Chattanooga has made it onto a new list. According to Slate magazine’s article “A World Map of All the Next Silicon Valleys”, Chattanooga is poised to become one of the world’s next headquarters for internet and tech businesses. What makes Chattanooga a leader? Many factors including our extremely fast internet and low cost of living.
In 2009 EPB began installing the fastest residential internet in the country, offering one-gigabit-per-second fiber internet service. The real estate market in Chattanooga has stayed mostly stable during the housing crises of the past few years. Jobs have remained steady with new major employers moving to the area, including Amazon and Volkswagen. And while Chattanooga has not been immune to the effects of the recession, those effects have been mild compared to other areas of the country, where the recession has caused inflation and wide spread unemployment.
Chattanooga’s size has is attractive, with short commuter times to pretty much anywhere in town. A medium sized city with 171,000 people in the city proper. Thanks to its proximity to North Georgia, the metropolitan statistical area includes six counties (three in Tennessee/three in Georgia), totally about 545,000. What is unique to Chattanooga, what makes it really feel like a small town, is that each area of town has its own community. From Signal Mountain to Ooltewah, each has a unique and special quality that draws people to it. Parades, local businesses and school spirit all help create a small town within a medium city feeling.
Housing costs in Chattanooga have stayed relatively stable, with the average home cost of $130,000. For this amount, depending what type of housing you are looking for, you can purchase a new construction home on the Southside. , a completely redone cottage on Missionary Ridge , condo in East Brainerd or family home in Ringgold . The variety great.
In 2012, Gig City announced a competition to draw technology start ups to Chattanooga. Offering a large monetary prize that would be awarded in amounts varying from $10,000 to $100,000 to groups and students with ideas that would support the technological progression of Chattanooga, this was one of the first private business promotions of Chattanooga’s new fast internet service. The Gig Tank program, which is beginning its third year next week, has grown into a mentoring program for tech start ups fostering the growth of the industry here.
Relatively low housing costs, high employment, high speed fiber optic internet and a community that fosters technological enterprising, Chattanooga is sure to become the next Silicon Valley. Investing in property now is an investment that is sure to pay off.