How Much Does It REALLY Cost To Move?

How Much Does It Cost to Move?

SHARED WITH PERMISSION

BY MARY BOONE ON 23 MAR 2018 KNOW-HOW

The dollars and cents that go into moving vary greatly depending on a number of factors.

Making the decision to move can be an exciting time, whether you’re moving across town or across the country. But it can also be a milestone surrounded by uncertainty: am I making the right decision? How will my kids adjust to a new school? Will I like my new neighborhood?

According to the US Census, 11.2 percent of Americans moved in 2016, for reasons related to housing, family, and employment. And there’s one question pretty much everyone who is thinking about moving asks: How much will it cost to relocate?

There are all kinds of moving expenses to keep in mind, including changes in cost of living, balancing two mortgages (or a mortgage and rent) during the transition, and the cost of actually getting all your belongings from point A to point B. Here’s some information about average moving expenses to help you make sense of it all.

Estimating moving costs

Roughly half of all people who move use professional movers, whether they’re moving short or long distances.

These are average costs for moving, according to HomeAdvisor. Of course, prices vary by region and by distance.

Type of move	Average charge	Extra charges
Local/intrastate (under 100 miles, including 2 movers + truck)	$80-$100 per hour	+ $25-$50 extra per additional mover
Interstate/cross-country (over 100 miles)	$2,000-$5,000 per move	+ $0.50 per pound

How much does it cost to move across town?

Local moves make up the vast majority of people moving every year. According to Zillow research, 57 percent of home buyers who also sell a home move within the same city, and 86 percent move within the same state.

For local moves, you’ll typically pay an hourly rate that includes a truck and the services of two movers. The bigger your home, the longer your move will take.

Consider these estimates from HomeAdvisor.

Size of house	Estimated time of move	Average price range
1-bedroom apartment	3-5 hours	$200-$500
2-bedroom apartment	5-7 hours	$400-$700
3-bedroom house	7-10 hours	$560-$1,000
4-bedroom house	10+ hours	$800-$2,000+

How far in advance should I book local movers?

Keep in mind that most people move between May and September, so you’ll want to book your movers at least four weeks ahead of time. The earlier you book, the more likely you are to get the day and time that works best for you, and the more likely you are to get an experienced crew.

The least expensive days to move are Monday-Thursday. In the off-season (October-April), you can often book movers with only one to two weeks’ notice.

How much does it cost to move across the country?

While local movers typically charge by the hour, for a cross-country move you’ll likely be charged based on two key variables: weight and distance.

Weight

Before the move, the empty truck is weighed, and your mover should provide you with an “empty weight” receipt. Then, once all your belongings are loaded, they’ll weigh your truck again to help them determine your moving cost.

Have no idea how much your belongings weigh? Reputable movers will give you an estimate before you sign on the dotted line, using average weights for homes of your size (more on estimates later).

For example, the goods inside a 1,000-square-foot, 3-bedroom apartment typically weigh about 5,000 pounds. A 2,800-square-foot, 4-bedroom home’s furnishings typically weigh in at around 20,500 pounds.

Distance

Simply put, the farther a moving company has to transport your belongings, the higher the bill will be. You’ll likely be charged a per-mile rate in addition to the weight-based charges. Make sure to ask if there are any additional transportation charges, like fuel or tolls.

How far in advance should I book movers for a long-distance move?

For an interstate or cross-country move, you’ll want to book your movers as early as possible — ideally six to eight weeks before your move.

Moving costs vary depending on factors such as the number of belongings, the length of the move, and the services provided.

Typical moving expenses

Whatever kind of move you’re planning, the moving expenses you’ll incur will vary based on the level of service you’re looking for:

• Just a truck rental: The ultimate DIY move, in this scenario you’ll be doing the packing, loading, transportation, unloading, and unpacking on your own, with just the help of a rental truck. Flat per-day rates start at around $20 per day, depending on the size of the truck, plus charges for gas and mileage.
• Loading, transportation, and unloading: Save your back by doing all the packing and unpacking yourself, but have professional movers do the heavy lifting. For a local move, this service can range from $200 for a one-bedroom apartment to $2,000+ for a 4-bedroom house.
• Full-service moves: Leave everything to the pros, including wrapping and packing your belongings, loading them, transporting them to your new home, and unloading. You’ll just be responsible for unpacking your belongings and getting settled. This type of move is usually used for long-distance moves. Expect to pay roughly $2,000-$5,000 for the transportation, plus about 50 cents per pound, plus $25-$50 per hour, per mover for packing and unpacking help.
• Temporary storage: If your moving dates don’t line up exactly, you may find yourself needing to temporarily stash your things in a storage unit or moving container. Storage facility rates start at about $50 per month for a small unit, and go up to $300 or $400 for larger units. If you’d like the convenience of a portable storage unit that’s delivered to your home, loaded by you, and stored in a warehouse until you’re ready for re-delivery, expect to pay $150-$300 per month, plus delivery and re-delivery costs.
• Moving supplies: Instead of buying and then recycling boxes, you can go green and rent hard plastic boxes for your move. Prices start at about $50 per week for enough boxes to pack a 1-bedroom apartment, and up to $200 to pack a large house. Once you’re done, the rental service will pick up the boxes. To save money on cardboard boxes, check your local “buy nothing” group or moving truck rental company, which often have used boxes on hand.

Additional costs of moving

• When calculating your relocation budget, make sure to keep in mind these unexpected moving costs:
• A transportation surcharge if the moving company pays workers more for working in metropolitan areas, where labor costs are often higher.
• You may opt to purchase full value protection insurance. Released value protection is typically included by movers at no cost, but the protection is minimal — just 60 cents per pound per article lost or damaged.
• Charges for moving vehicles, including cars, boats, and motorcycles.
• Surcharges for moving large or fragile items — think swing sets, pianos, extra-large furniture, or riding lawn mowers.
• Additional charges if the movers have to walk more than 75 feet from door to truck, or if they need to use stairs or an elevator.
• Additional charges if your street is too narrow to accommodate a moving truck and they’ll need to shuttle your belongings with a smaller truck.
• You may find yourself paying unexpected moving costs if there’s a delay in the availability of your new home and the moving company has to put your items into storage.

Moving cost agreements

Any reputable moving company should provide you with a quote before your move, using the industry-standard rate book published by the Household Goods Carrier Bureau, called the Tariff 400-N. There are two main types of moving quotes:

• Non-binding estimates are the industry standard. They reflect the company’s best guess as to what your final bill will be, but they can often be inaccurate. Whenever possible, opt for not-to-exceed quote.
• Not-to-exceed estimates are quotes where the moving company commits to a maximum price.

To avoid being surprised by high moving costs, ask your movers to provide a not-to-exceed estimate.

Get moving

When it comes to moving, the best way to limit your costs (and to keep your sanity) is to move quickly. The faster you’re out of your old home and into your new home, the less you’ll pay in movers, rented supplies, storage costs, and — most importantly — overlapping mortgage payments or rent.

Related:

• Moving Day Horror Stories
• How to Avoid Unscrupulous Moving Companies
• Moving? Top 5 Tips for Packing

Originally published July 2012; data updated March 2018.

About the author

Mary Boone

Mary was a newspaper writer/editor for 13 years and worked as spokesperson for a Fortune 500 Company before becoming a freelance writer. She has authored more than two dozen books for young readers and writes for a handful of regional home and garden magazines.

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Millennials Spend About $93,000 on Rent by The Time They Hit 30! Wow! That’s a lot of money to lose!

Millennials Spend About $93,000 on Rent by The Time They Hit 30. Don’t be one of them. Call me if there is someone that you think that I can help become a home owner today, so they can stop throwing their money down the drain- and paying off their landlord’s mortgage (instead of their own)! Read the article, below!

Author: Florentina Sarac (reprinted with permission)

We all know Millennials. They’re the resourceful, creative youngsters who grew up with the latest technology and who are big fans of music festivals and avocado toast. Known as a generation of renters, many Millennials find renting more affordable and hassle-free than buying. But that’s not the only reason they don’t buy. At a time when they should be able to focus on their career, settling down and having a family, Millennials are still going through the stress of student loan debts while at the same time struggling to pay rent.

The cost of renting is a huge subject nowadays and a big expense as well, arguably the biggest it’s ever been. We were curious to find out exactly how much Millennials spend on rent before the age of 30 and if it’s true that they’re more rent burdened than previous generations. In our quest for more information, we turned to U.S. Census to shed some light on this topic and looked at each generation’s total income and total rent paid for an 8-year period (from 22 to and including 29 years of age). Specifically, we looked at the median income representative for the ages analyzed, rather than the median income of the overall population, because people in their 20s, with limited experience in the workforce, typically have a lower income than those over 40 who are at the peak of their careers. Our analysis refers to single people paying a median rent on their own, and all amounts were adjusted to 2017 prices.

Our study comes to show that yes, Millennials do carry the weight of a very heavy rent burden and pay a ton of money on rent.

With a rent burden of 45%, Millennials pay $92,600 in total rent

Millennials pay a whopping $92,600 in total rent by the time they turn 30, more than what their Baby Boomer parents paid by the time they hit the same age. It seems that Millennials do put a massive amount of money into renting, but the numbers also show that their total median income is the highest among generations, earning about $206,600 in 8 years. However, they spend 45% of this income on rent between the ages of 22 and 30, which is more than the recommended 30%. In fact, none of the two previous generations managed to keep the rent burden under 30% with Gen Xers witnessing a rent burden of 41% and Baby Boomers of 36%.

Both Gen Xers and Baby Boomers made less money than Millennials but they also spent less on rent. Gen Xers spent a total of $82,200 on rent when they were in their 20s, and they earned about $202,100. The same is true for Baby Boomers as they earned $195,700 while $71,000 of that went towards rent.

Besides the heavy rent burden, there are several other reasons why Millennials witness such big financial challenges. One of them is the ever-increasing student loan debt, which many economists blame as the reason Millennials aren’t able to buy homes. Millennials do make more money than any other generation before them, but they’re also said to be spending more on things that are not necessarily essential, like Uber rides, pricey coffee or eating out. At the same time, spending habits depend very much on where they live, and as many Millennials prefer urban areas and big cities, this can only result in higher costs.

Millennials earn and spend more on rent than any previous generation

To better illustrate this, we compared Millennials’ income and rental amounts paid before turning 30 to those of the two previous generations.

With a total of $92,600 spent on rent before hitting 30, Millennials pay a striking $21,600 more than what Baby Boomers paid during the same 8-year period. At the same time, Millennials boast a total income of $206,600, almost $10,900 more than the $195,700 that Baby Boomers earned between the ages of 22 and 30. It’s worth noting that the rent difference between Millennials and Baby Boomers is twice as big as the income difference.

As for the Gen Xers, they had an income of $202,100, about $4,500 lower than that of Millennials. Some might say that compared to Gen Xers, Millennials have had it easier so far. Given the fact that Gen Xers were in their 30s and 40s when the U.S. housing market crashed in 2008, most of them witnessed the full force of the aftermath. As a result, many were no longer able to buy and were forced to turn to renting. However, if we compare the rental amounts paid by Gen Xers and Millennials between the age of 22 and 30, we’ll notice that the latter paid $10,400 more on rent. An explanation for this could be the rents that have gone up since the housing crisis.

Younger Millennials pay more rent than older Millennials

Our analysis also found that younger Millennials, now aged between 22 and 29 years old, have had to pay a larger amount of money on rent than older Millennials, now aged 30 to 40. Younger Millennials are paying a median rent of $97,400 before turning 30, while older Millennials paid about $90,500, almost $7,000 less than younger Millennials. The two demographics were impacted by both the recession and social factors in a way that pushed them to rent longer than any other previous generation.

As far as the rent burden goes, there’s a visible difference between younger Millennials and older Millennials. With a rent burden of 47% between the ages of 22 and 30, younger Millennials surpass older Millennials who spent about 44% of their income on rent during the same period of time. The high rent burden carried by younger Millennials is mostly due to the increase in the median rent paid. While it’s true that their income was $3,400 higher than that of older Millennials, they also paid $6,900 more in rent.

By the time they hit 30, Generation Z will have paid over $102,000 on rent

Baby Boomers, now in their 60s and 70s, paid the lowest rental amount of $66,900 before turning 30. Following an ascending trend, the rent amount increased by about $5,000 to $8,000 each decade. If rents continue to go up at this rate, Generation Z, now aged around 20, will be paying a staggering $102,100 on rent by the time they hit 30.

As Gen Zers are starting to look for their very first apartments, they are bound to bring about some changes in the housing market. We’re talking about a highly visual cohort, which was born and grew up in the internet era. Although not very different from Millennials, Gen Zers are more tech savvy and highly reliant on technology. As a result, their future homes will have to meet their technological needs. Expected to be a more sedentary generation, industry experts say that they will no longer require amenities like swimming pools or fitness centers but computer labs and game rooms. Technological updates are likely to drive monthly rents further up, therefore Gen Zers should expect to pay more in order to get more.

Given their overwhelming student loan debt, younger Millennials may carry on renting, simply because the prospect of buying is not yet attainable. On the other hand, older Millennials are starting to slowly shift towards home ownership. As they are finally catching up with the American Dream, this will surely drive demand for homes for sale. Their lifestyle patterns so far show that Millennials need affordable homes with attractive amenities. As they’re starting to form families, they’ll soon be ready to put their hard-earned money into their own home.

 

Methodology:

• RENTCafé is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
• Using the most recent Census data, our research team analyzed the rents and incomes across the United States during certain time periods. Relevant income data was available starting with 1974 while rent data was available starting with 1940. The income amounts represent the median gross income per capita and the rental amounts represent the historical median gross rents. The data was adjusted to 2017 prices, using a cumulative rate of inflation for each year.
• We based the total income on the following age brackets provided by Census: ages 15 to 24and ages 25 to 34.
• We used the following year-of-birth ranges for each generation: Baby-Boomers – born between 1946 and 1964, Gen Xers – born between 1965 and 1976, Millennials – born between 1977 and 1995 and the Gen Z generation – born starting with 1996.
• We added up the data from an 8-year period for each generation (for the years they were aged 22 to and including 29), we calculated the median amount of money that each generation spent on rent and the median income they earned during the same period. The final data presented in this study was obtained by rounding up the numbers to the nearest hundred.
• The study refers only to single people paying the median monthly rent on their own.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RENTCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

Florentina Sarac

Florentina is a creative writer for RENTCafé currently absorbed in the mesmerizing real estate world. She enjoys spending the majority of her time reading books, traveling and watching way too many movies. You can connect with Florentina via email: florentina.sarac@yardi.com.

 

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