SF August Real Estate Market Report

San Francisco Population by Age Segment U.S. Census Estimates, 2020 – 2024, as of July 1 st of Each Year

Demographic changes such as these have ramifications for housing market dynamics.

2020 2021 2022 2023 2024

350,000

The big drop in SF population occurred 2020-2021 after the pandemic struck, with the largest numeric decline in the 25 to 44 age group – probably most concentrated in the 25 to 34 segment due to high rents, work-from-home, tech layoffs and stringent Covid protocols. The 4-year percentage decline was largest in the under-5-years-of-age segment, and the only group to increase in population was of residents 65+ years of age, though some other segments saw rebounds after the initial declines. In the past 12 months (not illustrated in this chart), it appears the AI boom is bringing younger high-tech workers back into the city once again.

4-Year Change -11%

Over the 4 years, the SF population is down about 5.5%, though it has been rebounding in recent years.

300,000

250,000

4-Year Change -5%

200,000

4-Year Change +9%

150,000

4-Year Change -2%

100,000

4-Year Change -5%

4-Year Change -14%

50,000

-

Under 5 Years

5 to 17 Years

18 to 24 Years

25 to 44 Years

45 to 64 Years

65+ Years

1 st

Per year: https://www.census.gov/data/datasets/time-series/demo/popest/2020s-counties-detail.html. Percentages rounded, and numbers approximate. Data from sources deemed reliable but may contain errors and subject to revision. U.S. Census estimates published 6/23/25: population as of July of each

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