So by now, we hope that most of you have received your government funded stimulus check. In case you have no idea what I’m talking about, let’s recap. A stimulus bill known as the CARES Act was passed by the federal government. Around April 15th, most were already receiving their checks and ready to use them for essential items - including mortgage and rent payments. According to a survey by personal finance site Creditful.com, about 28% of Americans will put their stimulus payments toward covering their rent or mortgage (most will use them to purchase groceries and pay bills). Millennials are most likely to spend their checks on housing as they probably don’t have the means any other way.
How far can this $1,200 check take you? Across the nation, about ¾ of folks could actually pay their rent with the money given to them; while homeowners may have a bit of a tougher time paying their mortgage. Remember, this is all based on the cost of living in each area of the nation.
What about locally? The stimulus boost has actually helped many survive this time and has also kept the economy somewhat steady. Those who have been furloughed have been able to put this money towards bills and rent while others who are still working have allocated the funds elsewhere.
Your stimulus check can also be a big help if you’re planning on buying or selling your home this year. If you’re in the process of buying or purchasing a home, perhaps these funds could go towards your closing costs. Putting the money is a high-yield savings account or home savings account will allow you to keep the money aside for a future purchase (with maybe a bit of interest attached). You could also use it to pay down debt and boost your credit score. There really are so many options available.
Here at The Verity Group we are ready to help you navigate the best options for you. Contact us on our website or give us a call at 757.452.8974 to get started!