How to Pay for Relocation Bankrate.com Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: May 20, 2022 Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Moving is one of the most stressful life events you can endure, especially if you aren’t confident you can afford it. Whether you’re moving for a new job or personal reasons, there are a variety of factors that affect the cost and timeline of your move. As a result of tax reform, Americans can no longer deduct moving expenses. Depending on how much help you get from your family, friends or your new employer, the entire cost of the move might rest on your shoulder. Thankfully, some quick, effective options may help ease the financial burden of moving. The repeal of the moving expense deduction
Under the previous law, taxpayers were allowed to deduct some of the costs of moving their goods and effects, plus certain travel expenses. But as of 2022, the exclusion for qualified moving expense reimbursements and deductions are both suspended . The one exception is members of the military on active duty who move due to a military order. The cost of moving
Whether you’re moving across state lines or locally, moving can be expensive. For instance, the average cost of an interstate household move costs as of Feb. 17, 2022. The average cost of a local move ranges from . Although moving costs vary, here are six common expenses to help estimate what your move might cost: Hiring movers is one of the most important expenses you’ll make because, generally, you get what you pay for. HomeAdvisor found that the average cost of movers ranges between $857 and $2,316, but costs vary widely based on distance, location, how much stuff you’re moving and if you elect for extra services. Travel. Gas, lodging, and food can add up quickly. And if you’re flying, it’s easy for a small family to rack up over $1,000 for a one-way domestic flight. Travel to your new home has the potential to be one of your biggest moving expenses. Boxes. Boxes can generally be obtained for free from grocery or department stores. If you need containers for transporting fragile items, remember that durable plastic tubs can cost more than $20 each, depending on the size. If your move takes longer than expected because a house closing is delayed, for example, you might have to put some of your belongings in storage. The cost of a self-storage unit varies widely and depends on the location.ConsumerAffairs says a self-storage unit that’s 10 feet by 10 feet has an average monthly cost of $160. Item replacements. Odds are, at least a few things will be broken during your move. Remember to set aside some money to cover replacements. Deposits and fees. It’s possible that you may have to pay early termination fees for services like cable or utilities. You might even have to put down a deposit for services at your new place prior to moving in. Instate vs out of state long-distance moving costs
According to HomeAdvisor, these are the average costs for local and interstate moves. Local moving is any move under 100 miles within the same state and interstate or long distance moving across the country or over state lines. Type of mover Average charge Extra charges Local/Intrastate $50-$100 per hour +25-$50 extra per additional mover Interstate/Cross country $2,600-$6,600 per load Costs of moving based on house size
These are average costs for moving based on house size, according to HomeAdvisor. The chart is based on average hourly rates charged by local moving companies. Size of house Estimated time of move Average price range 1 bedroom apartment 3-5 hrs $240-$500 2 bedroom apartment 4-7 hrs $320-$700 3 bedroom house 6-8 hrs $480-$800 4 bedroom house 8-12 hrs $640-$1,200+ How to pay for your relocation
While moving can be expensive, there are a few ways that you may be able to get the money you need. Personal loans
It’s ideal to pay for your move upfront, but that’s not always possible. If you need to finance some or all of your move, is one of the best options to consider. Personal loans are either secured or unsecured loans that are paid off in equal installments, usually over two- to five-year terms. The monthly payments include principal and interest. The main benefit of using a personal loan for your move is the interest rate. scores can score rates around 10 percent. Those with scores often secure rates within the 13 to15 percent range. By contrast, the average credit card interest rate as of February 2022 is 16.28 percent. Over the lifetime of a loan, just a few points can make a big difference in the amount of interest you’ll pay. Personal loans can be obtained from banks, credit unions, and online lenders. The is usually easiest with online lenders, but overall personal loans are much quicker than other loans. Sometimes the approval process might just take a few days. Credit cards
A credit card might seem like a good way to pay for your move quickly. You might even be thinking about the potential to earn rewards in the process. Credit cards offer revolving debt, which means that, unlike personal loans, you don’t have to reapply for credit when you need more money. However, the downside is that credit cards typically come with higher interest rates than personal loans. Let’s say you’ve crunched the numbers, and you expect your total expense to be $3,000. The largest monthly payment you can afford is around $100. A personal loan with an 11 percent APR and 3-year term will get you a monthly payment of $98.22. Over the life of the loan, you’ll pay around $536 in interest. Most offers run from 12 to 18 months. If you could afford to pay around $300 toward your balance every month, you could benefit from a credit card because you wouldn’t incur any interest. If not, a personal loan offers a lower payment and saves more than $400 over the life of your loan. Plus, you can’t be tempted to swipe a personal loan at the department store and add to your debt. You should only use a 0% interest credit card for larger expenses, like relocation, when you can afford to pay several hundred dollars on your balance every month. (Ideally, you should pay it off completely before the 0% intro period ends to avoid paying interest.) Relocation assistance
If you’re relocating for a job, ask your new employer if it’ll cover some of your relocation costs. Some employers offer a relocation package, which reimburses some or all relocation expenses, as an incentive for you to accept a job. Alternatively, you can ask for a sign-on bonus or negotiate a higher salary, and then use some or all of the extra funds to cover your moving costs. Bottom line
Moving can be expensive, and it can seem particularly overwhelming if you do not have the savings or company assistance to pay for all of the costs. If you need to consider financing options, carefully evaluate what option will work best for your financial situation. Consider factors such as monthly payments, due dates and your other bills. If your finances get muddled with multiple bills from loans and credit cards, you can also consider a to help manage your payments. SHARE: Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Related Articles