Jul 19

Study: It’s the Most Expensive Year to Move Ever

Study: It’s the Most Expensive Year to Move 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, a moving resource. Some states and metros are seeing costs rise by nearly 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, says Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®. “This means that people need to spend more of their budget on housing,” she adds. “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 disruptions 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 it’s creating a perfect storm for customers looking to relocate,” says Miranda Marquit, chief data analyst at HireAHelper. She equates the current environment to a “financial flash flood for those who made plans to move this summer—potentially washing them out.”

These areas of the country are seeing the biggest jumps in moving costs:

  • Maine: up 51% year over year
  • Nebraska: up 30%
  • Utah: up 28%
  • Alabama: up 27%
  • Idaho: up 27%

By metro level, costs have significantly climbed in places like Columbia, S.C., which is up 42%, and Seattle, which is up 39%. And with about 40% of moves occurring during summer months, demand for moving services is expected to go even higher.

“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,” HireAHelper notes in its study. Moving costs tend to peak in August, researchers 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 an average of $408 by the end of the year.

©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.