5 U.S. Cities That Will Actually Pay You to Move There

Looking for a change of pace? It may be time to for a move! Fortunately, several U.S. cities (plus one state) are offering major incentives to relocate right now. Whether you’re a first-time home buyer or burdened with student loans, there’s a city that will lighten your load and help you to achieve your goals. From Alaska to New York, here are 5 places in America that will actually pay you to move there.

Alaska

In Alaska it’s not just one city offering incentives for folks to move there – it’s the entire state! And with its breathtaking terrain, fascinating wildlife, abundance of outdoor activities and charming towns, Alaska is as unique as they come. And if you’re looking to make this place your new home, the state will actually pay you to live there through its established Permanent Fund Dividend Program.

How It Works: Alaska’s Permanent Fund was put into place back in 1976 to conserve a portion of the state’s revenue from mineral resources (read: oil) to benefit future generations of Alaskans. This means that every year full-time residents of Alaska are eligible to receive royalties from the Permanent Fund’s investment earnings. So if you’re looking for an extra thousand dollars (or several), consider moving to Alaska. Though, I should mention the Permanent Fund only pays full-time Alaska residents.

Median Home Price: The median listing price in Anchorage, Alaska is $305,000, according to Realtor.com .

Population: The population of the State of Alaska is 741,204, according to World Population Review . The state’s most populous city, Anchorage, is home to 298,695 people. Juneau (home to 32,756 people) and Fairbanks (home to 32,325) are the only other two cities in Alaska with a population of more than 10,000 people.

Baltimore, MD

Known as “Charm City,” Baltimore is home to trendy restaurants, excellent shopping, and of course, some of the best crab cakes you’ll find anywhere around. Located near Washington, DC, the Maryland city also boasts one of the largest seaports in the Mid-Atlantic region. With all this and more attracting people to the city, now is as good of time as ever to make Baltimore your new home. Thankfully, the city offers a variety of incentive programs to homebuyers and renters.

How It Works: One of the most popular financial incentives for moving to Baltimore is the city’s Buying Into Baltimore program. According to Live Baltimore , the program offers a $5,000 payment to put towards buying a home anywhere in Baltimore City. Homebuyers must attend a Buying Into Baltimore event to become eligible for the money. A second popular incentive program is the Baltimore City Employee Homeownership Incentive , which gives city employees up to $5,000 for buying a home. And if you’re looking to purchase a formerly vacant home, you could qualify for Baltimore’s Vacants to Value Booster Program as well. The program gives eligible homeowners $10,000 to put towards closing costs for the purchase of vacant home.

Median Home Price: The median listing price for a home in Baltimore is $185,000, according to Realtor.com .

Population: The population of Baltimore is 620,961, according to World Population Review .

Detroit, MI

Despite its stormy past, the City of Detroit has been experiencing a bit of a rebirth these days. With an exceptionally low cost of living, revitalized neighborhoods, and a growing tech industry, Detroit is attracting professionals, entrepreneurs and millennials from all over the country. And if you’re up for relocating to Detroit, you’re in luck. The organization Live Downtown , a residential program that entices people to live and invest in a downtown Detroit home, could help you purchase or rent a home in the downtown area.

How It Works: If you work for Compuware, DTE Energy, Marketing Associates, Quicken Loans or Strategic Staffing Solutions, you could receive financial incentives for living downtown. According to the website, new homeowners in certain neighborhoods can receive a $20,000 forgivable loan to be put towards the purchase of their residence. New renters can receive a $2,500 allowance of funding towards the cost of their apartment in the first year followed by additional funding. Existing homeowners and renters will receive financial benefits as well. For more information on the program, check Detroit Live Downtown .

Median Home Price: The median listing price for a home in Detroit is $32,000, according to Realtor.com .

Population: The population of Detroit is 713,777, according to World Population Review .

New Haven, CT

Home to Yale University, this coastal town is quickly becoming one of New England’s most popular places to live. The Connecticut town boasts a rich history, bike-friendly streets, excellent restaurants and plenty of shopping as well. In addition, New Haven offers residents quite a few financial incentives for living there – including: down payment assistance, school tuition, and energy-saving upgrades.

How It Works: According to Re: New Haven , the city will give up to $10,000, interest-free to go towards a down-payment on a house. The best part? If you live in the home for five years, the loan is entirely forgivable. The organization also mentions that city employees, teachers, police officers, firefighters and members of the military can receive an additional $2,500. The city also offers forgivable loans of up to $30,000 for energy saving home upgrades, as well as free tuition to any in-state college for students who graduate from New Haven public schools.

Median Home Price: The median listing price for a home in New Haven is $210,000, according to Realtor.com .

Population: The population of New Haven is 129,779, according to World Population Review .

Niagara Falls, NY

Straddling the Canadian border, this small New York town is home to one of America’s top ten tourist destinations: the majestic Niagara Falls. The town has a vibrant tourism industry and a lively downtown. However, due to a loss of manufacturing jobs, the city’s population has continued to decline over the years. Niagara Falls is combating this by offering major student loan incentives to renters and buyers in hopes that more people will consider making Niagara Falls, NY their new home.

How It Works: The program offered by the City of Niagara Falls is called the Downtown Housing Incentive Program. Essentially, the plan helps applicants pay their students loans. According to the program, these applicants must reside in a targeted neighborhood in Niagara Falls for two years. The city then reimburses the applicant for their annual student loan payment of up to $3,492 a year and up to $6,984 during the two-year term of the agreement. So where exactly is this targeted area? According to the city, the target area is within walking distance to Niagara Falls State Park and the Niagara Gorge. The city’s website also has a map of the target area.

Median Home Price: The median listing price for a home in Niagara Falls is $65,000, according to Realtor.com .

Population: The population of Niagara Falls is 50,193, according to World Population Review .

Ready to make one of these cities your new home? To find the best moving company to handle the move, check Moving.com’s extensive network of reputable and reliable movers. All relocation companies in our network are licensed and insured, so you can rest assured that your move will be in good hands. Good luck and happy moving!