Last year married couples made up 66% of all first time homebuyers according to the most recent NVAR Profile of Home Buyers & Sellers. These days two incomes certainly helps save for down payments and contribute to monthly housing costs. Many couples are even opting to use what would otherwise be their wedding fund as a down payment on their first home. The question to ask yourself if and when the time comes, do you use your money for a big wedding or down payment on a home?
A survey by the Wedding Report says the average cost of a wedding in the United States at the start of the year was $25,961, which equates to a 10% down payment on a median priced home.
If you’re single, don’t worry; you can still buy your dream home! Single women made up 17% of first-time buyers in 2016, while single men accounted for 7% of buyers.
A recent article from the New York Times found that many singles are now asking their parents to allow them to use the money they’ve saved up for their wedding day to instead buy a home. This may be a better option than moving back in with them….. Leverage!
In the case of Carrie Graham, a Protestant minister from Austin, TX, her parents had saved a ‘five-figure sum’ for her wedding and were more than willing to give her that money as a down payment on her dream home. Graham told The New York Times,
“Buying the home wasn’t me saying, ‘I’m never going to get married’ or I am going to get married.’ My own home had way more than equity benefits. It was a real gift to have a home in an extremely desirable neighborhood in a city that I love. It’s brought me joy.”
More first-time homebuyers are finding a way to purchase their home in Northern VA, even if that means reducing the size or delaying their big wedding.