US consumers face rising debt from relocation costs

A survey by Intuit Credit Karma of 1,029 American adults reveals that 35% of people who moved in the last five years took on debt to fund the relocation. This financial burden is more pronounced among younger generations, with 50% of millennials reporting they went into debt to move.

Many movers faced unexpected expenses, as 40% of respondents stated their move cost at least twice what they originally anticipated. Among millennials, this figure rose to 55%. New furniture was identified as the most common additional expense, cited by 27% of participants.

The financial impact of moving extends beyond direct costs; approximately 16% of respondents are still recovering financially from their last move, and 32% reported that money-related stress from the relocation caused conflict with family or partners. Additionally, 30% of movers spent $5,000 or more on their most recent move, while 15% spent upwards of $10,000.