These U.S. Cities Will Pay You To Live There: Spoiler, One Is In New York

Start generating passive income through real estate.

Own a piece of your favorite cities through diversified real estate investments in the country's top markets

*Terms and conditions apply. Visit Nada's website for more details.

In an era of high mortgage rates and rising living costs, some American cities are taking an unusual approach to population growth – paying people to move there.

From West Virginia to Illinois, local governments are offering cash incentives, free amenities, and even steak dinners to lure new residents.

“The first question we get from people is: ‘Is this a scam? Is this real?'” Evan Hock, co-founder of MakeMyMove.com, a website that connects movers with incentive programs, told U.S. News & World Report. “It is real and it is fantastic.”

Don't Miss:

The trend, accelerated by the pandemic’s remote work boom, has seen about 200 cities across the country develop relocation incentive programs. The programs range from modest perks to five-figure payouts, often targeting remote workers with stable incomes.

Jacksonville, Illinois, a city 35 miles west of the state's capital, offers qualified newcomers a package valued at $9,300, including $5,000 in cash, local spending money, and quirky perks like a tooth whitening package at a local dentist.

“Our communities, centrally located in Illinois, offer small-town charm, as well as big-city amenities,” Kristin Jamison, president of the Jacksonville Regional Economic Development Corp, told Realtor.com. The program, launched in May 2024, has already attracted 200 applicants.

See Also: Will the surge continue or decline on real estate prices? People are finding out about risk-free real estate investing that lets you cash out whenever you want.

It’s not just small towns getting in on the act. Greater Rochester, New York, offers up to $19,000 in grants and awards to new residents, particularly those in targeted career fields. The program has already attracted over 170 people, drawn by the region’s freshwater access, changing seasons, and family-friendly atmosphere, according to Realtor.

For cities and states, the programs are about more than just population growth. They’re seeking long-term residents who will integrate into the community and become ambassadors for their new homes.

“It’s an opportunity to get creative and differentiate,” MakeMyMove's Hock explained to U.S. News & World Report. Some cities offer concert tickets or board seats on local nonprofits, aiming to quickly embed newcomers in the local fabric.

Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?

The financial benefits can be compelling for movers. Ralph McLaughlin, senior economist at Realtor.com, said, “The double bonus of a cash subsidy combined with lower home prices could be quite attractive to households that have little personal or professional costs associated with cutting physical ties from their current location.”

Some programs are more ambitious than others. West Virginia’s Ascend WV offers $12,000 over two years, plus outdoor perks including free gear rentals and activity passes. The state is betting on its natural beauty and adventure opportunities to retain the new residents long-term.

Tulsa, Oklahoma, an early adopter of the program, has seen great results. Since 2018, over 3,000 remote workers have moved to the city through its Tulsa Remote program, with 74% choosing to stay beyond their initial commitment, Realtor.com noted.

Critics might question the long-term sustainability of paying people to move. But for now, as the battle for talent and taxpayers intensifies, more cities seem likely to join the fray.

“They really are great places to live or retire,” Hock said. For those with the flexibility to relocate, it might pay to shop around.

Read Next:

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Real Estatenews accessReal Estate Access
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!