If you were to ask the average person “where is the best place to live if you are interested in the tech field?,” they will most likely say Silicon Valley. Google, Apple, Facebook HP, Cisco, Tesla, Oracle, Intel – even Netflix. The list goes on and on.
Consequently, real estate is in extremely high demand in Silicon Valley and the surrounding areas. Locations with high-paying jobs generally result in higher demand for homes and rentals, which results in higher home and rental rate prices.
This is great news for real estate investors – but of course, there is a catch. The cost to acquire an investment is significantly higher and the amount of available single-family and multifamily properties to purchase is significantly lower. And the homes that are available will have a lot of competition.
What if I told you that Silicon Valley, albeit the nation’s primary hub for tech jobs, isn’t the only location that provides strong opportunities for tech workers and, subsequently, real estate investors too?
Each year, SmartAsset analyzes governmental data to determine the best places to work in tech-based on the average tech salary, cost of living compared to the national average, the percentage of workforce in tech, the unemployment rate of residents with a bachelor’s degree, and the ratio of average pay to tech pay in the city.
Check out SmartAsset’s full study here.
Here is a breakdown of 10 cities that have high paying tech jobs and low cost of living:
Percentage of workforce in tech: 2.09%
Average salary: $78,770
Ratio of tech wage to average wage: 1.79
Cost of living index: 85.1
Unemployment rate: 2.6%
Percentage of workforce in tech: 3.55%
Average salary: $84,140
Ratio of tech wage to average wage: 1.67
Cost of living index: 87.9
Unemployment rate: 3%
Percentage of workforce in tech: 6.77%
Average salary: $97,340
Ratio of tech wage to average wage: 1.78
Cost of living index: 93.6
Unemployment rate: 3.6%
Percentage of workforce in tech: 2.7%
Average salary: $84,790
Ratio of tech wage to average wage: 1.82
Cost of living index: 86.9
Unemployment rate: 3.2%
Percentage of workforce in tech: 4.44%
Average salary: $83,820
Ratio of tech wage to average wage: 1.61
Cost of living index: 90.6
Unemployment rate: 2.3%
Percentage of workforce in tech: 2.88%
Average salary: $83,090
Ratio of tech wage to average wage: 1.76
Cost of living index: 94.6
Unemployment rate: 1.4%
Percentage of workforce in tech: 4.14%
Average salary: $83,260
Ratio of tech wage to average wage: 1.69
Cost of living index: 93.9
Unemployment rate: 1.8%
Percentage of workforce in tech: 5.69%
Average salary: $91.680
Ratio of tech wage to average wage: 1.75
Cost of living index: 91.6
Unemployment rate: 2.6%
Percentage of workforce in tech: 4.23%
Average salary: $93,820
Ratio of tech wage to average wage: 1.78
Cost of living index: 90.9
Unemployment rate: 2.7%
Percentage of workforce in tech: 4.21%
Average salary: $92,440
Ratio of tech wage to average wage: 1.80
Cost of living index: 90.9
Unemployment rate: 2.3%
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Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.
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