Phoenix has the 6th largest population in the United States. The population grew by 8.0% from 2010 to 2015, which was faster than the national average. Unemployment in the Phoenix area is 4.7%, which is higher than the national average, and is getting better. Phoenix has the 16th largest local economy in the US, and a low cost of living. The average pay for jobs in Phoenix is below average at $46,700, and the median cost of a home in Phoenix is $155,900, which is below the national average. 26% of workers in Phoenix hold a bachelors degree or higher (above average), and 80% of workers have a high school degree (above average). Driving to work is especially common in Phoenix. 76% of Phoenix workers drive to work alone, 2% take public transit, 11% carpool, and 9% walk. People in Phoenix spend an average of 24 minutes commuting to work, which is shorter than the national average of 26 minutes.