Recent Movers Most Regret Budgeting Mistakes

With costs of living rising, more Americans are going over budget when moving, with 54% of recent movers reporting doing so, according to a survey by SpareFoot. Nearly 1 in 5 said they exceeded their budget by $1,000. 

The top financial stressors that complicated moving for recent movers were: 

1. Inflation or rising prices (42%) 
2. Overpaid due to bidding wars (34%) 
3. Limited affordable housing options (27%) 
4. Got outbid on preferred housing (23%) 

Across all four generations, the top moving regret was not setting a more realistic budget, with Gen Z regretting it the most (54%) and baby boomers regretting it the least (45%). Other top regrets included not decluttering more thoroughly, not starting to pack earlier and buying too many new items. 

In addition to financial and budgeting challenges, many reported having to delay their move entirely, which further added to the stress. The top reasons for delays were: 

1. Inflation or rising prices (40%)
2. Couldn’t afford higher mortgage (34%) 
3. Took time to save for moving costs (28%) 
4. Higher-than-expected rent (27%) 
5. Needed more time off work (25%) 

Still, despite the roadblocks along the way, many remained motivated to move. Gen Z was most motivated by family (45%), while millennials (44%), Gen X (39%) and baby boomers (34%) were most motivated by affordability. Work-life was the least motivating factor for all generations – 31% for Gen Z, 27% for millennials, 22% for Gen X and 18% for boomers. 

Overall, recent movers reported that the top emotional and lifestyle costs of moving were: 

1. Loss of routines or community (25%) 
2. Stress, anxiety or burnout (21%) 
3. Traded lifestyle for affordability (15%) 
4. Conflict with partner/family (14%) 
5. Isolation after move (12%) 

However, moving isn’t always so challenging. For 20% of survey respondents, the experience was overwhelmingly positive and took no toll on their well-being.