The San Francisco Bay Area in California is commonly referred to as Silicon valley. It is one of the most attractive areas for technology companies and as such, it attracts a lot of highly skilled entrepreneurs. The name was coined from the fact that many computer chip manufacturers are located in the area. Computer chips are made using silicon which is made from sand. The rich concentration of tech companies such as Google, Yahoo, Facebook, Twitter, HP and many others. The presence companies makes it one of the best places to work as a tech geek.
Unfortunately, Silicon Valley has become too crowded over the years and basic necessities such as housing and food are quite expensive. Land prices are also at a premium because they have been driven up by corporate demand. The high cost of living is the reason why tech companies are looking to other cities that are more affordable and less congested.
Cost of living in San Francisco and average salaries of the most marketable jobs
Renting a one-bedroom apartment in San Francisco will set you back roughly $4,526 per month and the median price of a home in Silicon Valley is $1.35 million. Lunch alone will cost you around $15 dollars every day, just to give you a rough idea of what to expect as far as the cost of food is concerned. As for the salaries, engineers and dev earn on average $197,138 annually. Design and user interface experts earn around $154,212, product developer salary averages $169,244, and $124,929 for marketing.
Cities poised to become the next Silicon Valley
Many tech companies are looking to set up their operations in other favorable cities. Here are some of the cities to consider.
1. Boca Raton
It is a city located along the southeastern part of Florida’s coast and it is s ideal as a tech hub for numerous reasons, chief among them being the favorable climate. It is a beautiful city next to the ocean and it had a small population of roughly 99,244 as of 2018, which means it has a lot of room to grow. The average cost of a 1 bedroom apartment in Boca Raton is $1,383. The median price of a home in the city is $341,500. Affordability is also another attractive aspect of this city.
The 305 is another highly attractive city for tech companies and tech experts. Again, the weather is a major factor and then there is the fact that Miami is quite popular with millennials. The average cost of a 2-bedroom apartment in Miami is $2,000 and many landlords allow two people to rent out each bedroom, thus a shared option provides a cheaper cost. It is currently one of the most pocket-friendly cities for especially for students and as such it is also ideal for the new generation of tech experts looking to start building their careers.
This Texas-based city is another highly promising city in the U.S as far as becoming a tech hub is concerned. The average rent for a one bedroom apartment in Austin is $1,329 which is significantly cheaper than San Francisco, while the median home price is $371,900. The salaries are also almost on par with those of Silicon Valley. For example, the average salary for a UX design job in Austin is $104,199 and $206,234 when adjusted for the cost of living. This means that a user digital interface designer an earn a healthy salary and live comfortably courtesy of the lower costs compared to the cost of living in the San Francisco Bay area.
It is the ideal place for tech geeks that love the outdoors. Colorado is popular for rocky mountains that provide scenic views and it is also the home of many crafted breweries. It offers a lot of activities that one can do during their free time. Meanwhile, the cost of living is also moderate. A one bedroom apartment goes for $1,568 on average and a good lunch every day will set you back roughly $14. Those who cook their own food can significantly bring down the cost of food. The median price for a home is $421,400. The City’s location makes it attractive especially to e-commerce companies. Colorado is highly ranked at 10th place in the list of the best states, and it also has a strong economy.
If you are a techie that loves jazz and visiting the best restaurants you can find, then Chicago might be the best place for you. The city has a lot to offer as far as leisure and social activities. It is currently one of the most promising tech hubs in the U.S. The city has so far been attractive to big data, health tech and fintech companies, which means that it also has the capacity to attract even more tech companies in the coming years. Living in Chicago is also considerably cheaper than in San Francisco. For example, the average monthly cost of renting a one bedroom apartment is $1,504. The median cost of purchasing a home in Chicago is $226,500 which means it is the most affordable on this list. Salaries are also not so far off from what similar job titles in San Francisco would earn, and might even be a better deal considering the higher costs of living in Silicon Valley.
Boston already has a rich mix of industries such as biotech and healthcare that are doing very well, robotics and artificial intelligence. That is a good template for encouraging other companies, especially in the tech space to set up shop in the city. The number of tech companies launching their operations in the city is expected to increase significantly in the next few years. Rent for a one bedroom apartment will set you back $2,440 while the median cost of owning a home is $592,300. It is not exactly the cheapest but the cost of living in Boston is 33 percent lower than living in San Francisco. Salaries are also quite attractive. For example, a marketing expert should earn as much as $119,434 compared to $124,929 in San Francisco. Yet the cost of living in Boston is significantly cheaper than in Silicon Valley.
Where Do You Think it Is?
This is our round-up based on data we’ve gathered, where do you think the new tech home will be?
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