Despite mass tech layoffs in 2022, many tech job markets are booming as we enter 2023. In fact, tech job postings went up 25% from January to October last year compared to the same period in 2021. In December, the tech unemployment rate fell to 1.8% (much lower than the national unemployment rate of 3.5%).
According to the U.S. Bureau of Labor Statistics (BLS), tech occupations are projected to grow 15% between 2021 and 2031, much faster than the average for all occupations. Over the decade, this should result in about 682,800 new tech jobs.
Real estate investors and agents who know where these new tech jobs will be located may benefit in a few ways:
For one, an influx of tech workers looking for housing in an area may create new opportunities for agents to close deals. At the same time, high mortgage rates may keep some tech workers renting, which could increase rental demand, allowing property owners to increase their asking rent.
In this article, we’ll explore the top 10 U.S. tech markets for real estate agents and investors to look out for in 2023.
Note: Data on expected tech job growth over the next 5 years, median tech salary, cost of living, and notable employers were taken from the CompTIA Tech Town Index 2021.
Table of Contents
- Austin, TX
- Seattle, WA
- Boulder, CO
- Huntsville, AL
- Baltimore, MD
- Washington, DC
- San Jose, CA
- Raleigh, NC
- Atlanta, GA
- Dallas, TX
1. Austin, Texas
- Expected tech job growth over the next 5 years: 13.9%
- Median tech salary: $90,459
- Cost of living: 3.4% lower than the national average
- Notable employers: Google, Oracle, Dell, Apple, Amazon
For three years in a row (2019, 2020, and 2021), Austin has been ranked number one on CompTIA’s Tech Town Index, and it’s easy to see why.
Over the last few years, some of the largest tech companies in the world have relocated or expanded to Austin, including Tesla, Apple, Google, and Amazon. Microsoft has had offices here since 2000.
What attracts tech companies? Relatively low taxes, few business regulations, and a hub of fresh talent through the University of Texas and other nearby universities. Plus, Austin has a relatively low cost of living with no income tax, letting tech workers keep more of their pay.
As a result, Austin is continuing to attract more and more tech workers. Some call it “Silicon Hills” as its tech salaries rise faster than Silicon Valley's.
2. Seattle, Washington
- Expected tech job growth over the next 5 years: 8.7%
- Median tech salary: $131,392
- Cost of living: 22.6% higher than the national average
- Notable employers: Amazon, Microsoft, Salesforce, Meta (Facebook), The Boeing Company
Seattle has long been a tech hub, and it continues to attract top tech talent each year.
Home to Microsoft and Amazon, Seattle has the second-highest percentage of its workforce in tech (13.7%), and between 2022 and 2032, its tech workforce is projected to increase by 10% (the equivalent of about 20,400 net new jobs).
When you couple this with the fact that Seattle offers the second-highest average tech salaries in the U.S. (not to mention beautiful mountains, trees, and ocean), it’s easy to see why the city may attract tech workers for many years to come.
3. Boulder, Colorado
- Expected tech job growth over the next 5 years: 8.6%
- Median tech salary: $101,087
- Cost of living: 17.4% higher than the national average
- Notable employers: Bell Aerospace, Google, Amazon, Twitter, Sierra Nevada Corp.
Boulder’s population is only about 100,000, but it’s become a magnet for high-tech startups. In recent years, it’s attracted a lot of venture capital, which has helped spur the number of tech jobs in the area.
Between 2015 and 2020, employment in high-tech industries climbed by 19.9% (7,311 jobs) in Boulder, compared to 8.9% nationwide. In addition, the high-tech industry accounts for a quarter (25%) of overall employment, compared to 9.5% nationwide.
When you consider that Boulder is also a college town (home to the University of Colorado) with a lot of tech talent, there’s a good chance its tech sector will continue to grow.
4. Huntsville, Alabama
- Expected tech job growth over the next 5 years: 8.2%
- Median tech salary: $98,251
- Cost of living: 3.8% lower than the national average
- Notable employers: Northrop Grumman, The Boeing Company, Raytheon, Siemens, Mazda-Toyota
Huntsville is perhaps best known for its NASA Marshall Space Flight Center, but it’s recently become a growing tech hub as well. In fact, ZipRecruiter named it the fastest-growing tech town in 2017.
What makes Huntsville especially attractive to tech workers is the relatively low cost of living. It’s 3.8% lower than the national average and 57.8% lower than Silicon Valley.
With median tech salaries reaching nearly six figures, Huntsville may attract many tech workers who want to stretch their dollars the furthest.
5. Baltimore, Maryland
- Expected tech job growth over the next 5 years: 8.7%
- Median tech salary: $105,548
- Cost of living: 31.3% higher than the national average
- Notable employers: Leidos, CACI, General Dynamics, Northrop Grumman, Deloitte
Baltimore is a fast-growing cleantech and cybersecurity hub. In fact, its future business center, Port Covington, is set to house the largest concentration of commercial cybersecurity companies in the world. And because it’s backed by Silicon Valley venture funds, it may attract many new tech workers in the coming years.
By 2026, Baltimore is estimated to have upwards of 84,000 total tech jobs.
6. Washington, DC
- Expected tech job growth over the next 5 years: 6.3%
- Median tech salary: $113,330
- Cost of living: 17.4% higher than the national average
- Notable employers: Deloitte, Leidos, Amazon, Microsoft, Northrop Grumman
As the U.S. capital, Washington, DC, has always been a major employment hub. The federal government and its contractors attract a constant flow of young, ambitious, and diverse workers—including tech workers.
Cybersecurity is a major focus with all the government and military institutions here. But tech giants like Amazon and Microsoft have made a home here, too. And many DC tech startups have reached unicorn status (a $1 billion valuation).
All this has helped make Washington, DC, a rising tech hub in its own right—one that can rival those in Silicon Valley.
7. San Jose, California
- Expected tech job growth over the next 5 years: 11.7%
- Median tech salary: $148,607
- Cost of living: 45% higher than the national average
- Notable employers: Apple, Google, Microsoft, PayPal, Uber
San Jose is the largest city in Silicon Valley and the original headquarters for tech innovation. Though many tech workers left the city when remote work became an option in 2020, San Jose is still at the forefront of tech innovation and, as a result, continues to attract top talent.
To offset the high cost of living, San Jose offers its tech workers some of the highest salaries in the world, the average of which is $50,000 higher than the national average. Plus, it has great weather and gives tech enthusiasts opportunities to work with some of the brightest innovators in the industry.
8. Raleigh, North Carolina
- Expected tech job growth over the next 5 years: 7.8%
- Median tech salary: $95,786
- Cost of living: 2.9% lower than the national average
- Notable employers: Deloitte, IBM, Wells Fargo, Accenture, Red Hat
CompTIA ranked Raleigh, the state capital of North Carolina, number two on its Tech Town Index in 2018 and 2019.
One major boost for Raleigh’s tech sector came in 2019 when Apple announced its plans to build a $1 billion campus in Research Triangle Park. Though it’s not yet operational, the campus should offer 3,000 jobs in software engineering, machine learning, and artificial intelligence.
The city’s growing tech scene is also supported by its universities, including North Carolina State University, which brings in a lot of fresh, young talent. Plus, the cost of living is relatively low (2.9% below the national average).
9. Atlanta, Georgia
- Expected tech job growth over the next 5 years: 8.2%
- Median tech salary: $95,788
- Cost of living: 4.1% lower than the national average
- Notable employers: Deloitte, Microsoft, Apple, The Home Depot, Amazon
Regarding tech, Atlanta is perhaps most known for its Georgia Institute of Technology, especially the Computer and Information Services program, which provides a large tech talent pool.
In addition, tech giants like Apple and Amazon have offices here. But so do major non-tech businesses that nonetheless employ many tech workers, including Coca-Cola, Delta Airlines, UPS, and The Home Depot.
10. Dallas, Texas
- Expected tech job growth over the next 5 years: 10.5%
- Median tech salary: $97,431
- Cost of living: 1.2% lower than the national average
- Notable employers: JP Morgan Chase, Citi, Verizon Communications, Capital One, Raytheon
Dallas is a growing tech hub that has received a lot of attention in recent years:
Between March 2020 and February 2021, it ranked third for the number of relocating tech workers compared with the same period a year earlier. In 2021, thirteen Dallas-area companies ranked on the Deloitte Technology Fast 500 list. And in October 2021, Dallas ranked third for most tech jobs posted that month.
On top of the vibrant tech scene, the financial services sector is relatively big in Dallas, with companies like JP Morgan Chase, Citi, and Capital One calling it home.
Overall, 8.2% of the workforce works in tech, meaning there may be many tech workers moving here over the next few years.
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