How much did the stimulus checks help families in the Carolinas? Here’s the breakdown
Stimulus checks are still trickling into bank accounts — but they aren’t going very far for most families in North and South Carolina, according to a new report.
While the one-time cash payment isn’t designed to replace income lost because of the coronavirus, it’s also not covering more than roughly 50% of a family’s monthly expenditures in the Carolinas, LendingTree found after analyzing data across some of the country’s largest cities.
“A stimulus payment for a household of two parents and two children ($1,200 for each adult and $500 for each child) is not enough to cover one month’s worth of estimated expenses in the largest U.S. metro areas,” the report states.
To complete the study, North Carolina-based LendingTree examined 98 metros with the most families and identified the median income for two-parent, two-child families in the area.
The lending marketplace then multiplied that monthly income by 83.1% — how much the U.S. Bureau of Labor Statistics estimates most families put toward monthly expenses — and calculated what percentage of those expenditures would be covered by a $3,400 stimulus check.
Carolinas
North Carolina’s largest metros ranked on the lower end of the spectrum in terms of how much a stimulus check would cover.
- In Charlotte — where the median income for a married couple with two children is $116,506 and their average monthly expenses are $8,068 — LendingTree said a stimulus check would cover no more than 42.1% of those monthly bills.
- The median income in Raleigh is slightly higher at $124,611, about $8,629 of which is spent per month on expenses. The $3,400 stimulus check would cover just 39.4% of that, according to the report.
It’s only marginally better in South Carolina.
- In Greenville, LendingTree found an economic impact payment would cover just over 52% of a family’s monthly expenses. In Columbia, where the median income is higher, it covers 48.5%, according to the report.
- Charleston ranked the lowest in South Carolina. An average family of four earns $104,501 a year and puts $7,237 toward monthly expenditures. The government’s stimulus payment would cover 47%.
| Rank (out of 93) | City | Median Income for family of four | Monthly expenses | % covered by stimulus |
| 16 | Greensboro, NC | $88,139 | $6,104 | 55.7% |
| 26 | Greenville, SC | $94,218 | $6,525 | 52.1% |
| 27 | Winston-Salem, NC | $94,319 | $6,532 | 52.1% |
| 36 | Columbia, SC | $101,310 | $7,016 | 48.5% |
| 47 | Charleston, SC | $104,501 | $7,237 | 47% |
| 71 | Charlotte, NC | $116,506 | $8,068 | 42.1% |
| 80 | Raleigh, NC | $124,611 | $8,629 | 39.4% |
Source: LendingTree, “Where the Stimulus Payment Helps Families the Most”
National
The average national family of four in the U.S. spends roughly $7,500 a month on expenses, according to LendingTree.
That means for most, an economic impact payment would cover 45% of their monthly budget.
Cities in Texas, California and Florida made up most of the top 10 places where stimulus payments would go the furthest — but almost nowhere did it cover more than 75% of a family’s monthly expenditures, the report found.
- McAllen, Texas — one of the cheapest places to live in the U.S. — ranked No. 1, with 96.2% of a family’s monthly budget covered by their stimulus payment.
- El Paso, Texas, followed at No. 2, though only 76.9% of their monthly expenditures were covered.
- Bakersfield, California; Deltona, Florida; Cape Coral, Florida; Fresno, California; and Lakeland, Florida rounded out spots 3, 4, 5, 6 and 9 of the top 10.
Even so, LendingTree said stimulus checks won’t pay the bills for families in most cities “that experience the biggest proportional benefit.”
“In eight of the top 10 cities, the Economic Impact Payment only covers between 60% and 71% of the estimated monthly budget for a family of four,” the report states.
This story was originally published May 14, 2020 at 6:00 PM with the headline "How much did the stimulus checks help families in the Carolinas? Here’s the breakdown."
