In the last three years, 36% of Americans have moved, but one in five regret moving, according to a survey of 1,000 people conducted by All Star Home.
Of those who moved in this timeframe, the majority moved during peak COVID-19 pandemic times. The survey found that 37% moved in 2020, 28% in 2021, 22% in 2022 and 13% in 2023 at the time of the survey, which was conducted in August.
While moving can be an exciting new beginning, it’s also a big life decision that can sometimes come with challenges, stressors, added expenses and regret.
Homeowners’ top misgivings about moving in the past three years include unexpected costs, missing their old neighborhood or city, missing their old home, wanting a bigger place and paying too much for their new home.
Overall, 23% of recent movers regret how much they paid for their new home, and 22% have buyer’s remorse.
The cost of moving can especially contribute to moving regrets. The average American spends $4,200 on moving costs, and 30% of recent movers regret spending so much on the moving process. While hiring movers to help on the big day can lessen the work, it’s also an added expense. According to the survey, 54% chose not to hire help. Of those, 23% regret the choice and wish they had hired movers.
Sometimes, moving also comes with unexpected repair costs. Twenty-eight percent of respondents reported having to pay for unexpected repairs. On average, Americans shell out $4,000 on unexpected repair expenses while going through the moving process.
To help avoid unexpected repairs, many homebuyers get a home inspection before moving into their new home. However, 15% of movers surveyed waived a home inspection, of which 47% regret forgoing one.
Another main reason for buyer’s remorse is high mortgage rates. Twelve percent of recent homebuyers regret buying due to their new home’s mortgage rate. Fourteen percent have a 7% mortgage rate, 17% have a 5% mortgage rate and 31% have a 6% mortgage rate.
Overall, one in five recent movers said that moving wasn’t worth the hassle, and one in three would consider moving back to their former city or state.
It’s inevitable that moving will come with some challenges, but it’s still a decision many people make for new beginnings and fresh starts. Of those surveyed who haven’t moved in the last three years, one in three plan on moving in the next three years, and one in two are considering moving to another state eventually. Top reasons for planning to move in the coming years include wanting to buy a new home, wanting to move to a new city or town, wanting to move to a new state, waiting to save more money and waiting for the housing market to get better.