OKLAHOMA CITY – Stimulus checks issued to Oklahomans have the third highest economic impact in the nation, according to a company that provides home value estimates used by real estate agents, banks and lenders.
Ownerly reported that stimulus payments in Oklahoma average $2,434 per household, which covers 169% of the household’s typical monthly bills that total $1,437. Oklahoma ranked behind Mississippi and Arkansas but ahead of New Mexico, Missouri, Kansas and Texas in the Ownerly analysis.
States where stimulus checks have the lowest impact are Massachusetts, California, Hawaii, New York and New Jersey, Ownerly reported.
Oklahoma was one of five states with the lowest monthly expenses based on four metrics (average rent, utilities, cable/satellite bills and mobile telephone payments). The Sooner State ranked third at $1,437 in that category.
States with the highest monthly expenses are California ($3,116), Hawaii ($2,948), Massachusetts ($2,880), New York ($2,847) and Washington ($2,373).
“To be sure, there are few who believe the payouts will cover full costs for the recently unemployed, especially facing an uncertain timeframe in which employment markets may recover from the coronavirus,” said Richard Gargan, spokesman for Ownerly.
“Rather, the stimulus check impact index gives a directional indication of the states which stand to economically benefit the most based on average family size and monthly costs.”
To determine stimulus check estimates, Ownerly examined U.S. Census data for average family size and number of children; calculations are based on income distribution by population in each state. To determine monthly expenses, Ownerly used state median rental data from Zillow Inc. and average monthly bill payment data from payment app Doxo.com.