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Finance

Moving Financing: How Much Does It Cost to Relocate

Concern about the pandemic, changes in income and employment status, and evictions prompted many Americans to move in 2020. An apartment in the USA is not just a place of residence but also one of the means of identifying a person.

2020 has become a turning point almost for everyone. People began to prefer living in private houses rather than apartments. Agree; overplaying quarantine or working remotely is much more comfortable on the back patio than on the walls of a stuffy apartment. But not only this began to motivate people to change their location. A significant factor was financial pressure. The loss of work, the transition to remote professions entailed a frequent change of housing, for one reason or another. 

Where Americans moved? According to statistics, the majority of people have moved to Florida  and nobody from Georgia state changed their place of residence.

Moving to a new region can be both stressful and expensive. If you do not have savings to relocate, moving financing can easily help to cope with the material expenses that have arisen, but stress will need to be fought with the help of antidepressants or to squeeze the cat at worst.

Moving Financing is Good Way Out

Saying goodbye to an already rented apartment is not so simple. Firstly, a change of address is an important point that needs to be reported to several instances, and secondly, you will have to pay for the right to leave the apartment.

If a person enters into a lease, then, as a rule, it is designed for a year or more. This means that moving out of this apartment earlier will be problematic: they may not return the deposit, but your name may be blacklisted by tenants, which will subsequently complicate the search for new housing. 

For this reason, there are many ads in the rental market in the style of “live by someone else’s contract.” This means that you do not enter into any housing agreement but pay money to the tenant whose name the agreement is with the owner.

But oftenly people ask for financial help. Moving financing is an unsecured loan used to pay for relocation costs. You can use the funds from an unsecured loan to pay for anything, including movers and furniture for your new home. You repay this loan in fixed amounts, typically over several years, including accrued interest.

Besides, you will have to take care of your things’ proper packaging and transportation, change the address, driver’s license, and car number. Do not forget that there are laws in every US state, so even the tax return you will now fill out differently.

If you watch statistics of moving, that most of the interviewed people, about 46%, just changed housing within one city; 38% — within the state; 14% — respondents moved to another state. 

There were many reasons for the move, but mostly this: 

  • proximity to friends and family;
  • the comfort of the “house” and rent price; 
  • reliability of work and transition to a remote vacancy;
  • pandemic.

The loss of permanent income and the need for affordable housing have become the most driving factors. People who had to “live out” months under the contract and with the old price – very often applied for rent loans and eviction loans. Also, many were simply evicted due to insolvency.

How Much Does it Cost to Rent Housing in the United States?

The diversity of home rental prices in the US is huge. Depends not only on the state, city, repair but also on the presence of a washing machine, TV, Internet, location, etc.

For comparison, take 1BR apartment:

  • In New York, such an apartment in an apartment building will cost about $1,700 per month, in a private house — $1,500.
  • Philadelphia, $1,300 a month.
  • Los Angeles in the Glendale area — $1,700 and $1,900 in Beverly Hills.
  • In San Francisco — $1850.

If you want to live in a luxury building with a swimming pool, gym, barbecue, and other services, then such housing will cost about 30% more. In private houses, you can rent an apartment cheaper.

According to statistics, in 2020, those who lived in one-room or three-room apartments moved the most. The least moved were those who lived in studios, apartments with three bedrooms, and houses with one bedroom.  

The most budget option is to rent a room in an apartment. In New York, for example, you can rent a room for $500 per month.

If you have a large family and you need a whole house, then the prices are about:

  • in San Francisco, a private house with 3 bedrooms and at least two bathrooms will cost $4,000 in a less prestigious area, from $5,000 in the Golden Gate Bridge area;
  • Los Angeles — from $3,000 (the closer to the ocean, the more expensive);
  • from $2,800 per month will cost the same house in New York or New Jersey.

You can find both cheaper and more expensive depending on the location of the house and its condition. Using moving financing, you can easily find and choose an option that suits your pocket.

These examples refer to large cities where different areas of activity are concentrated and where there are more options for work. If you have a remote job and do not have to live in a big city, then in small cities, housing can be half as cheap.

If you move to a nearby street, good friends and a rented truck can help you. But if you intend to change the location radically, the costs can be in the thousands. Getting a personal move loan can help you make ends meet when you move to a new home.

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