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July 5, 2022

Moving costs rise amid tight housing market; 8% spike in CT

Pixabay | pixabay.com/photos/money-home-coin-investment-2724245/
By Andrew Larson

The cost of moving has reached an all-time high, according to a study conducted by HireAHelper.com.

So far in 2022, moving costs are 9% higher than during the same period in 2021, the study found. In Connecticut, the cost has risen 8%.

Columbia, South Carolina and Seattle, Washington saw the greatest uptick, with a 42% and 39% jump, respectively, in the average moving cost.

Nationally, the average cost of a move was $427 in May – 15% higher than during the same month last year. Moving costs are expected to peak in August, which is typically the most popular month to move.

Inflation clocked in at 8.6% in May, outpacing worker wages, which were up 4.8%, the Wall Street Journal reported.

Moving costs have increased disproportionately. HireAHelper.com says it’s due to the nearly 50% increase in gasoline costs, along with a 14% hike in used car and truck prices and a 7.9% jump in new truck prices, according to the study.

From 2018 to early 2021, the cost of moving was relatively flat. The cheapest time to move was during the height of the pandemic, when the average cost was $320, according to the study.

HireAHelper.com said that many people put their moving plans on hold during the pandemic, resulting in the cost of moving declining from February to May 2020. 

Since January 2021, the cost of moving has increased each month on a year-over-year basis.

People moving in Maine experienced the biggest year-over-year spike with an average cost of $525 so far in 2022, the data shows.

Only five states saw lower moving expenses during 2022: Kentucky, New Hampshire, Vermont, Minnesota and New Mexico.

Click here to see the full report.

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