Bay Watch: Bay Area Aging Faster Than Ever Before
Last week, the Bay Area Council Economic Institute wrote about significant racial demographic shifts with data from the latest 2020 Census release. This week, they dive deeper into the Bay Area’s aging population – as the region experiences an exodus of young people from the region, and many retirees choose to stay. The region’s housing affordability crisis, paired with a largely permanent hybrid/remote work has contributed to large swaths of young professionals leaving the region. Domestic out-migration remains a major problem and contributor to the region’s population loss. If it weren’t for positive foreign immigration and net births, the region would have lost 111,000 people in 2022. In contrast, retirees, many of whom may already own their homes, are choosing to stay for quality of life, established social networks, and high-quality access to healthcare services. Read the full Bay Watch here.