San Marcos Residents Incomes Rising Fast, But Most Work Out Of Town
Tuesday, October 3, 2017
Credit: Google maps
An economic report produced by San Marcos shows city residents’ median income is slightly lower than the median income of San Diego county residents as a whole, but median income in San Marcos has grown since 2011 by nearly nine percent a year, much faster than in the rest of the county.
WalletHub, a national consumer finance group, confirms the income growth in its report and shows San Marcos, and neighboring Carlsbad, are also among the cities with the highest growth in median incomes in the United States.
Diana Popa of WalletHub said the data for the report came from the U.S. Census Bureau, Bureau of Labor Statistics, Bureau of Economic Analysis, National Venture Capital Association and Renwood RealtyTrac.
The WalletHub study showed the number of new building permits issued in San Marcos increased by almost 115 percent since 2010.
San Marcos Economic Development Manager Tess Radmill said the city has seen a lot of new building recently, and young families have been attracted to live there. Median home prices in San Marcos — $528,000 — hover just below the county’s median home price. The average age in the city is falling: the number of residents in their 20s has grown by 25 percent.
“With the coastal prices being difficult for a starter home or a family home, I think that a lot of people choose to come here," she said.
The city report states San Marcos has slightly more single-family homes and fewer multi-family homes than the county as a whole.
Radmill also cited the San Marcos school district, which now ranks among the top school districts in the county.
However, the report also notes that most San Marcos residents — 87 percent — commute to jobs outside the city.
San Marcos appears in a national study this week as a city with one of the highest median income growth rates in the United States.
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