Los Angeles has the 2nd largest population in the United States. The population grew by 4.7% from 2010 to 2015, which was faster than the national average. Unemployment in the Los Angeles area is 4%, which is lower than the national average, and is getting better. Los Angeles has the 2nd largest local economy in the US, and a high cost of living. The average pay for jobs in Los Angeles is above average at $53,870, and the median cost of a home in Los Angeles is $453,800, which is above the national average. 31% of workers in Los Angeles hold a bachelors degree or higher (above average), and 74% of workers have a high school degree (above average). Driving to work is especially common in Los Angeles. 72% of Los Angeles workers drive to work alone, 7% take public transit, 10% carpool, and 9% walk. People in Los Angeles spend an average of 29 minutes commuting to work, which is longer than the national average of 26 minutes.