BRADENTON — In its recently released 2021-22 Mobile Migration Study, HireAHelper — a Porch Group PRCH company — found that Bradenton, Florida ranked second in the nation for overall net growth in 2021. According to the data analyzed in the report, more people moved to Bradenton than moved in 2021.
The annual study sought to identify where the greatest population fluctuations have occurred and help explain how the pandemic has impacted work, money and family life in the United States over the past the most recent year.
The migration study revealed several interesting findings. Among the most notable nationally is the massive gain in moves to New York. In 2021, 86% more people moved to New York than left. However, the state of Florida saw 17% more people moving into the state than leaving it and was ranked seventh this year in net gains among the 50 states.
Graph of HireAHelper’s 2021-22 Mobile Migration Study
Other cities in the Sunshine State that made the top 10 were Fort Myers, Cape Coral and Saint Augustine.
The findings of the study were not limited to the analysis of characteristics comparing only state to state, but also examined the level of local and background movements compared to previous years – pre-pandemic – as well. although what made people move if they had. Overall, 2021, like 2020, has seen fewer people move anywhere in the United States compared to pre-pandemic years.
In a zoom interview with OTC, Miranda Marquit, chief data analyst at HireAHelper, said the moves their company was tracking in 2021 were less a response to the pandemic than a response to expanding work arrangements, like working from home and working from home. remote work. She also shared that on the whole, Americans who have moved have moved farther.
“For example, only about 8% of Americans moved in 2021, the lowest percentage on record according to the US Census Bureau,” Marquit explained, “But of those who moved, 17% moved to another state, even though 2021 saw the lowest percentage of Americans moving overall.”
In 2020 and 2021, the pandemic was cited as one of the main reasons people were moving.
“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 care for family,” Marquit said. “In our 2021 study, 37% of COVID-related moves were due to people having a choice of where they wanted to live because the ability to work remotely had changed.”
The study found that although the pandemic played a role in relocations in 2020 and 2021, the motivations for the moves were a bit different. More people who moved in 2021 did so by choice.
Results related to the pandemic
• 37% of COVID-related moves were people starting to work remotely
• Up to 35% said they moved because of buying (12%) or selling a home (23%) in an advantageous market due to the pandemic
Top Mobile Trends
• Only one in 12 Americans (8%) moved in 2021, the lowest percentage on record, according to the US Census Bureau
• 17% of Americans who moved went to another state, the highest percentage since 2015
Kemna surmised that the report’s findings are unlikely to come as a complete shock to most people in the area.
“In fact, I think it will serve to solidify what local residents – and especially real estate agents – have been going through for the past few years,” he said.
Referring to the current state of the local real estate market, Kemna added: “For this area it’s quite simple, it comes down to supply and demand.” As HireAHelper’s study showed, more people move to Bradenton than move, “which of course,” Kemna pointed out, “impacts both supply and demand.”
It’s not uncommon these days to see posts from residents looking for leads on an “almost reasonable” rental on NextDoor or a Facebook community group dedicated to an area of Manatee County. Posts shared stories of residents’ dismay at landlords raising rents by $400, $600 or even $800 a month upon lease renewal.
Graph from Apartmentlist.com: Growth in rents at the city level from March 2020 to January 2022
Many of the area’s home buyers are finding their higher-end offers being outbid by cash buyers. Some of this competition comes from newcomers to the area, but, more often than not, these are institutional investors looking to add to their property or rental portfolios, or individual investors looking to convert a family home for vacation rental.
“The pandemic has slowed the construction of new homes with building material shortages and skyrocketing costs,” Kemna said of other factors that have impacted home supply and availability. “Out-of-state investors are buying properties at higher prices to use as Airbnbs or as short-term rentals, making it seemingly impossible for local labor to compete in buying or renting “, did he declare. Kemna suspects that 2022 will continue to be a lucrative real estate market for sellers, while buyers will continue to find it difficult.
The 2021 RASM report shows that in Manatee County, for the first time since 2016, homes listed for sale sold at 100% of their listing, or more.
The question that remained in Kemna’s mind after reviewing the study was, “How will Bradenton and Manatee County cope with all the added pressure? Transportation, infrastructure, zoning, and density of population will create inherent challenges for the future.”
To access HireAHelper’s 2021 Migration Study and all of its findings, visit: https://www.hireahelper.com/moving-statistics/migration-report/ .
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