If you haven't already, check out the 'Field of Light' display at the Lady Bird Johnson Wildflower Center before the weather gets even colder. The median rental price for a two-bedroom apartment is the highest in the nation.Īustin, meanwhile, has a friendly character that is inviting with Texas' lack of personal income tax. California has some of the highest taxes in the nation, and San Francisco is one the most expensive housing markets in the country. The reasons for the exodus from California to Austin can be attributed to costs. Tesla founder Elon Musk has said he plans to spend more time in the city, even teasing moving the Tesla headquarters to Austin. Tesla's announcement earlier this year of plans to build its next Tesla Gigafactory arrived with a thump, electrifying critics and supporters by accelerating the city's transformation into a tech city. While Palantir co-founder Joe Lonsdale already lives in Austin, he recently confirmed that the VC firm will also be making the move to the capital of Texas.Īustin has been a growing hotspot for tech startups since Dell's founding in the mid 80's. Douglas Merritt, the CEO of software company Splunk, also recently purchased an Austin home. Houston isn't the first Silicon Valley capitalist to hang his hat in Austin.

In October, Dropbox announced it would stop asking employees to come into its offices and instead make remote work the standard practice, even after the pandemic ends. As remote work policies loosen across the tech industry, executives and workers alike have been pouring into the nation's more affordable interior. Houston is the latest tech mogul to make a high-profile departure from Silicon Valley, a trend that has only accelerated under the pandemic.

The CEO of Dropbox, one of the most popular cloud storage services, is planning a move to Austin.ĭrew Houston, whose net worth is about $1.4 billion, has purchased a home in Austin that he plans to make his full-time residence, according to a report from The Information.

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