San Francisco's Population Growth Slows While Annual Income Rises
San Francisco is getting younger, wealthier and more densely populated, according to the U.S. census’ annual American Community Survey. In 2016, the population grew by 6,000 to over 870,000, Curbed San Francisco reports. Compared to other years, population growth has slowed. In previous years, population growth was about 11,000 to 13,000.
Median annual income rose by $8K to $97K, making San Francisco the richest of the country’s 25 largest metropolitans, according to the San Francisco Business Times. Adjusted for cost of living, the annual income becomes $79K.
Rents have risen along with income with median rent-to-income remaining steady at around 23% for the last six years. Median income for renters living in buildings with over five units rose 36% to $61K in 2016 compared to $45K in 2010, the San Francisco Business Times reports.
The city added 2,600 units to the housing stock in 2016, which could accommodate the population growth with an average household of 2.3 people, according to Curbed San Francisco. Comparatively, from 2014 to 2105 the number of units increased by 3,500 and by over 5,500 from 2013 to 2014.
The median age for the city is down to 38 years old in 2016 compared to 38.3 and 38.5 years old during the previous two years.