A recent survey revealed that close to 30 percent of Americans will be allocating their stimulus checks to cover housing costs. In addition, the survey revealed that Millennials make up the majority of that percentage.
The survey of 1,013 Americans was conducted by Crediful which found that 28.4 percent of those surveyed would be putting their stimulus check towards rent or mortgage.
"Rent and mortgage payments are a big cost, and it’s one that a person would be looking to maintain. We have seen proposals for rent strikes and calls for delayed mortgages and rent payments from different cities and states, so we knew this would be a pressing issue,” said Joey Morris, a project manager for Crediful, according to Yahoo Finance
Out of those surveyed, 31.3 percent were Millennials, 26.3 percent were Gen X and 22.8 percent were Baby Boomers.
“Millennials may have less savings and less of a safety net compared to older generations, who have had more time to accumulate more wealth,” said Joe Mercurio, another project manager for Crediful.