Report: $1,400 stimulus check won’t go far for Grand Rapids households
This article originally appeared on Crain’s Grand Rapids
By Ehren Wynder
With President Joe Biden’s signature on the $1.9 trillion pandemic relief plan, Americans should start to see their $1,400 checks in the coming days, but recent data shows while the $1,400 will help, it may not go very far.
Doxo, a web and mobile bill pay service, released a $1,400 stimulus impact report, revealing 90% of Americans believe the $1,400 check will help improve their financial health. The data also showed 59% of Americans plan to use the money to pay household bills with utilities cable/internet and mobile phone bills topping the list.
While the $1,400 amount is the largest pandemic-related stimulus check to date, doxo’s data showed the typical household will see less than one month of coverage — just 22 days on average — for their most essential household bills.
According to the data, Grand Rapids residents pay an average of $1,261 on the eight most common household bills — excluding housing expenses like rent or mortgage — which is 24.1% higher than the national average. Considering $1,261 per month does not include housing costs, it is evident $1,400 will not do much to cover the cost of living.
Summary of average monthly household expenses in Grand Rapids
Utilities – $454 ($316 nationally)
Auto loan – $391 ($412 nationally)
Auto insurance – $178 ($186 nationally)
Cable/internet – $126 ($116 nationally)
Mobile phone – $81 ($103 nationally)
Health insurance – $303 ($113 nationally)
Life insurance – $110 ($89 nationally)
Alarm/security – $105 ($87 nationally)