Palo Alto, CA (zip code 94306) has an average 2 bedroom rent of $3,110 compared to the US average of $1,430. It also has a higher Grocery Cost Index of 125 versus 100 in the US. Palo Alto is home to many well-known companies including Google, Hewlett Packard Enterprise (HPE), VMware and Facebook. Additionally, Stanford University is located in Palo Alto which attracts many innovative startups and tech giants alike. Furthermore, large companies such as Tesla and Lockheed Martin have offices in Palo Alto as well. In conclusion, Palo Alto is a prime area for businesses and employers due to its high cost of living and diverse workforce.
Palo Alto (zip 94306) has an unemployment rate of 3.5%. The US average is 6.0%.
Palo Alto (zip 94306) has seen the job market decrease by -7.1% 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 (zip 94306)
- The Sales Tax Rate for Palo Alto (zip 94306) is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Palo Alto (zip 94306) 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 (zip 94306)
- The average income of a Palo Alto (zip 94306) resident is $93,310 a year. The US average is $37,638 a year.
- The Median household income of a Palo Alto (zip 94306) resident is $185,588 a year. The US average is $69,021 a year.