Moving to a New Tech Hub? Here’s What You Could Buy With the Average Software Engineer Salary
See the homes that a $400,000 budget can buy you across the country.
Tech giants like Amazon, Google and Apple have shouted it loud and clear: their gaze is focused far beyond Silicon Valley. Plans are in place to open campuses and create thousands of jobs in burgeoning cities like Austin, Texas; Portland, Oregon; and Boulder, Colorado, among several others.
Got your eye on relocating to a shiny new desk with a (hopefully) more affordable address in 2019? You’re not alone. We already know views of homes spiked after Amazon announced its HQ2 locations, and Redfin agents in both regions reported a jump in interest.
“Tech companies are doing all they can to lure workers to their campuses. Job offers from tech companies often come with a relocation package to cover the costs of moving,” said Redfin Chief Economist Daryl Fairweather. “If you already own a home, your new employer may offer to help cover certain costs of selling, like home staging or cleaning to make relocating easier.”
With companies all creating engineering roles, we took a look at the average annual software developer salary of $100,000 (as reported by the Bureau of Labor Statistics), plugged it into Redfin’s Affordability Calculator, and determined the sweet spot to be an average price up to around $400,000.
Want to see what that buys you? From petite condos in Boulder, to updated single family homes in Austin, a $400,000 budget affords different types of houses depending on where you land that new job.
It’s worth noting that our hypothetical budget considered a 4.25 percent interest rate on a 30 year mortgage, and a down payment of about 20 percent. If you’re interested in purchasing a home this year, talk to a lender to learn what you can afford.
List price: $399,900
With a $370,000 median sale price, a $400,000 budget goes a long way in ATX. Take this stunning, renovated three bedroom home for example, which doesn’t skimp on details. The open floor plan is bathed in abundant natural light, while designer finishes like quartz counters and eco-friendly bamboo floors feel luxurious.
Boulder, CO
List price: $279,950
As homes sell for a median of $700,000, a $400,000 budget calls for considering options such as apartments over detached houses. With that in mind, this cozy condo is a deal, coming in well under budget. Picture yourself curling up by the wood-burning, custom wood-paneled fireplace after work in this updated one bedroom condo. The private balcony is also a prime perch to sip coffee or a local craft brew.
Boston, MA
List price: $360,000
With a median sale price of $656,000 in Boston, buyers with a $400,000 budget have limited options if they want to stay within the city. A Boston engineer could invest or live in this two bedroom, garden level unit that boasts a strong rental history. An amazing location means an easy commute to central Boston, where Apple plans to add hundreds of jobs.
Los Angeles, CA
List price: $390,000
Apple also announced its intention to add roles in LA’s Culver City. Those eyeing Hollywood will need to expand to surrounding up-and-coming neighborhoods like Koreatown. This one bedroom condo features a spa-like bathroom, community pool, an address close to Culver (insider tip: CC is also home to a fantastic burger at Father’s Office), and a more attainable price than the $700,000 median for the area.
Portland, OR
List price: $399,000
Another West Coast fave, Portland is quickly evolving from emerging trendy town to a bonafide tech hub, and list prices are catching up–home prices average $420,000–but remain within reach. This striking townhouse just 10 minutes from downtown, and features vaulted ceilings, impressive crown moldings, plus breathtaking views of Mt. Hood.
San Diego, CA
List price: $375,000
With its laid back culture, San Diego is another new spot for thriving tech and startups. Though California cool comes with a higher price tag–the median sale price sits at $595,000. While the beach may beckon, keep within budget by moving further inland for finds like this two bedroom, two level unit with an open, airy layout complemented by new flooring, a polished kitchen, and well maintained grounds.
Washington, DC
List price: $372,000
Amazon is set to open another HQ in Crystal City, and homes across the river in Washington, D.C. are receiving a flurry of interest. The median, D.C. home price is $597,000. Buyers with a budget should look to modern condos like this one bedroom in a historic building, complete with rooftop views of the Washington Monument and upscale amenities such as a fitness center and private courtyard.
The post Moving to a New Tech Hub? Here’s What You Could Buy With the Average Software Engineer Salary appeared first on Redfin Real-Time.
