HARTFORD, Conn. (AP) — Some states are looking for ways to keep educated young professionals within their borders for years to come by helping out with their housing costs.
Initiatives like mortgage down-payment assistance, rent subsidies, urban homesteading incentives and even "millennial villages" are being considered to help young adults in the 18-to-34-year-old range plant roots in communities.
Many millennials are burdened with student loan debt, in addition to difficult job market and a less affordable housing market than their parents.
Connecticut lawmakers are considering a bill that would provide a tax break to help college graduates rent or buy their first home in certain urban areas. To be eligible, the millennial must have at least $20,000 in student debt.
Rhode Island is already awarding grants for mortgage down payments to recent college graduates.
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