The Title Report’s Mark Lowery shares his thoughts on the Stimulus aid package

Dear Readers,

Despite the predictable partisan wrangling, and some questionable inclusions, Congress did a pretty good job of crafting a stimulus package to aid Americans during this time of need caused by coronavirus’ economic wrecking ball. The government assistance earmarked for households, small businesses and industries will help many keep their heads above water for a short time. But for how long? A Redfin analysis found that 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 with nearly half of homeowners. How far the individual checks go toward covering one’s mortgage or rent and utilities greatly depends on where they live.

For example, the median monthly mortgage payment in Indianapolis is $1,254. Redfin said two-thirds of homeowners there could cover most or all of their monthly mortgage and utilities with $1,200. A slightly lower percentage in Louisville, Ky., and Birmingham, Ala., could cover most or all of their monthly mortgage and utilities with that amount.

“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,” Redfin Market Manager Jake Johnson speculated.

That amount does not go as far in places such as San Jose, Calif., where the median mortgage payment is $3,371 and a mere 6 percent of homeowners could cover their monthly costs with a $1,200 check. In New York, that amount covers home-related experiences for 11 percent.

Don’t get me wrong. We should be thankful that we live in a country where leaders understand the wisdom of a pandemic safety net. However, no stimulus ever will be a substitute for Americans working. I suspect many of our friends and neighbors will not be whole again (and some won’t recover for an even longer period) until the masses are back at their jobs working. In the meantime, we can make that happen quicker by observing public health mandates and doing all we can to mitigate/slow the virus.

Share your thoughts,
Mark Lowery
Editor