It’s no secret that where we choose to live can have a big impact on our finances, from the job opportunities we can access to the cost of living. Here’s another factor to consider: Some cities and states, seeking to attract younger, skilled workers, are now offering cash—just to live there.
Vermont is the latest to get in on the action, passing a law at the end of May that grants up to $10,000 to anyone willing to move there and work remotely for a company based outside Vermont. With the growing number of remote jobs available, that’s a viable option.
But Vermont’s not the only place incentivizing new residents.
This state’s been paying residents to live there since the 1970s with its Permanent Fund Reserve. The payouts, funded by Alaska’s oil royalties, are divided up evenly among citizens and vary from year to year. In 2017, it was $1,100 per person. Alaska also offers a wealth of money-back and low-interest loan programs to people willing to move to the last frontier.
Help rebuild this historic city, and you’ll be rewarded. Baltimore offers $10,000 plus closing costs to people who purchase distressed properties through its Vacants to Value Boosters program. The city also offers a $5,000 incentive to qualifying homebuyers through its Buying in Baltimore program.
Got a sweet spot for the Midwest? Move to Detroit, and the city may supplement your paycheck. Each year, Challenge Detroit selects (and pays) about 30 young leaders to live, work and give back in the city through its fellowship program.
Build a home in this small Minnesota town, and you can qualify for a cash rebate of up to $12,000, depending on the final value of the home. Best of all, Harmony’s home construction rebate doesn’t have any age, income or residency restrictions.
Kansas wants to help you pay down your student loans. People who relocate into one of the state’s Rural Opportunity Zones can qualify for repayment of student loans up to $15,000 over five years. New residents may also qualify for state income tax waivers for up to five years.
This town located between Omaha and Des Moines doesn’t offer cash, but if you want to build your own home that’s at least 1,200 square feet, it will gift you the land for free.
New Haven, Conn.
When you move to New Haven and buy a home, you can earn as much as $80,000 in incentives. The city’s Re:New Haven program offers $10,000 in down payment assistance for new homebuyers, $30,000 toward the cost of energy-saving renovations and up to $40,000 in college tuition for your children.
June 8, 2018