When you think of the tech industry, you most likely think of the Bay Area, particularly of Palo Alto and San Francisco. Shows like HBO’s Silicon Valley have depicted what it’s like to try and build a tech start up with a handful of people and a dream. What these TV shows largely seem to ignore is the cost of living alongside building the business; how does no one have a side job? Don’t they have bills to pay? The average rent for a two-bedroom apartment in San Francisco is just over $4,500. Can someone starting a new business afford their apartment and the costs of the startup? If rent seems unreachable, how can you expect to be able to afford all of the different types of business insurance your startup will need to protect itself?
Fortunately, CoverHound can help you find great deals on business insurance no matter where your business is located. And guess what? You don’t need to live in Silicon Valley to found the next great startup. Here are three affordable cities where you can live comfortably and get your startup off the ground.
According to the Travel Channel, Boston is “a hotbed of high-tech innovation in fields such as biotech and software.” Unlike San Francisco’s average high cost of rent, Boston’s average cost of rent comes to just under $2,500. The difference in the cost of living between Boston and San Francisco make it easier for entrepreneurs in Boston to pay their bills and get their startups moving. Just 10 years ago, Boston only made up for five percent of the tech job market. As reported by the Boston Globe, Boston now makes up for one-third of all software job openings. With excellent public transportation, great food and exciting nightlife, Boston is a young entrepreneur’s dream city.
In 2016, Austin, Texas was chosen as CNBC’s No. 1 best city to start a business. CEO of Biz2Credit, Rohit Arora said of Texas that “[it’s] a very business-friendly state, with a good lifestyle and good weather.” The average cost of rent for a two-bedroom apartment is just over $1,500 a month; that’s lower than San Francisco and Boston. With a 6 percent tech salary jump in 2015, Austin welcomes techies with affordable living conditions and well-paying jobs.
Seattle, Washington has made tech Top 10 lists for the last several years because “the Seattle metro area has posted 12 percent tech job growth [with] 7.6 percent STEM [growth] and only continues to grow those numbers, writes Forbes Magazine. Seattle shows no signs of slowing down, with tech giants like Amazon and Microsoft bringing in smaller businesses to help create better industry, more diversity and greater economy. The average rent is Seattle is even lower than in Austin, Texas, coming in at $1,412 a month. With exceptional schools, inspiring culture and tasty coffee, Seattle keeps techies happy and satisfied.
If you’re looking for a new place to start, look no further than the three cities above. Just remember that when you do build your startup, you’ll need business insurance to protect your investments. Visit CoverHound for a free business insurance quote today.