Palo Alto, California is a city located in the San Francisco Bay area and is home to many prominent technology companies. It is the birthplace of leaders in the tech industry such as Hewlett Packard, VMware, and Tesla. Palo Alto also boasts world-class education with Stanford University being one of their main attractions. Despite its expensive prices for rent, it's an attractive place to live due to its vibrant culture, excellent dining and entertainment options, and proximity to major parks such as San Mateo County's Foothills Park and Big Basin Redwoods State Park. Renting a two bedroom apartment in Palo Alto can be quite expensive at $3,220 while the national average is only $1,430. The grocery cost index in Palo Alto is 124 compared to 100 nationally which further adds to the expenses when living there. Overall, living in Palo Alto offers many benefits but comes at a higher cost of living than most other cities in America.
Palo Alto has an unemployment rate of 3.5%. The US average is 6.0%.
Palo Alto has seen the job market increase by 2.5% over the last year. Future job growth over the next ten years is predicted to be 40.5%, which is higher than the US average of 33.5%.
Tax Rates for Palo Alto
- The Sales Tax Rate for Palo Alto is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Palo Alto is 9.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Palo Alto
- The average income of a Palo Alto resident is $75,257 a year. The US average is $28,555 a year.
- The Median household income of a Palo Alto resident is $194,782 a year. The US average is $69,021 a year.