042

85%

99%

19

Jacksonville, FL

$1,082

84%

98%

20

Richmond, VA

$1,100

82%

98%

21

Raleigh, NC

$1,128

81%

98%

22

Nashville, TN

$1,081

81%

98%

23

Las Vegas, NV

$1,130

81%

99%

24

Hartford, CT

$1,111

81%

98%

25

Tampa, FL

$1,128

80%

98%

26

Houston, TX

$1,094

80%

98%

27

Phoenix, AZ

$1,117

79%

98%

28

Salt Lake City, UT

$1,133

79%

99%

29

Minneapolis, MN

$1,090

79%

98%

30

Atlanta, GA

$1,169

79%

98%

31

Virginia Beach, VA

$1,146

78%

98%

32

Dallas, TX

$1,152

77%

98%

33

Philadelphia, PA

$1,134

77%

97%

34

Chicago, IL

$1,110

76%

96%

35

Orlando, FL

$1,217

75%

98%

36

Portland, OR

$1,323

67%

97%

37

Baltimore, MD

$1,265

67%

96%

38

Austin, TX

$1,307

66%

96%

39

Sacramento, CA

$1,332

63%

96%

40

Riverside, CA

$1,321

63%

96%

41

Miami, FL

$1,360

62%

95%

42

Denver, CO

$1,388

60%

96%

43

New York, NY

$1,434

55%

88%

44

Boston, MA

$1,501

51%

88%

45

Los Angeles, CA

$1,565

48%

87%

46

Seattle, WA

$1,563

47%

90%

47

San Diego, CA

$1,668

42%

86%

48

Washington, D.C.

$1,670

40%

88%

49

San Francisco, CA

$1,944

32%

71%

50

San Jose, CA

$2,283

22%

60%

*Represents share of renters who have monthly rent payments under $1,500

**Represents share of renters who have monthly rent payments between $1,500 and $2,499

With median rent at $809 a month, Buffalo, NY came in first place. Nearly all renters there (94%) could cover a month's rent with $1,200. Cleveland and St. Louis, both at 93%, rounded out the top three. The metros where $1,200 would cover monthly costs for the lowest share of renters were San Jose (22%), San Francisco (32%) and Washington, D.C. (40%).

In every metro area, there was a higher portion of renters than homeowners that could cover monthly costs with $1,200, as rent is typically less expensive than a mortgage. In Seattle, for example, $1,200 would cover one month's rent for almost half of all renters, while it would only cover a month's mortgage for 17% of homeowners. Providence, RI showed the largest disparity, with 87% of renters who could cover monthly costs using $1,200, compared with less than one-third of homeowners. The metro with the smallest disparity was San Jose, where only 16% more renters than owners could pay off monthly expenses with $1,200.

To read the full report, including methodology, please visit: https://www.redfin.com/blog/government-coronavirus-stimulus-package-impact-on-homeowners-renters.

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $115 billion.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

 

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SOURCE Redfin

Redfin Journalist Services: Erin Osgood, 206-588-6863, press@redfin.com