For the first time in five years, salaries for tech workers in New York and San Francisco have fallen.
Despite falling 0.3% from last year to $165,000, San Francisco still offers the highest average salary for tech workers in the U.S. according to a report from Hired.
Cities such as Atlanta and Dallas also saw a decrease in pay, while overall industry salaries have fallen by 1.1% to $152,000 in the U.S.
However, in Austin and Seattle, salaries grew by 5% and 4.6% respectively as more large tech companies increased their presence in these cities.
“Austin has a lot to offer people and there are obviously tech companies moving there,” said Josh Brenner, CEO at Hired. “But also a lot of remote workers are saying ‘I’m going to leave my very expensive big city and move to Austin.’”
The survey also showed that eight in 10 tech workers are still working remotely full-time and the majority want to continue doing so.
Despite gateway cities offering larger salaries, they are offset by the high cost of living. For instance, the report found that a salary of around $243,000 in San Francisco would hold the same spending power as $165,000 in Atlanta or Dallas.