Gen Z is crushing moving season, according to a recent poll.
The survey of 2,000 Americans who have moved in the last five years found that not only are they on top of their finances, more than half of Gen Z respondents (57%) reported they actually enjoy the process of moving. Meanwhile, only 22% of baby boomers share that sentiment.
As the summer moving season heats up, digital insurance company, Lemonade, commissioned the survey through Talker Research to investigate how Americans approach moving — how they prepare, feelings on the overall process and the generational split on it all.
According to results, Gen Z stands out as the most meticulous planners, with 60% creating a moving budget compared to only 55% of millennials, 46% of Gen X and 38% of baby boomers who prepared financially.
ð¡ << Broadcast-ready version of this research story >> ð¡
The research also found that of all generations, Gen Z even set aside the most money for their most recent move. Gen Z focused their budget on getting their new space ready with things like furniture and home updates ($1,703.50 on average), while Baby Boomers focused on the physical components, like moving trucks and supplies ($1,633.60 on average).
But despite their careful planning, four in five exceeded their moving budgets. For those, average overspending totaled $1,057.20.
And for the average respondent, it took five months to financially recover from their most recent move.
Still, nearly half (47%) said they would overpay if it meant they would have a disaster-free move, with millennial respondents being the most willing to overpay (51%), compared to baby boomers who were least willing to overpay (37%).
According to those surveyed, the most unexpectedly expensive parts of moving were renting a moving truck (30%), purchasing packing materials (22%) and putting some belongings temporarily in storage (18%).
“Whether you enjoy packing up your old house and moving into a new one or you hate the process altogether, it’s a huge undertaking with so many factors to think about: Logistical, emotional and financial. And it’s very easy to forget important things,” said Sean Burgess, chief claims officer at Lemonade. “It’s always a good idea to simplify the process as much as possible, especially for those tasks we tend to forget, like updating your address, insurance and utilities accounts.”
When it comes to being a bit forgetful, 35% claimed they didn’t forget anything, baby boomers being the least forgetful (58%) compared to Gen Z (24%).
But for those who forgot a few things, the most common things to fall through the cracks were forgetting to update their address or forward their mail, with Gen Z forgetting this the most (31%) and baby boomers forgetting this the least (18%).
Along with that, 19% of Gen Z forgot to update their home or renters insurance compared to only 3% of baby boomers.
For those looking to rent new homes when moving (59%), the most alarming red flags included the home looked worse in person than in pictures (28%), lack of air conditioning (26%), hidden fees during the leasing process (26%) and worrisome lease terms (23%).
The biggest green flag when evaluating a home was air conditioning (34%), which proved to be critical for baby boomers with almost half (47%) citing this as a nonnegotiable compared to only 28% of Gen Z.
Other green flags were utilities being included in the rent (30%), the home looking as great in person as it did in pictures (26%) and having up-to-date appliances (24%).
More than three in five Americans (60%) owned a pet during their move and over half of those who were looking to rent with a pet (52%) said it was challenging to find a place that suited both their and their pet’s criteria.
But to make the whole ordeal more enjoyable, respondents said movers should be fully prepared throughout the day (39%), invite friends to help out (35%), create a fun playlist (32%) and treat everyone to dinner at the end of the day (32%).
In fact, Gen Z prioritized a fun playlist (40%) as the top option for making the day more enjoyable, compared to only 16% of baby boomers, a generation that prioritized being fully prepared (45%).
“Moving homes is incredibly stressful, but the load can be lightened if you lean on those around you,” said Burgess. “Whether that’s your partner, friends, family, or even an insurance company, make sure to look out for those that can help simplify a very busy and potentially chaotic time.”
Survey methodology:
This random double-opt-in survey of 2,000 Americans who have moved in the last five years was commissioned by Lemonade between May 23 and May 29, 2024. It was conducted by market research company Talker Research, whose team members are members of the Market Research Society (MRS) and the European Society for Opinion and Marketing Research (ESOMAR).
