The 1 city where $1,200 stimulus checks can help most is in New York state. Can you guess where it is?
Paying off debt such as a mortgage is one of the best ways to use your coronavirus stimulus check, according to financial experts. Unfortunately, for some Americans, their stimulus checks will barely make a dent in their housing costs.
The amount Americans receive depends on their income, with higher-earning Americans getting a smaller amount — or nothing — in stimulus. Households with children will receive an addition $500 in stimulus funds per child. But in some cities the money can go quite far. In 12 cities across the country, more than 90% of renters would be able to cover all of their housing costs with their stimulus check. Buffalo, N.Y., leads this pack, because 94% of the city’s renters could cover their rent with $1,200. The median rent in Buffalo is $809.
Among homeowners, those in Indianapolis are likely to see their stimulus checks go the furthest. The median monthly mortgage payment there is $1,254, and two-thirds of homeowners would be able to cover most or all of their monthly mortgage and utility payments with the $1,200 stimulus check.Most of the cities where renters and homeowners are the best off are located in the Midwest and South, where housing costs tend to be the cheapest.
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