Locales across the United States are using relocation packages to siphon talent from larger cities. The deals include everything from free rent to cash allowances and home appliances. The trend can mean notable government contracts for co-working spaces, multifamily and single-family housing providers. Each program is different, but many share common threads. Their marketing messages often aim to attract newcomers from cities where significant portions of income are directed towards housing. Several locales appeal to professionals in technology and science-based fields. One program has gained significant attention in recent weeks. Your New Home: Tulsa, Oklahoma The George Kaiser Family Foundation (GKFF) is currently accepting applications for its remote employee relocation program, Tulsa Remote. The Foundation is offering $10,000 cash, a rent-free furnished apartment, and a desk at 36 Degrees North, a local coworking space. In exchange, recipients must live in Tulsa full-time for at least one year. Recipients are also encouraged to participate in community events. Many of these social opportunities are created especially for program participants. Tulsa Remote recipients are invited to exclusive wine tastings, group outings, and neighborhood panel discussions. The hope, says GKFF’s executive director Ken Levitt, is that the transplants will establish a local community and decide to stay beyond the required year. In theory, the remote employees will not only bring cash into Tulsa. They will show local young professionals that they don’t have to leave their small-town home to be successful, suggests Sara Sutton, the CEO of FlexJobs, a remote job search engine. Tulsa Remote and similar programs remove the stigma from telecommuting, which some believe is not a “legitimate thing.” But telecommuting is quite a legitimate thing. A 2017 Gallup poll revealed that 43 percent of employed Americans have worked remotely in some capacity. The figure is...

In several metropolitan statistical areas (MSAs), owning a home may cost less than renting. There are several factors that determine home affordability when compared to renting, so let’s dive right in.  Out of the 33 largest MSAs, 17 have homeownership options that are more affordable than renting. Homebuyers’ savings could exceed 3 percent of their incomes in nine of the 17 cities. Buying is more affordable than renting when homebuyers are able to: Put 3.5 percent down on the property, often with help of down payment assistance programs. Meet eligibility requirements for those down payment assistance programs Qualify for a loan for a median-priced (or less expensive) home Cover mortgage insurance costs, which vary by loan Down payment assistance programs are a huge factor in home affordability. A report by Urban Wire helps consumers identify available programs by state. There are 2,144 down payment assistance programs from which borrowers can choose.  Top 5 Locations Below are the top 5 cities where buying a home offers greater savings than renting.  Miami In this multicultural city of sun and surf, the buyer of a median-priced home could save about 11 percent of their income when compared to renting. This is even when the expense of Miami real estate is factored in: Miami is the 11th most expensive city amongst the MSAs in terms of mortgage affordability. The median mortgage costs 32 percent of buyers’ median income, which is 2 percent above the recommended affordability average. While that mortgage-to-income ratio is high, it’s not as high as renting. Rent can cost a whopping 42 percent of a household’s median income. Detroit As the Motor City continues to redefine itself, it entices residents with affordable housing stock. With a rent gap of -7.11, rent will cost 21.30 percent of...

A seemingly healthy economy, rising rent rates and a limited inventory of existing homes are pushing some buyers into the new homes market. Interestingly, they have few options once they arrive; new home construction is largely targeted towards mid- to high-price tier properties. First-time buyers are in limbo, adding uncertainty to an already imbalanced market. Census Bureau data reports year-over-year prices of new home sales have risen above the May 2014 estimate. Price trends indicate above average emphasis on move-ups and luxury home sales. In May 2014, the average price of homes sold was $323,500. The May 2015, the average sales price came in at $337,000. These aren’t first-time homebuyer prices though the group makes up a noteworthy portion of home buyers returning to the market. In 2014, first-timers made up 27 percent of buyers. This summer, they’re exceeding 32 percent, reports National Association of Realtors. A Campbell/Inside Mortgage Finance HousingPulse suggests an even higher figure with first-timers composing nearly 40% of purchases in May. Most builders overlook this growing group. Inaccurate data—or incomplete data, at best—may be a factor in builders’ strategies. On the surface, home demand is up as are job growth and wages. In theory, first-time home buyers are walking into a market that is accommodating their needs and improving their odds. Except it isn’t. A Pew Research Center report explains, “For most U.S. workers, real wages — that is, after inflation is taken into account — have been flat or even falling for decades, regardless of whether the economy has been adding or subtracting jobs.” The report continues, “But after adjusting for inflation, today’s average hourly wage has just about the same purchasing power as it did in 1979.” The organization’s August 2014 survey concludes that 56 percent of Americans...