Bank on These Cities

Seven U.S. cities, including Baltimore, Marquette, Kan., and New Haven, Conn. are offering incentive programs to potential homebuyers and residents to increase their populations.

In New Haven, first-time homebuyers can qualify for $10,000 interest-free loans for home down payments or closing costs, and $30,000 in home upgrades that save energy. Additionally, longer-term residents may receive $40,000 in in-state college tuition funds for their children who have attended New Haven public schools, CNBC reports. In Baltimore, would-be residents can receive a $5,000 forgivable five-year loan for buying a home, and if the home is abandoned, the Vacants to Value program offers $10,000 toward down payments and closing costs.

As young people flee to large metropolitan areas like San Francisco and New York, some smaller towns are facing labor shortages and dwindling populations. To remain competitive, these cities are doling out lucrative perks to get people to move there, such as cash handouts, student loan repayments and housing incentives. While you may not the find the hustle and bustle you'd get in larger towns, the trade-off might be worth it for a shorter commute and a lower rent. Surveys show that smaller cities have far less traffic congestion, making your trip to and from work that much faster.

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