Pleasanton Fast Growing Cities
January 29, 2018
Often times when we think about fastest growing cities in the US, urban hotspots—such as San Francisco and New York City—come to mind. Contrary to popular belief, as of March 2017, the city by the bay has been on the decline.
However, Pleasanton, its Northern California neighbor, is doing anything but. In fact, out of the 515 American cities Wallethub studied, Pleasanton was ranked the 10th top city based on population growth, GDP per capita, poverty rates, job growth, and unemployment. With its booming population growth and low unemployment rate, you may want to consider looking for apartments in the bay area; here is why.
In this article, you will learn about:
Pleasanton’s booming population growth
Its low unemployment rate
Why People May Be Attracted to Pleasanton
Its Close Proximity to San Francisco
Why you may want to rent an apartment in this area
And much more…
More People Are Moving to Pleasanton
This comes as no surprise. As Pleasanton Weekly states, the city is enjoying a 3.9% growth rate since the last year. This brings the population to a whopping 82,270.
In fact, according to Pleasanton Weekly, the city is among the top US cities that have populations of 65,000 to 249,999.
Low Unemployment Rate
Perhaps Pleasanton’s booming population rate has something to do with its relatively low unemployment rate, which is at 3.3%. Compare this to the staggering high of 8.8% in 2010, and it becomes obvious why people are packing and moving to Oakland’s neighboring city.
Workday May Have Something to Do with the Low Unemployment Rate?
One of the reasons why Pleasanton’s unemployment rate is so low may have something to do with the construction of Workday, which offers financial management and human capital management software.
And, the building is anything but small. The construction is already in progress and has been estimated that the new building will be complete in 2019. When it is, it will expand to a whopping 410,000 square feet to accommodate its roughly 2,000 employees that will be working there.
Since Workday is in progress, it has freed up more jobs; with the building being complete in 2019, you it is not hard to imagine Pleasanton may continue to see a population surge as more of the 2,000 or so employees settle in their new home.
Pleasanton Is Reaping in the Profits
Pleasanton is not only celebrating its population growth (which is at a high), but its general city funds are on the up and up. As of last year, the general fund revenues were at $115.7 million, which is a 3.6% increase compared to the previous year—$111.7 million. Overall, Pleasanton has planned on using the surplus from the funds and apply it to the workers compensation reserve, not to mention some also going to the general fund reserve and pre-fund pension liability and capital improvement program reserves. All in all, these figures help put Pleasanton on the map as one of the wealthiest cities in the US.
Why Pleasanton is On the Up and Up?
While we have hinted that the construction of Workday may be a reason for job and population growth, Pleasanton may be booming because it is a cheaper alternative to its neighboring cities, Oakland and Fremont.
According to Pleasanton Weekly, while the Northern California city ranks as the third highest city in Alameda County for property valuation, Oakland and Fremont take the top spots.
What We Forecast…
With a new Costco potentially coming in, we could see the population and unemployment rate improve even more.
However, this does not come without some controversy. While a new Costco could be a booming asset for the Northern California city, there are some staunch adversaries. A civil petition was filed on behalf of the Pleasanton citizens (by Matt Sullivan, former city councilmen). Long story short, they are concerned that the new Costco would affect traffic and the environment. All in all, as of December 2017, the project was still up in the air, more or less.
Proximity to San Francisco
Still, Costco construction or not, Pleasanton may be booming because of its close proximity to urban hub, San Francisco.
With it only being roughly a 37-minute drive to Oakland and about an hour drive to San Francisco, it is easy for Pleasanton residents to enjoy a weekend in the City by The Bay. Outings—such as visiting the Golden Gate Bridge and strolling along Fisherman’s Wharf are not out of the question; the relatively close drive allows for residents to enjoy a day in The City without worrying about the drive back home or the exorbitant rate of a hotel room.
Overall, with sky high rent in San Francisco, for many living in the City is not an option. A rewarding compromise is living close (in Pleasanton) to it and getting the best of both worlds—affordability and proximity to the urban hub.
Even though Pleasanton may be a cheaper alternative than San Francisco, it is not necessarily cheap to buy property. With the median home prices in the millions, home values have skyrocketed 29% since 2005.
The New Shopping Center
With the opening of the Pacific Pearl, an Asian focused shopping center, you can expect to see more community involvement and possibly even more population growth, as Pleasanton gives more diverse options. This is a sign of the times, as Pleasanton opens its arms to diversity, which could draw in Asian Americans living around the area (a little less than a third (1/3) of Pleasanton’s population is of Asian descent), as Pleasanton Weekly reports. Not only this but the new shopping center adds more jobs and could influence growth for the city this year.
Final Thoughts: Pleasanton Is Booming
Pleasanton is on the rise, with its low unemployment rate, jobs galore (especially those looking to get in with Workday), and proximity to San Francisco. It also is diverse (with Pacific Pearl, the new shopping center, having opened up recently) and it is reaping in the profits, as the general funds is overflowing.
Nonetheless, this may not be the place to look for starter homes, as houses as of now tend to range in the millions. That doesn’t mean living in Pleasanton should be out of the question—quite the opposite actually.
Why Not Consider Apartments in the Bay Area?
Think about Pleasanton CA Vintage, which offers one, two, or three bedroom homes and townhomes. While living there, enjoy amenities such as stainless steel whirlpool appliances, built-in microwaves, quartz kitchen and bath countertops, not to mention the wood-style flooring.
Because of its location, you get to enjoy the historic downtown, which offers outdoor excursions and schools. Plus, you have easy access to the freeway, BART, and ACE trains so you can easily get up and go. What are you waiting for? Call right now to book a free tour of the facilities.
We Want to Know Your Thoughts
Also, what other benefits does Pleasanton offer? What can new or soon to be residents look forward to? What have been some of your favorite memories? What has your experience been like living in this Northern California city? Please feel free to leave a comment below. We would love to know!