Franklin Schneider | Wealth of Geeks

Moving is a necessity, but it is often expensive and stressful. A new survey of 2,000 Americans who moved in 2023 found that nearly one-fifth spent $5,000 or more to relocate, and it was so stressful nearly half broke down in tears.

The study by Home Bay, in partnership with Allied Van Lines, also shows that in this inflationary economic environment, many Americans are leaving ostensibly desirable states such as California for quieter, more affordable locales.

Better life

Many Americans have grown weary of where they live, and they’re doing something about it. Almost a third of Americans who moved last year said they wanted to improve their quality of life, up from 24% in 2022.

Of movers polled, 21% sought more space. About 47% of those who relocated in 2023 moved to a home with more bedrooms, but nearly one in five movers wished they’d moved to an even bigger abode.

Kansas City-based real estate agent Julie Harmon says age is also a driving factor behind moving decisions. She noted an uptick in older Americans opting for smaller spaces, like single-level homes, that are better suited to their golden years.

“Healthy baby boomers have decided to ‘stop stairing’ and are moving into villas, apartments, and condos in record numbers,” Harmon said. “Most say they wished they had done it sooner so they could enjoy one-level living longer.”

With politics at the forefront of American discourse leading up to the 2024 election, people are also moving for political reasons. In 2023, about one in ten people moved to a city or state more aligned with their political beliefs.

Source of stress

Americans agree that moving is tough, even when enacting a moving plan and hiring professionals. Nearly all movers — 93% — said challenges arose during their move. 66% of movers said the process was stressful, and 46% admitted they cried during their move. An additional 42% claimed it caused familial conflicts

Not every move is the same. Moving 10 minutes away is easier than cross-country moves, as survey results corroborate. About 49% of long-distance movers cried, compared to 45% of local movers.

Renters also reported challenging moves, with 70% saying they were stressed, compared to 63% of homeowners. Roughly 46% of renters also cried during their move, while just 41% of homeowners did the same.

Renters were also less likely than homeowners to hire professional movers, who lighten the load of those relocating.

Becoming owners

Although 47% of Americans think it’s an inopportune time to buy a home, and 48% say it’s unwise to sell, many still do it.

Among renters who relocated in 2023, around 42% moved into a home they purchased, 44% continued to rent, and 11% moved in with family or friends.

Moving to multi-family spaces can be an effective way to save money for a home purchase. In 2023, around 22% of people who lived rent-free with loved ones moved into a home they bought.

Hired professionals

In 2023, 69% of Americans who moved recruited professional movers to assist. Around half of those paying for help reported spending more than $2,000. About 13% of long-distance and 6% of local movers spent $5,000 or more.

Despite the ease of finding moving costs online, around half of polled movers felt sticker shock. About 53% of respondents expressed surprise surrounding moving expenses, and 54% said total costs exceeded expectations.

Homeowners were more likely than renters to be surprised — likely because they have more belongings that cost more to move. Approximately 66% of homeowners said their move was more expensive than expected, compared to 50% of renters.

Paying more for a move can lead to remorse; about 86% of Americans felt move-related regret. About 24% said they should have discarded more of their stuff before moving, 24% said they missed their old home, and 20% regretted that their move was too expensive.

Moved locally

More than three-fourths of Americans moved locally, while 22% moved more than 100 miles away. Many long-distance movers sought more affordable places with warmer weather.

“When you zoom out, it’s apparent that people are moving for financial and quality-of-life reasons,” says Ryan Cox, director of consumer channel at Allied Van Lines. “They’re moving from cold to warm states or from high-tax to low-tax states. Some of the states losing the most residents are Pennsylvania, Illinois, and California, while states gaining the most new residents are Arkansas, Idaho, and Montana. This has been a clear pattern since 2021.”

Survey respondents reported wanting to move to New York City, Washington, D.C., or Los Angeles if money was no object. California, New York, and Florida topped the list of most desirable locales.

However, data from Allied Van Lines’ 2023 Migration Report shows Americans are moving to more modest, low-cost destinations, suggesting that most people’s moves are determined not by their preferences but by their wallets.

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