No one could’ve predicted the housing boom that happened in the last few years. Home prices skyrocketed, and more people were moving to new homes or downsizing than ever before.
With piping hot housing markets to navigate and remote workers relocating in droves, you may be wondering: what does a move look like in 2022?
Moving costs are changing
When planning a move, it’s essential to factor in the cost of moving when setting your budget. For example, you might want to hire movers and, if you’re moving far away from your current location, you could also consider hiring a car transport service.
Currently, the average cost of a local move with professional movers is about $1,400. The average price of a long-distance move is upwards of $4,000. If you want to simplify your move, working the cost of movers into your budget might be worthwhile.
If you’re planning a cross-country or long-distance move, you might want to streamline the process by having your car delivered to your new home. To do so, you could hire a car transport service that will move your vehicle for you. The average cost of shipping a car ranges from $700 to $1,200, depending on your location.
House price increases will continue
Although inventory in 2022 is on the rise, home prices are unlikely to drop significantly for a while, and they’ll likely continue to rise even more. Keep that grave reality in mind when budgeting for your upcoming move. Otherwise, the cost of moving-related services, like car transport services, will put you over budget as soaring housing prices monopolize precious real estate in your moving spreadsheet.
Availability of homes will go up
The housing market of 2022 will slowly begin to become more buyer-friendly in terms of inventory. More homes are available, which means you’ll start to see a shift toward a buyer’s market in the coming months.
Americans are moving farther away
2021 saw an increase in moving distance for Americans that has continued into 2022, which has a lot to do with the growing popularity and availability of remote employment opportunities. Remote work has opened up a new market for job seekers, allowing them more flexibility in location.
More people are moving out of urban areas
With an impressive number of professionals switching to remote work, urban areas have faced mass walkouts. Many people have opted to forgo city life for suburbia, which offers more financial benefits than living in cities. In particular, single-family homes in suburban areas tend to cost far less than big-city homes of similar size.
Temporary moves are on the rise
The residents moving out of their current areas are mainly doing so for job opportunities, relocating businesses, or decreasing their living costs. In many cases, they’re switching from homeownership to renting or are getting temporary housing that allows more flexibility for job changes and remote work.
Moving is a big decision, so if you’ve been considering relocating, consider the shifting trends when you decide where to go and how to get there. Both inventory and prices are on the rise, but as more remote work opportunities arise, it’s becoming simpler than ever for people to move to a better location.