The older millennials are finally starting to settle down. Even though they are juggling student loans, inflated home prices, and high mortgage rates, most millennials seem ready to take this next step. In fact, around 36% of all home sales in the United States are now from millennials. In order to afford these homes in this high-priced housing market, they are working two jobs, renting out their spare rooms, and working part-time for car services like Uber. That’s not all though. A majority of these millennials are even sacrificing their wedding plans to afford a home.
Everyone wants to do a destination wedding these days. The problem with this is that when factoring in all the expenses—travel, catering, photography, hotel, etc.—it ends up costing a significant amount of money. With many older millennials wishing to get a family-sized house, they could end up spending around $20,000 or more for a down payment. In a recent survey, 64% of millennial couples said they are willing to delay their marriage or have a smaller celebration so that they can afford a house. Though an extravagant wedding would bring great memories, millennial couples would rather put that money towards a home.
Millennials are also forgoing the tradition of wedding gifts in favor of monetary donations. Since down payments on a home can potentially be very costly, they are enlisting the help of friends and family through wedding gifts. Wedding gifts such as furniture, silverware, and appliances aren’t a necessity for these older millennials because they can just take these items from their apartment. Even though money isn’t as special or personal as a typical wedding present, it is very helpful. In this competitive and costly housing market, home buyers can use all the help they can get.
Until the housing market cools down, it looks like purchasing a home will continue to take priority over marriage. It is interesting to see the powerful influence that the housing market has in determining the fate of this huge life event.
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