Cities and states are shelling out serious cash to lure remote workers.<\/p>\n\n\n\n
Tulsa, Oklahoma, will pay you $10,000 to move there and telework. West Virginia is offering $12,000 and two years of free outdoor gear rental. Move to Maine, and the state will help you pay off your student loans.<\/p>\n\n\n\n
These incentives are appealing, especially for newly minted remote workers who want to capitalize on their newfound flexibility. But a snap decision could cost more than the money you\u2019re chasing.<\/p>\n\n\n\n
Read the program fine print, talk to your employer and assess your own deal breakers before you pack your bags and head to Topeka, Kansas, where remote workers can get up to $10,000.<\/p>\n\n\n\n
Understand the process, requirements<\/strong><\/p>\n\n\n\n Most remote relocation programs have an application process with several rounds of interviews to screen prospective residents. Only a fraction of applicants are accepted.<\/p>\n\n\n\n Tulsa Remote accepted just 3% of its 30,000 applicants in 2021, according to Justin Harlan, managing director of Tulsa Remote.<\/p>\n\n\n\n The Opportunity Maine Tax Credit<\/a> doesn\u2019t cap participation, but it does have a host of other stipulations. Whether the tax credit is refundable, for example, depends on the year you graduated and your field of study.<\/p>\n\n\n\n And the Ascend West Virginia program only accepts applicants for certain cities, at certain times of the year.<\/p>\n\n\n\n Relocation incentives are designed to boost the local tax base, so most programs pay the benefit over a year or two. And many encourage you to put down roots.<\/p>\n\n\n\n Tulsa Remote<\/a> will pay the $10,000 in a lump sum if you buy a home (the cash is otherwise spread out over the first year). In Topeka, remote work applicants need to buy a home to get the full $10,000.<\/p>\n\n\n\n And don\u2019t forget, any bonus may be taxed as income, so you need to set some money aside for the IRS.<\/p>\n\n\n\n Assess impact to your current, future employment<\/strong><\/p>\n\n\n\n Remote work still has some limits. Understand your employers\u2019 expectations before applying or moving, as certain things can impact your quality of life in your new locale.<\/p>\n\n\n\n If your company and colleagues are all on the West Coast, for example, you may be expected to keep those hours, even if you relocate to Maine. That can make for some late nights.<\/p>\n\n\n\n Your new city may have a lower cost of living than your current home base \u2014 that\u2019s typically part of the appeal. Will your company adjust your salary to your new cost of living? You want to be crystal clear on that before taking the leap.<\/p>\n\n\n\n \u201cFinancially, you should be prepared to take a pay cut if you\u2019re relocating from a major city to somewhere less costly,\u201d says Tina Hawk, senior vice president of human resources at GoodHire, which provides employee screening and background checks for businesses.<\/p>\n\n\n\n Most relocation programs are only open to those who already have full-time employment with an out-of-state company (Maine is an exception). But no job is guaranteed forever, so you need to research the local job market.<\/p>\n\n\n\n How easy will it be to find a new gig if you are laid off? Are there opportunities locally if you outgrow your current company? If you dream of someday starting a business<\/a>, is your potential new home friendly to entrepreneurs?<\/p>\n\n\n\n Determine your deal breakers<\/strong><\/p>\n\n\n\n While money is important, it\u2019s not what makes a place liveable. Take stock of what\u2019s important to you \u2014 things like restaurants, networking, walkability or outdoor activities \u2014 and identify your deal breakers.<\/p>\n\n\n\n \u201cThe incentive can get your attention, but the meat of the matter is, when you get there, you gotta stay,\u201d says Nate Wildes, executive director of Live + Work in Maine.<\/p>\n\n\n\n Even \u201cVacationland\u201d is not for everyone, Wildes admits. \u201cWe\u2019re a four-season place. If you hate snow and you hate snow shoveling, look somewhere else, please.\u201d<\/p>\n\n\n\n Don\u2019t just assume you\u2019ll like or dislike a place. Experience it firsthand to get a true sense of the city\u2019s vibe. You might be surprised.<\/p>\n\n\n\n Maria Kim, 28, certainly was. The former Washington, D.C., resident moved to Tulsa as part of the Tulsa Remote program in March 2021.<\/p>\n\n\n\n Initially on the fence, Kim decided to take the leap after visiting the city and meeting with other members of the program, which puts a strong emphasis on networking and community.<\/p>\n\n\n\n \u201cI\u2019ve been pleasantly surprised,\u201d says Kim, who freelances full time as a copywriter. \u201cThe city is busy. You\u2019re able to get the small-town benefits with big-city energy, and you can explore without so much excess.\u201d<\/p>\n\n\n\n This article was written by NerdWallet and was originally published by The Associated Press.<\/em><\/p>\n\n\n\n More From NerdWallet<\/strong><\/p>\n\n\n\n Kelsey Sheehy writes for NerdWallet. Email: ksheehy@nerdwallet.com. Twitter: @KelseyLSheehy.<\/p>\n\n\n\n The article Would You Relocate for $10K? Should You? originally appeared on NerdWallet.<\/p>\n","protected":false},"excerpt":{"rendered":"Cities and states are shelling out serious cash to lure remote workers. Tulsa, Oklahoma, will pay you $10,000 to move there and telework. West Virginia is offering $12,000 and two years of free outdoor gear rental. Move to Maine, and the state will help you pay off your student loans. These incentives are appealing, especially […]","protected":false},"author":7,"featured_media":2431,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","attr_excerpt":["Cities and states are shelling out serious cash to lure remote workers. Tulsa, Oklahoma, will pay you $10,000 to move there and telework. West Virginia is offering $12,000 and two years of free outdoor gear rental. Move to Maine, and the state will help you pay off your student loans."],"footnotes":""},"categories":[5],"tags":[7,21,35,20],"class_list":["post-2424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-bank","tag-checking","tag-digital-banking","tag-savings"],"yoast_head":"\n