It’s no secret that homes are becoming more and more expensive. To make matters worse, the cost of a home has outpaced wage growth massively in the past few decades, especially in some of America’s most populated cities. Young people today, and even older generations who are considering a new home, are being left out in the cold, as the cost of living in their hometowns skyrocket while wages remain stagnant. So are there any US cities that will pay for you to move there?
6 US Cities That Will Pay You to Move There
People in America’s large cities are suffering. For example, in Seattle the median cost of a home is $777,000, while the median household income is just $80,000 a year. For large cities, this kind of disparity between wages and home prices can be a plague. But smaller cities and less populous states are beginning to see an opportunity. Some local governments are partnering with foundations or pulling money out of their own general funds in order to boost population growth and enable home buying for Millennials. In other words, some cities are willing to pay people to move in and here’s a list of them.
New Haven, Connecticut
With a population of just over 131,000 most people think of New Haven as another college town, of which there are many on the Eastern seaboard. However, New Haven isn’t just content to be the home of Yale University. So the city is taking steps to put itself on the map as a place for people to settle down, find a career; and start a family.
New Haven is offering $10,000 in interest-free loans for down payment assistance, $30,000 for homeowners who upgrade older dwellings to be more energy efficient, and free college tuition at in-state schools for children who graduate from a public school in New Haven.
Hamilton built itself on a strong backbone of industry. However, as industrial jobs are fading and the tech sector begins to rule the market, Hamilton is looking for ways to rebrand itself and attract a new generation of citizens.
The Hamilton Foundation is offering a $5,000 in student loan assistance for people who graduated with a STEAM (Science, Technology, Engineering, the Arts, or Mathematics) degree in the past seven years. All you have to do is move to Hamilton and find a job there.
St. Clair County, Michigan
Like Hamilton, St. Clair County in Michigan is one of the US cities that will pay to help college graduates out with their student loans. The St. Clair Community Foundation will provide up to $15,000 in student loan repayment assistance to anyone who moves to St. Clair County and has graduated within 10 years of moving there. Again, this loan assistance is targeted at graduates with STEAM degrees.
Many Millennials complain that government likes to give enormous tax breaks to corporations, while leaving the burden with the middle class. Well, Tribune seems to have heard this complaint and has answered in kind. Greeley County (where Tribune is located) is offering a five-year income tax exemption for new arrivals to the state on top of student loan repayment assistance up to $15,000. All you have to do is move to Greeley County from out of state and establish residence there.
While other cities are interested in attracting former graduates with student loan incentives, Curtis has a plan to bring people there and help them settle down. This rural town is one of the US cities that will pay to give away free lots for people who want to move there and build a home, start a career, and settle down with their family. Clearly, Curtis is looking ahead to the future.
Compared to other municipalities on this list, Tulsa is already a fairly large city in its own right. However, Tulsa seems to have its eyes on the big leagues. The George Kaiser Family Foundation is funding a program called Tulsa Remote specifically for people who work remotely or are self-employed by a business outside of Tulsa county. The program is offering $10,000 in cash to recipients who commit to staying in Tulsa for at least a year. That breaks down to $2,500 for moving costs, $500 a month in rent assistance for one year; and $1,500 in cash at the end of your first year in Tulsa.
On top of that cold hard cash, Tulsa Remote is offering additional benefits. Acceptance into the program gets you access to office space, where you can work remotely for a company outside of Tulsa County. Recipients who move into the Brady Arts District near downtown Tulsa will get additional rent assistance for their first three months.
These are just a few of the US cities that will pay for talented individuals who are interested in getting away from big city expenses and traffic. In addition to these incentives, up until 2017 there were federal tax deductions for moving. With these incentives and tax deductions, moving to a new city could be a great financial decision for many Americans.