Bradenton Ranked Number 2 Among US Cities for Net Growth

BRADENTON – In its recently released 2021-22 Moving Migration Study, HireAHelper–a Porch Group PRCH company–found that Bradenton, Florida, ranked number two in the nation for its overall net growth in 2021. According to data analyzed in the report, more people moved into Bradenton than moved out in 2021.

HireAHelper.com is an online marketplace where consumers can compare service quotes from local movers to book a range of moving services, from full-service movers to hourly moving labor. The website service is like using a travel website to compare rates and book a hotel room–allowing users to make a reservation with regional independent providers within the home-moving and relocation industry. Annually, HireAHelpertracks total outbound and inbound moves across the country and surveys those who moved to get a better understanding of how Americans moved in the past year.

In its fourth annual U.S. migration study, HireAHelper examined local and long-distance relocations in the United States throughout 2021. The study analyzed over 90,000 moves booked through HireAHelper.com and its partner sites–such as SimpleMovingLabor–and customer survey data collected from respondents in the months of August and December. Additionally, the report included data sources from the U.S. Census Bureau’s Migration/Geographic Mobility, Current Population Survey, and Annual Social and Economic Supplements.

The annual study sought to identify where the biggest swings in population had occurred and to help explain how the pandemic has impacted work, money, and family life in the United States over the most recent year.

The migration study revealed several interesting findings. Among the most nationally noteworthy was the massive gain in moves to New York City. In 2021, 86 percent more people moved to NYC than left. However, the state of Florida saw 17 percent more people move into the state than moved out and was ranked seventh this year in net gains among all 50 states.

In terms of volume, Florida ranked first among all states, seeing the most people moving in, overall. In fact, the study found that half of the top 10 cities with the biggest net gains in 2021 were in Florida.

The Villages took the top spot among Florida cities, with three times more people moving in than moving out, as compared to the previous year. For Bradenton–which came in second–its ratio of in-to-out-moves was about 2:1.

Other cities from the Sunshine State that made the top 10 were Fort Myers, Cape Coral, and Saint Augustine.

The study’s findings were not restricted to data analysis comparing only state to state, but also examined the level of local and long-distance moves compared to previous years–pre-pandemic–as well as what caused people to move if they had. Overall, 2021, like 2020, saw fewer people moving anywhere within the United States as compared to pre-pandemic years.

In a zoom interview with TBT, Miranda Marquit, Chief Data Analyst at HireAHelper, said the moves their company tracked in 2021 were less a response to the pandemic and more of a response to expanding work modalities–such as working from home and working remotely. She also shared that overall, Americans who did move, moved farther.

"For instance, only about 8 percent of Americans moved in 2021, the lowest percentage on record according to US Census Bureau," Marquit explained, "But of those who did move, 17 percent moved to a different state, even though 2021 saw the lowest percentage of Americans moving overall."

Both in 2020 and 2021, the pandemic was cited as one of the biggest reasons people were making moves.

"In 2020, about a quarter of Americans who moved did so because of financial hardship created by the pandemic and another third moved because they needed to look after family," said Marquit. "In our 2021 study, 37 percent of the COVID-related moves were because people had an option of where they wanted to live because the ability to work remotely had changed."

The study revealed that though the pandemic played a role in relocations across both 2020 and 2021, the motivations for the moves were a bit different. More people who moved in 2021 did so by choice.

The Great Resignation revealed itself in the study as 19 percent of Americans who moved in 2021 blamed the pandemic for making them reassess their priorities and quit their current job.

The study surfaced other interesting insights as well, including:

¥ 37% of COVID-related moves were people starting to work remotely

¥ As many as 35% reported moving due to buying (12%) or selling a home (23%) in an advantageous market due to the pandemic

¥ One in five (20%) people who moved because of COVID did so because they couldn’t afford their housing

¥ Only one in 12 (8%) Americans moved in 2021, the lowest percentage on record, according to the U.S. Census Bureau

¥ 17% of Americans that moved went to a different state, the highest percentage since 2015

It is no secret to residents of Bradenton that area traffic has increased, housing (particularly affordable housing) has become more limited, and overall, everything just feels more crowded. The strain on the little-big city is apparent, particularly to those who have called Bradenton home for years.

Bradenton residents are unlikely to wonder why more people are choosing to move to Bradenton. There are obvious draws, not the least of which is Bradenton’s proximity to Anna Maria Island and its world-famous beaches. A draw some residents may not be aware of, however, is that the cost of living in Bradenton is 3 percent below the national average–something that could certainly aid in a person’s decision to relocate to the "Friendly City."

According to data available on Payscale.com, Bradenton’s overall cost of living is below the national average, with most of the savings seen in the cost of utilities. Payscale.com shows area housing cost is only slightly above the national average–roughly 2 percent–which may sound low to Bradenton residents who rent or have seen the average list price of single-family homes. Depending on what Bradenton and surrounding areas see in the years ahead–in terms of population growth and supply and demand–evidence suggests the local cost of housing will continue its rising trend.

It is not uncommon these days to see posts by residents seeking leads on a rental that is "something near reasonable" on NextDoor or a Facebook community group dedicated to an area within Manatee County. Postings have shared residents’ stories of dismay over landlords increasing rents by $400, $600, or even $800 a month upon lease renewal.

According to data provided by the website ApartmentList.com, city-level rent estimates for Bradenton from March 2020 through January 2022 show an increase in the average apartment's rent of 53 percent. In January of 2021, the average price to rent an apartment in Bradenton was $1300, but by January of 2022, that had risen to nearly $1900.

Among area home-shoppers, many are finding their highest-end offers outbid by cash buyers. Some of that competition is from new to the area incomers, but, more often, it is from institutional investors who are looking to add to their real estate holdings or rental portfolios, or individual investors intent on converting a family home into a vacation rental.

The rising cost of housing is leaving many residents–particularly renters or those hoping to purchase a home–few options they can afford.

"The pandemic slowed down new home construction with shortages of building materials and skyrocketing costs," Kemna said of other factors that impacted home supply and availability. "Out-of-state investors are buying up properties at higher prices to use as Airbnb's or short-term rentals which makes it seemingly impossible for the local workforce to compete in purchasing or renting," he said. Kemna suspects that 2022 will continue to be a lucrative real estate market for sellers, while buyers will continue to find it challenging.

In its 2021 Market Detail of Manatee County Single-Family Homes, REALTOR¨ Association of Sarasota and Manatee (RASM) report that 35 percent of single home purchases in Manatee County were made with cash, an increase of nearly 40 percent over the prior year. The median sales price of Manatee County single-family homes was $420,000, up nearly 22 percent of the previous year’s median sale price.

RASM’s 2021 report shows that in Manatee County–for the first time since 2016–homes listed for sale sold at 100 percent of their list, or higher.

While correlation does not equal causation, it is hard to imagine that Florida’s growth over recent years–and particularly that of Bradenton, as HireAHelper’s 2021 Moving Migration Study has shown–might not be at least a partial influence on Bradenton and the surrounding area’s housing supply and overall cost of living.

The question remaining on Kemna’s mind after reviewing the study was, "How will Bradenton and Manatee County keep up with all the added pressure? Transportation, infrastructure, zoning, and population density are going to create inherent challenges into the future."

Kemna–citing one such example of policy changes that may be adopted by local governments–noted the recent vacation ordinance passed by the Bradenton City Council. Kemna suggested such an ordinance may help level the playing field between investors and local homebuyers.

To access HireAHelper’s 2021 migration study and all of its findings, visit: https://www.hireahelper.com/moving-statistics/migration-report/ .