Runzheimer, the premier relocation and living costs intelligence solution powered by Motus, today released the 2019 Hidden Costs of Moving report. The report examines the cost factors that have the biggest impact on a move, including housing, transportation, taxes and goods and services. According to Runzheimer data captured across 5,000 reports for enterprise businesses in more than 50 industries, 49.3% of people choose to move for career advancement or more money. However, the report also reveals that the costs of living typically increase significantly from the old location to new location.
For example, most people who relocate end up with a new home ranging from 15% to 57% more expensive, while the median home value change from origin to destination is +24%. The cost of goods and services (such as food, recreation and medical care) can also change by as much as 48% between origin and destination cities. Of those destinations, Houston, Chicago and Boston rank the top three cities people relocated to in 2019.
“Moving to a new city has a big impact on an individual’s lifestyle,” said Ken Robinson, market research analyst for Motus. “While people move for a variety of reasons, work is one of the biggest incentives for relocating. Understanding the potential impact of changes in living costs from one destination to another can help employees adjust to their new location, especially when moving from low-cost to high-cost areas.”
Additional findings in the 2019 Hidden Costs of Moving report include:
- The top 10 most popular relocation destinations in 2019 were Houston, Chicago, Boston, San Francisco, Los Angeles, Dallas, Nashville, Atlanta, Detroit and San Diego.
- 70% people who move are age 18-34.
- 70.4% of employers assist with moving expenses.
- Income and real estate taxes can have a big impact on an employee’s take-home pay. Many employees typically move to places with 3% lower total income taxes.
- The amount an average family spends on transportation can vary by as much as 47%.
To access the full report, please visit: http://in.motus.com/2019-hidden-moving-costs-report.
Motus is the definitive leader in solutions for businesses with mobile-enabled workers and fleets of any size. The Motus technology platform simplifies both mileage and mobile device reimbursement with proprietary software that calculates personalized and compliant reimbursements for each employee, while improving employee productivity and reducing the overall costs of mobility. The company’s deep insights, captured across the world’s largest retained pool of drivers, also underpins the annual Internal Revenue Service (IRS) business mileage standard, the amount an individual can deduct for business vehicle expenses.
Runzheimer is the premier relocation and living costs intelligence solution, powered by Motus. Understanding that today’s workforce is driven by data, Runzheimer provides employers and their mobile workers with the actionable insights and tools needed for a successful move. Our world class solutions support companies with everything from equitable compensation calculations between multiple locations to understanding relocation-related expenses and needs. With comprehensive data, Runzheimer empowers employers to win the war for talent while getting the most from their budget.