Low housing costs compared to the coastal cities, a booming job market, and a lively cultural life are making Austin one of the most sought-after cities in the US. Considered the ‘Texan Silicon Valley,’ the migration of former California-based corporations, such as Tesla, makes the city extremely appealing for professionals from the high-paying STEM sectors.
Other tech companies that are expanding their presence in the region include Google, with a target of creating 10,000 new jobs; Apple with its $1 billion campus; and the purchase by Meta of the tallest skyscraper in downtown Austin. Samsung, Amazon and IBM are also joining them in opening office centers in the city.
Besides the active tech environment, the status of the city as the capital of the state of Texas provides it with many well-paying federal jobs in healthcare, education, and government offices. These optimal labor market conditions lead Austin to have a lower unemployment rate than the American average and a median household income close to us$100,000.
The large amount of housing supply added in recent years has brought some concerns in the real estate sectors of the city, due to the deflationary push that the amount of housing added has had in the housing market. The homebuyers and people relocating from the outstate to take advantage of the dynamic job market.
Quality of Life
Combined with one of the most affordable costs of living among large metropolitan areas, Austin offers a unique blend of economic opportunity and quality of life. The city’s cultural life is considered one of the best in the state and the country, with an array of music festivals, art galleries, theaters, and a renowned food scene. Known as the «Live Music Capital of the World,» Austin hosts the famous South by Southwest (SXSW) festival, which attracts visitors and talent from all over the globe.
In addition to its cultural vibrancy, Austin boasts numerous parks, lakes, and outdoor recreational activities that contribute to a high quality of life. The city’s commitment to green spaces and sustainability makes it a haven for outdoor enthusiasts and those seeking a healthier, active lifestyle.
According to the U.S. News & World Report rankings, the conjunction of favorable conditions turns Austin into the 9th best place to live in the U.S., and the best city among the big metropolitan areas. Furthermore, Bankrate has named Austin the best city to start a career, highlighting its robust job market and vibrant economic environment as ideal for young professionals.
With its distinctive blend of economic vitality, cultural vibrancy, and exceptional quality of life, Austin has become one of the most attractive cities in the U.S.
