Coronavirus stimulus check will go farthest in these cities for renters, homeowners

More than three-quarters of renters in US can cover full month of expenses with $1,200

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Millions of Americans are expecting to receive their coronavirus stimulus checks in the mail by Wednesday, but depending on where they live, that money could go farther in some places than others.

On Tuesday, real estate brokerage Redfin published a report that found how far the $1,200 stimulus checks would go for homeowners and renters in the 50 largest U.S. cities.

Aside from the overall ranking, Redfin also found that about 77 percent of renters in the U.S. could pay for one month of housing expenses with $1,200, but only about 47 percent of homeowners in the U.S. could do the same.

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The CARES Act also makes other provisions to help renters and homeowners, including a temporary end to foreclosures and evictions and a mortgage forbearance program, Redfin reported.

For its overall results, Redfin ranked the cities based on the percentage of homeowners “who could cover most or all of their one-month mortgage payment, plus basic utility costs, with $1,200,” the report said.

The firm did another ranking based on the percentage of renters who could cover their rent and utility costs for one month with $1,200.

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To find the percentages, Redfin used the U.S. Census Bureau’s 2018 American Community Survey to find the median monthly mortgage and rental payment estimates of each of the 50 largest U.S. cities.

For the top results, here are the five cities where the stimulus check will go the farthest for renters and the five cities where the stimulus check will go the farthest for homeowners, according to Redfin.

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Cities where the stimulus check will go farthest for renters

5. Memphis, Tenn.

Median monthly rent payment: $893

Share of renters (with monthly rent payments under $1,500) who could cover most or all of monthly rent with $1,200: 93 percent

Share of renters (with monthly rent payments between $1,500 and $2,499) who could cover most or all of monthly rent with $2,400: 99 percent

4. Birmingham, Ala.

Median monthly rent payment: $892

Share of renters (with monthly rent payments under $1,500) who could cover most or all of monthly rent with $1,200: 93 percent

Share of renters (with monthly rent payments between $1,500 and $2,499) who could cover most or all of monthly rent with $2,400: 99 percent

3. St. Louis, Mo.

Median monthly rent payment: $891

Share of renters (with monthly rent payments under $1,500) who could cover most or all of monthly rent with $1,200: 93 percent

Share of renters (with monthly rent payments between $1,500 and $2,499) who could cover most or all of monthly rent with $2,400: 99 percent

2. Cleveland, Ohio

Median monthly rent payment: $804

Share of renters (with monthly rent payments under $1,500) who could cover most or all of monthly rent with $1,200: 93 percent

Share of renters (with monthly rent payments between $1,500 and $2,499) who could cover most or all of monthly rent with $2,400: 98 percent

1. Buffalo, N.Y.

Median monthly rent payment: $809

Share of renters (with monthly rent payments under $1,500) who could cover most or all of monthly rent with $1,200: 94 percent

Share of renters (with monthly rent payments between $1,500 and $2,499) who could cover most or all of monthly rent with $2,400: 98 percent

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Cities where the stimulus check will go farthest for homeowners

5. Buffalo, N.Y.

Median monthly mortgage payment: $1,314

Share of homeowners (with monthly mortgage payments under $1,500) who could cover most or all of monthly mortgage and utilities with $1,200: 63 percent

Share of homeowners (with monthly mortgage payments between $1,500 and $2,499) who could cover most or all of monthly mortgage and utilities with $2,400: 92 percent

4. Memphis, Tenn.

Median monthly mortgage payment: $1,286

Share of homeowners (with monthly mortgage payments under $1,500) who could cover most or all of monthly mortgage and utilities with $1,200: 64 percent

Share of homeowners (with monthly mortgage payments between $1,500 and $2,499) who could cover most or all of monthly mortgage and utilities with $2,400: 92 percent

3. Birmingham, Ala.

Median monthly mortgage payment: $1,280

Share of homeowners (with monthly mortgage payments under $1,500) who could cover most or all of monthly mortgage and utilities with $1,200: 65 percent

Share of homeowners (with monthly mortgage payments between $1,500 and $2,499) who could cover most or all of monthly mortgage and utilities with $2,400: 91 percent

2. Louisville, Ky.

Median monthly mortgage payment: $1,261

Share of homeowners (with monthly mortgage payments under $1,500) who could cover most or all of monthly mortgage and utilities with $1,200: 65 percent

Share of homeowners (with monthly mortgage payments between $1,500 and $2,499) who could cover most or all of monthly mortgage and utilities with $2,400: 92 percent

1. Indianapolis, Ind.

Median monthly mortgage payment: $1,254

Share of homeowners (with monthly mortgage payments under $1,500) who could cover most or all of monthly mortgage and utilities with $1,200: 66 percent

Share of homeowners (with monthly mortgage payments between $1,500 and $2,499) who could cover most or all of monthly mortgage and utilities with $2,400: 92 percent

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