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Bradenton FL Cost of Living [2024] 💰 | What’s the Average Cost of Living in Bradenton FL?

Last Updated on: 27th July 2023, 04:51 pm

Situated on Florida’s Gulf is the beautiful and vibrant city of Bradenton. This naturally beautiful city is known for its thriving art scene, outdoor attractions, and tranquil beaches along Anna Maria Island. Being nestled alongside the gentle Manatee River and the gleaming Gulf of Mexico, the city of Bradenton is home to remarkable nature preserves such as the Robinson Preserve, top-rated parks like G.T. Bray Park, and natural and cultural history exhibits like The Bishop Museum of Science and Nature. Also known as “The Friendly City”, Bradenton FL further boasts excellent golf courses, trendy art galleries, quaint shopping districts, and an extensive sports stadium. Between the city’s outdoor serenity to the ideal location, Bradenton Florida is a great place to live for families and young professionals.

Are you thinking about moving to Bradenton? It’s vital to be aware of the community’s general expenses beforehand. So, is Bradenton an expensive place to live? In addition to the city’s good economy, lovely views, and top-notch cultural experiences, you’ll be pleased to know that the cost of living in Bradenton FL is lower than the national average.

Bradenton FL Cost of Living Index

There are several factors that go into what someone can expect their cost of living to be. While the town, city, and neighborhood play a significant role in the expenses, the cost of living is also based on what county they live in, the size of their household, and lifestyle choices. While you shouldn’t rely on the cost of living index to tell you your expenses, it is a good place to start.

Let’s dive into the cost of living in Bradenton, FL. Bradenton is very affordable when compared to the national and state average. Not sure what defines the Cost of Living Index (COLI)? Well, the system is based on the cost of living compared to the U.S. average, which is set at 100. To put this into practice, the Tampa-St. Petersburg-Clearwater FL Metro area has a cost of living index of 94.6, which means it’s 5.4% less expensive in Bradenton than in the rest of the U.S. Likewise, the Bradenton COLI is 7.7% lower than the state of Florida. The Bradenton cost of living is 5.4% lower than Tampa, 7.4% lower than Atlanta, 25.4% lower than Chicago, 26% lower than Miami, and 56.4% lower than Los Angeles.

As a start, the average Florida cost of living is not much higher than the rest of the country. Affordable housing costs and taxes contribute toward the pleasant cost of living in Bradenton and surrounding areas.

Bradenton consumer price index

Below is the most recent Consumer Price Index for Bradenton, Florida. The data covers the entire area of Tampa-St. Petersburg-Clearwater, FL. The area saw a 1.7% increase in two months and a 7.3% increase year-over-year. The CPI for energy over the last recorded year decreased by 9.7%, whereas food saw a 7.5% increase since last year.

Based on the survey, there was a jump between 2021 and 2023 in Bradenton and surrounding areas. This was likely due to an increase in home and gasoline prices. Many U.S. cities experienced this as a result of global events such as Covid19 and Russia’s invasion of Ukraine.

BLS consumer expenditure survey in Bradenton Florida

Data on income, expenses, and the consumer’s characteristics can be found via the Consumer Expenditure Survey. Based on the most recent analytics from 2020-2021, the average household spent $60,875 per year in the Tampa-St. Petersburg-Clearwater, FL area. This is 5.4% less than the national average. Expenditures for housing in Bradenton were only 2% higher than the U.S. average.

To give you a glimpse of where and how much income the average household spends, here’s a percentage breakdown of the data:

  • Housing: 36.3%
  • Transportation: 18.2%
  • Food: 11.6%
  • Personal insurance and pensions: 11.3%
  • Healthcare: 9.8%
  • Entertainment: 3.3%
  • Cash contributions: 2.1%
  • Apparel and services: 2.6%

Family budget calculator for Bradenton FL – Is Bradenton affordable?

Wondering what your income should be to live the most comfortably in Bradenton? According to the Economic Policy Institute, a family of four living in Bradenton needs to make $83,296 a year to live comfortably.

For a family of two adults and two children living in the household, below is what you can expect your monthly expenses to be:

  • Housing: $1,271
  • Food: $854
  • Child Care: $1,073
  • Transportation: $1,144
  • Health Care: $1,237
  • Other Necessities: $770
  • Taxes: $593

Cost of Household Items, Utilities, Gas, & Groceries in Bradenton

Regarding everyday items and expenses, here’s a list of median prices you can expect to pay before embarking on your journey to Bradenton:

Bradenton’s average grocery costs

Here are a few of Bradenton’s average food and grocery costs:

  • Steak (ribeye, 1 pound): $11.53
  • Milk (whole, ½ gallon): $2.76
  • Eggs (1 dozen, grade A): $1.81
  • Potatoes (5 lb bag): $3.28
  • Bread (wheat, 1 loaf): $3.55
  • Beer (Heineken 6-pack): $11.09
  • Bottle of wine: $8.85
  • McDonald’s burger (¼ pounder): $4.14

Additional common expenses include:

  • Movie ticket (1st run): $11.64
  • Doctor’s visit: $93.96

Average cost of monthly bills in Bradenton

According to COLI and Numbeo, here’s what you can expect regarding the monthly bills in Bradenton:

  • Average cell phone bill: $192.30
  • Cable/satellite TV, high-speed internet, and home phone: $74.60
  • Average monthly cost of Bradenton utilities: $166.89

The fastest and most convenient ways to get around Bradenton are by car. Regarding public transportation, Bradenton is served by Manatee County Area Transit (MCAT) which operates the bus systems. The system provides free and complimentary fares for all fixed routes.

Anna Maria Island also has its own free public trolley transport system. There are also bus pass programs made available in Manatee County. If driving your own car is more your style, the average price of gasoline in Bradenton and other Tampa areas is $3.332, according to the US Energy Information Administration (the national average is $3.765).

Bradenton FL Real Estate Market

Bradenton is home to a very attractive housing market with affordable opportunities. Here, you’ll find historic subdivisions, waterfront properties, and modern residential developments.

Bradenton is home to a somewhat competitive housing market. According to the Census Reporter, 59% of residents in Bradenton own their own homes. Homes here sell in an average of 26 days on the market based on Redfin’s data. If you’re thinking about buying a home in Bradenton, the median home price in Bradenton FL is $427,500, whereas the state median sits at $407,200. The price per square foot is $258, and 12.3% of homes sell for above the list price.

For more information regarding the current real estate market trends in the area, you can use ATTOMS’s Rental Affordability Report.

If you’re unsure whether or not you should buy or sell in Bradenton, you can speed up the decision by utilizing the Price-to-Rent ratio. It works like this:

  • You are buying a home for $430,000
  • The median annual rent costs $24,700
  • Divide 430,000 by 24,700. This equals a rounded ratio of 1:17

Your best bet is to buy if the ratio falls between 1 to 15, whereas renting is the wisest option if it sits between 16 to 20. If it’s over 21, renting is mandatory.

Bradenton is home to several family-friendly and low-cost neighborhoods. A few of the most affordable neighborhoods in Bradenton include South Bradenton and Ward Lake.

Rental Market – Average Rent in Bradenton Florida

The average apartment rent in Bradenton is $1,974 for a 985-square-foot apartment, which is 272$ above the U.S. average. When compared to the nearest large city, the average Bradenton monthly rent price is $76 more expensive than in Tampa.

One of the most popular apartment complexes in Bradenton is the VIEW Carlton Arms. This pet-friendly and affordable community boasts beautiful views, 2 resort-inspired pools, a playground, a dog park, boat docks, and even lakeside tennis, basketball, and pickleball courts.

 

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The most affordable neighborhoods to rent an apartment in Bradenton are Ward Lake, Bayshore Gardens, and South Bradenton. On the flip side, the most expensive rent in the city is found in University Park and Whitfield.

With the zip code of 34205, here’s what you should be making to afford rent in Bradenton without exceeding 30% of your income on housing:

  • Hourly Wage For A Two-Bedroom: $25.38
  • Hourly Wage For A One-Bedroom: $20.38
  • Median Household Income: $50,084

Average Salary & Household Income in Bradenton, FL

The average salary in Bradenton is $64,000 per year or $18.60 per hour. Here is the average hourly rate of a few jobs in Bradenton:

  • Project manager: $70,571
  • Registered nurse: $68,687
  • Staff accountant: $47,917
  • Human resources manager: $76,000
  • Account manager: $56,094

According to the U.S. Bureau Labor of Statistics, here are the most popular industries for occupations in Bradenton and their median hourly wages:

  • Office and Administrative Support Occupations: $18.52
  • Sales and Related Occupations: $16.40
  • Food Preparation and Serving Related Occupations: $13.83
  • Business and Financial Operations Occupations: $32.51
  • Healthcare Practitioners and Technical Occupations: $36.46
  • Management Occupations: $49.02

Most of these exceed the Florida median wage of $19.62.

Income, Sales & Property Taxes in Bradenton

The state of Florida has much to offer– a warm sunny climate, a thriving economy, world-renowned theme parks, tropical beaches, an abundance of outdoor recreational opportunities, and much more. On top of all that, Florida is very tax-friendly! In fact, there is no state individual income tax in Florida.

The income tax in Bradenton is a pleasant 0%. Bradenton’s sales tax rate is 7%. This includes the sales tax rates for the state, county, and city.

  • Sales tax for the state of Florida: 6%
  • Sales tax for Manatee County: 1%
  • Sales tax for Bradenton: 0%

Based on the State Business Tax Climate Index, Florida ranks #4 out of the 50 states in the U.S. In other words, Florida has the 4th lowest taxes in the nation– succeeding Alaska, South Dakota, and Wyoming.

Bradenton property tax is calculated by multiplying the taxable value by the tax rate. Property taxes in Florida are referred to as the “millage rate.” The Manatee County and Bradenton property tax rate is 17.2930 mill, whereas the assessment rate is 0.92%. The state average property tax rate is 17.0133. The political subdivisions that make up these taxes include your school district, library, and the city of Bradenton. While the income and sales taxes are satisfactory, the property tax rates in Bradenton and the rest of Manatee County have the 19th highest property tax rates compared to other counties in Florida.

When you multiply the property’s assessed value by the millage rates, that will give you an estimate of what you can expect to pay in property taxes. For example, if your house is assessed at $300,000, multiply 300 x 17.2930, which leaves you $5187.9 in property taxes.

Bradenton vs Tampa Cost of Living

Bradenton, FL

Tampa, FL

Median sale price

$427,500

$425,000

Average rent

$1,974

$1,898

Price-to-rent ratio

7

8.4

Average salary

$64,000

$72,000

Property Tax (assessed at true value)

17.2930 mills

 

19.7121 mills

As you can see, the prices in Bradenton and Tampa are very similar. Although housing and rent are slightly cheaper in Tampa than in Bradenton, the overall cost of living in Bradenton is 5% lower than in Tampa. Nonetheless, Tampa has a higher average salary which means they cancel each other out in a way.

Thinking about moving to Bradenton, Florida? You’ll get to enjoy the city’s affordable cost of living. For a smooth and stress-free transfer to your new home, reach out to our trusted Bradenton movers at 2 College Brothers by calling 813-922-1528 today!

 

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