Looking to save money and relocate at the same time? Moving to a city that offers cash incentives to new residents can be worthwhile.
And with high inflation and stubborn mortgage rates, it seems more workers are opting to cash in, according to US News & World Report.
For many people, making money moves is a good call, according to Realtor.com® Senior Economist Ralph McLaughlin.
“The double bonus of a cash subsidy combined with lower house prices can be quite attractive to families who have few personal or professional costs associated with severing physical ties from their current location,” he says.
This is a win-win, especially for remote workers who are being paid out-of-market rates in their current cities.
“Not only would the cash compensation help such families enter the housing market, but many of the countries offering such incentives also have relatively low house prices.”
These cities are offering cash and other benefits to new residents:
Greater Rochester, NY
Program: Largest ROC shift
What it offers: Up to $9,000 in home purchase grants in the nine-county region, as well as up to $10,000 in awards for those in targeted career fields.
The fine print: Candidates must be at least 18 years old, eligible to work in the US, live at least 300 miles from Rochester and relocate within six months of acceptance.
Why Rockester Greater Rocks: Barb Egenhofer, director of talent strategy at the Greater Rochester Chamber of Commerce, tells Realtor.com that over 170 people have benefited from the program so far.
“We’ve found that many of our movers come for access to fresh water, changing seasons, vibrant community offerings, great place to raise a family, inclusion and many, many other reasons,” says Egenhofer.
Jacksonville, IL
Program: Make my move
What it offers: A compensation package worth $9,300, including $5,000 in cash that will be paid in full after living there for 12 months. Other perks include a one-year membership to a driving range, a teeth-whitening package and a three-month gym membership.
The fine print: Candidates must be at least 18 years old, earn at least $50,000 per year, live 70 miles outside of the Jacksonville area at the time of application, move to Scott or Morgan County within six months of admission, and remain a resident of Jacksonville for a year after moving there. .
Why Jacksonville rocks: “Our communities, centrally located in Illinois, offer small-town charm as well as big-city amenities,” says Kristin Jamison, president of the Jacksonville Regional Economic Development Corporation.
“We launched this program at the end of May 2024 and I have been impressed by the positive reception. So far, 200 people have applied and we have made offers to five professionals.”
Topeka, Kansas
Program: Choose Topeka
What it offers: Up to $10,000 in rental funding in the first year or up to $15,000 in funding for a home purchase. (There is an employer matching component to receiving this benefit—see the website for more details.) There are also two other programs, including one that offers $5,000 to former Topeka residents and one that offers $5,000 for those transitioning out of the military.
The fine print: Candidates must have an on-site job in Shawnee County in Northeast Kansas and rent or purchase a home within one year of their employment or relocation. (The program is no longer offered to remote workers.)
Why Topeka Exchanges: “We have world-class amenities and a cost of living that helps people thrive,” says Bob Ross, senior vice president of marketing and communications for the Greater Topeka Partnership. “To date, 170 individuals and families have relocated through the program and over 7,500 people have reached out to learn more about relocating to Topeka.”
Tulsa, all right
Program: Tulsa remote control
What it offers: $10,000 in rental grants made through monthly disbursements or an amount of $10,000 upon the purchase of a qualifying home and a three-year membership in a local co-working space.
The fine print: Candidates must be at least 18 years old, eligible to work in the US, have a full-time, remote job outside of Oklahoma, have lived outside of Oklahoma for a full year before applying and relocate to Tulsa within 12 months of approval.
Why Tulsa Rocks: Since the program launched in 2018, more than 3,000 remote workers have moved to the city – and 74% remain there today.
“Our participants have told us they’ve experienced many positive lifestyle changes since moving to Tulsa, including the financial freedom to start homeownership and start businesses,” says Justin Harlan, managing director of Tulsa Remote.
West Virginia
(Eastern Panhandle, Greater Elkins, Greenbrier Valley, Morgantown or New River Gorge)
Program: Ascend WV
What it offers: A total of $12,000 in cash incentives. The first $10,000 will be disbursed in monthly payments the first year you live there, and $2,000 will be paid after the second year of living there.
The program also offers access to free co-working space and a one-year Digital Outdoor Recreation Pass, which includes free outdoor gear rentals and access to activities like snowboarding, rock climbing and whitewater rafting.
The fine print: Candidates must be at least 18 years old, hold a full-time job, be able to verify employment details and remote status, and be able to work remotely in West Virginia through an out-of-state company Mountain.
Why West Virginia Shocks: “West Virginia is the perfect place to telecommute, start a business, buy a home and raise your family,” according to Ascend WV. “Combined with stunning scenery and endless adventures, West Virginia’s work-friendly culture is making waves.”
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