The Hidden Costs Of Moving: A Financial Wake-Up Call For Half Of Americans

Over half of Americans have been caught off guard by the financial strain of moving houses, with 53% of those who moved in 2023 finding the costs to exceed their expectations.

A study by Clever Real Estate surveyed 2,000 Americans, revealing the median moving expense hovers around $2,000.

Using professional moving services doubles the likelihood of expenses exceeding $2,000 compared to a DIY approach.

The study highlights that even self-moving comes with overlooked costs.

Critical reasons for budget miscalculations include underestimating the total expenses and a lack of awareness about all potential charges, such as stair fees, heavy item surcharges and tipping movers.

According to a report by Consumer Affairs, professional moving services can cost between $600 and $1,000 for a local relocation of a three-bedroom residence, and the cost can escalate based on the volume of belongings and the distance covered.

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CNBC reports that additional factors like rental van costs, fuel, packing materials, utility deposits at the new residence, installation fees for various services, moving insurance and possibly storage space add to the financial burden. 

To mitigate moving costs, the survey suggests obtaining multiple quotes from moving companies to leverage better rates and ensuring precise communication about the volume of items needing relocation to avoid last-minute additional charges.

Budgeting for unexpected delays, especially with hourly charged services, is also recommended for a smoother financial experience during the move.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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