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The small city of Palo Alto, California is home to just over 67,000 residents. Retirees account for a greater percentage of the population (19%) here than nationally (14%), while young adults are less well-represented. Renters tend to be in the minority in Palo Alto, and 55% of residents own their homes. Relatively high rent costs could be a contributing factor, as the average rent is substantially higher than the state average.
With an average commute time of about 26 minutes, quicker than most cities in California, Palo Alto residents are well aware that it isn't overly time-consuming to travel to work. Many residents (34%) commute to work by car or truck, while public transit isn't widely used. Cycling is the second-most common method of commuting to work, selected by 4% of workers. A small percentage of commuters (2%) walk to work, though the number surpasses the national average.
Palo Alto residents have a plethora of industries from which to choose, the most common four of which are scientific, education, manufacturing, and healthcare. Together, these industries account for 31% of the city's labor force. Meanwhile, in terms of job function, many of the city's workers are in management, which ranks as the top field in the city. Palo Alto workers bring in an average annual income of about $139K, more than the California average. Palo Alto's average income also compares favorably to the national average of $73,345. Palo Alto has a high percentage of residents older than 25 with advanced degrees compared to the national average (7%), as 31% have earned a Master's degree or a Doctorate. Furthermore, 21% have a Bachelor's degree, which also outpaces the national average.
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