Renters' Flexibility May Be Costing Them a Home Down Payment
Renting a home offers flexibility, allowing individuals to relocate with relative ease compared to the long-term commitment of a mortgage. However, this flexibility comes with hidden costs that can accumulate significantly over time. According to Natalia Bassova, founder and CEO of Resort Real Estate Inc., the costs associated with moving, such as application fees, brokerage fees, security deposits, and hiring movers, can range from $1,500 to $4,000 per move. These expenses, when amortized over a period of 24 months, can add up to $60 to $170 per month. A 2026 survey by SpareFoot revealed that 53% of Americans who moved in the spring had to pay for two homes simultaneously, incurring an average cost of $2,291. Additionally, 40% of movers used temporary storage while transitioning to a new home. These recurring costs can hinder renters from saving for a down payment on a home, as they often exceed the savings from lower monthly rents. 
