Between high interest rates and the burgeoning remote work industry, it pays homebuyers and tenants to know where to get the most bang for their buck — with a little extra on top.
Now, some cities and states are offering cash and other perks to entice newcomers to relocate. More than 50,000 people applied for programs in several cities through MakeMyMove.com alone in 2023, the site reported to CNN, enticing new residents with incentives including signing bonuses, access to local amenities and networking opportunities.
Those who do take on a new zip code save an average of $20,000 a year, the broker claims.
Meanwhile, housing market newbies of Gen Z are flocking to the Great Plains and Mountain West to seek out lower costs and “simpler living,” data from StorageCafe and LendingTree found.
Zoomers are on to the right idea, according to the data, as cities across those regions are among the most cost-effective destinations — listed below.
Tulsa Remote became the first program of its kind when it launched in 2018 offering remote workers and entrepreneurs $10,000 to move to the city once called the “Oil Capital of the World” for a year.
Applicants must be at least 18 years of age, have lived outside of Oklahoma for at least a year prior to applying and relocate to Tulsa within 12 months of approval.
The program has been very successful, with over 2,900 people accepted and $307 million in direct employment income generated as of December 2022. The program has also generated an estimated $2.5 million in new sales tax revenue for Tulsa County and $3.1 million for the state of Oklahoma.
“We have also seen a strong multiplier effect of friends and family joining members in Tulsa, with the city gaining three residents for every two Tulsa Remote program participants,” Justin Harlan, managing director of Tulsa Remote, told CNN.
The program expects to have 4,000 members registered by 2027, according to Harlan.
Topeka, Kansas has a program called Choose Topeka that offers incentives — valued at up to $15,000— to attract residents.
In addition to offering financial incentives, the program also helps connect new residents with housing and jobs.
The program has been very successful, with over 6,000 people applying, nearly 150 new residents moving to the area and a 95% retention rate.
But it’s not just for newcomers: transitioning veterans, people who have recently left military service and former residents of Kansas’ capital city are all eligible.
“People love how accessible and friendly our community is,” Robert Ross, senior vice president of marketing and communications with GO Topeka, told CNN. “With around 175,000 residents in Topeka, the city is very easy to navigate and recipients quickly learn that ‘Midwest nice’ is a way of life here.”
The Shoals, in Alabama’s northwestern region, is offering up to $10,000 to remote workers who relocate to the area through a program called Remote Shoals.
The program, which launched in 2019, has received over 2,300 applications from all 50 states. To qualify, applicants must be self-employed or a full-time remote employee, make $52,000 or more annually and relocate to the area within six months.
Those looking to move to upstate New York can apply to the Greater ROC Remote program.
The program is offering $10,000 in grants and incentives to remote workers who relocate to Rochester, New York.
Those who live more than 300 miles from downtown Rochester or in any other state except New York, have a fully remote job, and are 18 years or older are eligible to apply. Applicants who interview may be eligible for a reimbursable trip to Rochester, up to $500 for individuals and $750 for couples.
Ascend West Virginia is a public-private initiative that offers a relocation package worth more than $20,000 to entice people to move to the Mountain State. The program, which is in its third year, has received over 42,500 applications, a representative told CNN.
Some of the perks include a $12,000 cash incentive, free passes for outdoor activities, and access to co-working spaces.
There are many different communities to choose from in the Ascend program, including the small mountain town of Greenbrier Valley and the New River Gorge National Park. The program touts a high retention rate and plans to expand.
To attract new workers, several cities and regions in Indiana are offering financial incentives to attract new residents.
Some cities offer relocation packages worth up to $15,000. Noblesville, a suburb of Indianapolis, provides a $5,000 relocation grant, a season of free golf at two courses, and coffee with the mayor among other things — estimated to be valued at about $15,000.
In addition to cash, other packages include perks like entry to community establishments, museum passes, and memberships to local organizations.
Kentucky currently has eight cities and towns offering generous relocation packages to recruit new workers, according to MakeMyMove.
Many offer $5,000 cash along with perks such as discounts on childcare and a free monthly delivery of eggs.
Some cities even offer bonuses for workers who bring a spouse to work in healthcare or education.
The Michigander Scholars program offers scholarships and internships for those who complete an internship and/or accept a full-time position in industries including computing, electronics, software development, or process engineering.
The program is open to recent graduates and college students who commit to working for participating companies in the Great Lakes State for at least 12 months.
This year up to 350 awards will be given ranging from $5,000 to $10,000, but the program is looking to expand.
“We’re only looking at ways to strategically expand the program, whether that is opening up more opportunities through our employers and these scholarships for out-of-state students or out-of-state schools or … directly tying this to homeownership and other [incentives],” Kerry Ebersole Singh, chief talent solutions and engagement officer at Michigan Economic Development Corporation, which runs the program, told CNN.
“So, I definitely foresee us looking at how to grow this in strategic areas versus winding it down at this point.”
Alaska, which has the third-smallest population in US, gives its residents a yearly payment from the Permanent Fund Dividend.
The amount fluctuates based on government funding; in 2022, residents received $3,284, but that amount was nearly cut in half in more recent years.
Applicants must have lived in the state for a full calendar year and plan to remain there indefinitely — among other qualifications — to register for the program.
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