Key Highlights

  • Approximately 8.9M people moved between March and October 2020, up by 94,000 in 2019
  • MakeMyMove has directory of 37 locations offering incentives to movers

Thinking of Moving?  Some Cities Offering Incentives

With around 8.9M people who already moved between March and October 2020,  MakeMyMove is leveraging this moving trend for potential movers’ advantage.

MakeMyMove has created a directory of 37 relocation offers that cities are making available to people willing to explore new places.

Some cities and places simply say they’re offering “various amenities” to new residents.  Others are offering home-buying grants, tax breaks, annual memberships and even down payment assistance (up to $5,000 for a new home in Baltimore).

Other cities are offering flat-out cash ($10,000 over a year at The Shoals in Alabama), or $15,00 forgivable grant over three years  for buying a home in a qualifying zip code in Michigan.

“Design Your Own” Feature

MakeMyMove co-founder Evan Hock will talk with local economic development programs to help create relocation incentive packages in places where remote workers would like to live.  Hock said, “…if we get a half dozen folks saying, ‘I’m looking for a lake community in the Southwest,’ we can go out , find it and negotiate an offer for them.”

Who Is Going Where?

Many of Hock’s users are remote workers who work in tech, sales and marketing.  Many want to be closer to family and/or live in more affordable communities with more space and back-to-nature amenities such as lakes and trails

Popular Incentive Programs

One popular incentive program designed to recruit software engineers has been in Chattanooga TN.  These engineers are being offered $10,000 towards a new home plus $1,250 for moving expenses.

Another popular program is the Tulsa Remote initiative that offers $10,000 to move to Tulsa plus apartment specials, co-working memberships and educational and social activities.

More Relocation Incentive Programs On the Way

According to the Pew Research Center, 4 in 10 people say they can do the majority of their work remotely.  Of this 4 in 10, just over 50% want to continue working remotely the majority of the time once the pandemic is contained and 33% would like a hybrid arrangement involving working from both home and office,

These are the people being targeted by already existing relocation incentive programs and there are more of these programs coming down the pike.

Hock said, “When you recruit a new worker into the community, you get their tax revenues, their spending in the local economy.  As communities dig into the math, they’ll see these remote workers are enormously valuable.”

Based upon what’s already happening in places like Las Vegas  and San Juan, Puerto Rico, Hock believes that more and more cities and states will tweak their thinking and offer incentives directly to consumers. Why wait for or wine and dine big companies with tax incentives to move when people are moving all by themselves?

 

Thanks to MakeMyMove, The Pew Center and CNBC.

 

 

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