Study: It's the Most Expensive Year to Mover Ever

Aside from rising mortgage rates and home prices, buyers are being squeezed by another escalating expense: the growing cost of moving services. This year has become the priciest for hiring movers in the nation's history, according to a new study from HireAHelper. Some states and metros are seeing costs rise by 40% year over year.

The average cost of a move was $427 nationwide in May, about 15% higher than a year earlier, the study shows. Ballooning gas prices, supply-chain disruptions and 40-year-high inflation are primarily fueling moving expenses. This means tha people need to spend more of their budget on housing. This additional cost may discourage people from moving, resulting in an even lower mover rate in 2022.

The demand for moving services has climbed with the rising homebuying and rental markets over the past year, leading to disuptions in availability. In 2021, 71% of moving companies reported delays due to high demand and a labor shortage, according to industry data. The moving industry is feeling the impact of the current economic climate, and ts creating a perfect storm for customers looking to relocate.

While New York's average moving cost is only up 2%, areas such as Maine and Nebraska are seeing increases from 30-50% between those two areas.

Most likely, despite the already higher costs, moving is likely to get even more expensive as we get into the summer and the height of the moving season. Moving costs ten to peak in August, reasearchers say, forecasting that the average cost of a move will reach a new record high in August - averaging $454. However, buyers may find some relief if they can hold off on moving until after summer: Costs are expected to drop to av average of $408 by the end of the year.

Works Cited:

Melissa Dittmann Tracey. “Study: It’s the Most Expensive Year to Move Ever.” Realtor Magazine, 8 July 2022, magazine.realtor/daily-news/2022/07/11/study-it-s-the-most-expensive-year-to-move-ever.

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