Incentives For Moving Back To The City

Posted on

Many people have left once thriving major American cities for the safety and comfort of suburbia. However, many are nostalgic for the feeling of community that a city neighborhood provides, and are tired of the endless commutes, cookie cutter housing developments, and manufactured main streets of the suburbs.

Housing stock in older cities varies in architectural styles and can include large Victorians with the requisite turrets and wrap around porches, to smaller row homes that are perfect for singles or small families. Cultural and night life activities can be within walking distance, and you can walk the same streets as many figures in history.

Although fear of crime may be a deterrent, nuisance crimes are far more prevalent than violent crimes in most neighborhoods, except the most at-risk areas, in many major cities. Parking garages at suburban malls may be more dangerous than many city neighborhoods.

Schools may be an issue for families with children, but many neighborhoods with diverse populations have excellent charter schools that can rival even private schools for educational achievement. Financial incentives for homeowners who wish to buy a home in the city may make private school an affordable option.

Financial incentives for buying a home in cities on the rebound

Financial incentives for buying a city home include both home prices and attractive home loans offered by local government agencies. 

Home prices.

You can purchase a home in many cities for much less than a comparably sized home outside the city. Although the homes are older, they are well built in an eclectic mix of styles that you won't find it new housing developments. The main determinant of housing prices is location, and until potential homeowners recognize the unique experiences of city life, home prices in cities will be a bargain.

Government incentives in home loans

The loss of well paying manufacturing jobs, and a more diverse population, caused residents of many of these cities to leave. As the cities' tax bases dwindled, city services began to suffer, and infrastructure in older cities began to show its age. Empty homes are a blight for these cities, and don't generate tax income.

The federal government and local city agencies (such as Dynamic Mortgage Concepts Inc) offer very low cost home loans for individuals who are willing to buy homes in the city. These incentive can range from below market interest rates, down payment and closing cost assistance, and  home rehab and weatherization loans. Some neighborhoods are eligible for more incentives than others, but most residences within city limits will qualify for some assistance.

If you are willing to take a chance, the rewards of city life await you.