Boss Magazine, an online resource for business news, recently published their short list of the best cities for young entrepreneurs in 2018. Austin made the ruthlessly edited list along with other popular business hubs like San Francisco and New York. According to Boss Magazine, what makes Austin stand out among the entrepreneurial hot spots throughout the U.S. is its favorable cost of living. Chief among the factors that determine cost of living is Austin home values, which offers young entrepreneurs incredible homes at a fraction of what it would cost in the other business centers.
Austin Area Housing Costs
Median sales price for single-family homes in the Austin-Round Rock Metropolitan Statistical Area (MSA) reached just $299,900 in February 2018, according to figures released by the Austin Board of REALTORS® (ABoR). In comparison, San Francisco median home sales price reached a record $1.61 million in the first quarter of 2018. For a young entrepreneur with a fledgling business that demands its own financial investment, saving nearly three-quarters of the price on a home could mean the difference between success and failure.
Median Home Price in Other Cities
Other west coast cities on the list include Seattle and Portland. While nowhere near as expensive to live as San Francisco, a budding business owner will have to shell out $407,500 and $777,000 respectively, for a new home. While Portland offers the least expensive median sales price of the cities on the west coast, it also offers a lot of rain and terrible snow storms in the winter that even the locals detest. Austin may be hot in the Summer, but it also has about 8 months of mild weather that won’t require you to dig your car out of your parking spot.
On the opposite side of the continent is New York, which also made the Boss Magazine list. The median single-family home sales price in New York County was recently reported by the National Association of REALTORS® as $932,366. There is a chance you can find a deal on a home in a community like Brooklyn, The Bronx, Queens and Staten Island. However, the commute to get to an office that will attract the type of employee your business needs may not be worth the savings on home prices.
Austin isn’t Just Known for Great Real Estate
Although home prices in competing cities on Boss Magazine’s list of best cities for young entrepreneurs may make a would-be business owner opt for Austin, the Texas capital is more than just a pretty home. The live music capital of the world earned its designation because of the number of live music venues per capita. There’s also a thriving downtown that attracts people of all age ranges and backgrounds every night of the week. Outdoor activities also abound, with water recreation, hiking and enough parks to make for a very well-exercised dog and business owner alike.
Austin is also home to the renowned University of Texas at Austin (UT Austin), which is home to over 50,000 students each school year. The public university provides the area with a large pool of highly educated workers. Tech giants have taken notice, resulting in the area becoming a tech hub and earning the secondary designation as Silicon Hills. Consequently, several big names in the tech industry have made a headquarters in the area. Some of the tech companies that have a business center in Austin include Google, Facebook, Samsung and Dell.
Learn More About Relocating to Austin
To find out more about taking advantage of the ideal business environment in Austin, reach out to one of our experienced Austin relocation experts. We’re here to help you make the smoothest transition to the Austin area as possible. Our relocation experts have experienced relocation themselves, so they have first-hand experience of what it takes to make a stress-free move to Austin.
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