What would it take to get you to pack up your whole life and move for work? Relocating to a new city can be both stressful and expensive, which deters many from taking the leap. But labor shortages across the U.S. have caused many cities to get creative in order to attract much-needed talent, especially in more rural areas.
Find out where you might be able to get help purchasing a home, paying off student debt, or even receiving cold, hard cash.
New Haven, Connecticut
A coastal city in the state of Connecticut, most notable for being home to Yale University, is offering relatively generous incentives to homeowners and students alike. As part of its effort to bring in more permanent (and hopefully working!) residents, the city will help cover closing costs or a down payment on a home through a $10,000 forgivable five-year loan (you must live in the home for at least five years to qualify). The city is also thinking green -- offering people up to $30,000 in low-interest loans to make energy-saving upgrades to currently owned homes.
New Haven also boasts free tuition to public colleges within the city to students who graduate from New Haven public schools, or up to $2,500 a year in tuition payments for non-profit schools.
Part of the greater metropolitan area of Cincinnati, the city is located in the southwestern corner of Ohio. Hamilton has declared that it will pay $5,000 to graduates within engineering, technology, and the science of arts to help them pay down student loans. The catch is that those graduates have to agree to live and work in Hamilton for a minimum of two years.
Grant County, Indiana
The county, located near the center of Indiana, has initiated a program called Grant for Grads, which caters to graduates with an associates degree or higher who choose to live and work in Grant County. You can receive up to $5,000 to pay for a down payment or closing costs if you purchase a home within the county. There are also renter incentive programs that reduce rent payments by up to 20%.
North Platte, Nebraska
A small town with a population of around 24,000, North Platte is offering up to $10,000 to individuals willing to relocate there for work. North Platte is home to Union Pacific's largest train yard. The company is offering a $25,000 bonus for diesel electricians and $20,000 for train crew employees. Rumor has it the check is presented during a welcoming ceremony.
Loup City, Nebraska
If you want to build a home from the ground up, then Loup City may be the place for you. The centrally-located city in the state of Nebraska is offering free parcels of land to those who commit to building a home there within a year.
Bonus: The entire state of Alaska
Can you take the cold? If so, the entire state of Alaska offers up to $2,000 per year to residents. The incentive comes from its Permanent Fund Dividend (PFD) Program, which was established in 1976. The fund was created after 164 tracts of state-owned land were auctioned to an oil company for $900 million. The earnings were put into a fund for future Alaskans to benefit from. Could you be a future Alaskan?
Many graduates looking toward congested, high-cost coastal cities may want to give rural areas a second thought after reading through potential benefits. A little extra cash and lower living expenses provide a great opportunity to start investing with MoneyLion Plus. Plus offers members a managed investment account, access to a $500 5.99% APR loan, and $1 daily cashback (along with other rewards).
What would it take to convince you to skip the city and live a rural lifestyle?
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