It's probably not a surprise that San Francisco is a very wealthy city, but a new American Community Survey (ACS) by the U.S. Census Bureau gives us a shocking new picture of just how wealthy the City by the Bay actually is. What might be surprising is that growth is slowing and that San Francisco is becoming somewhat more diverse.
The median household income is going up
If you feel that the city is getting richer every day, it's not your imagination. According to the report, which is sort of a mini yearly census, the median household income in San Francisco is $103,801 per year. That's up more than $10,000 from just a year ago when it was "just" $92,100. It's also nearly double the national median income, which is $57,617 per year.
Population growth is slowing
There's small consolation in the fact that growth in San Francisco seems to have slowed, at least somewhat. In the last year, the city only grew by 6,000 people. In the previous few years, growth was almost double that. This could be the beginning of a cost of living related exodus that's been predicted for a while.
Only about 2,600 new housing units were built to accommodate the 6,000 new residents. That's down from 3,500 new units in 2014 and 2015 and more than 5,500 before that.
The city is getting younger and more diverse
San Francisco, along with the rest of the country, is getting younger. The median age both in the Fog City and across the country is going down. In 2016, it was 38 years old, down from 38.3 just one year before.
While the Bay Area is relatively diverse, San Francisco is still majority white, but not by much, and the percentage is going down.
According to this latest batch of numbers, those identifying as caucasian make up 51 percent of SF’s population, down from 51.1 percent last year and 54.4 percent in 2010.
The city’s black population is 6.3 percent, up a hair from last year’s 6.2 but down from 6.9 at the beginning of the decade. The Asian-identifying population rose to 37.8, up 0.3 percent year over year. And the Hispanic/Latino population declined a tiny 0.1 percent to 15.2.Source: SF Curbed
Featured image via Jeff Gunn/Flickr.