Homeownership vs. Wedding Costs: a Juggling Act for Young Couples

As costs rise, balancing having a wedding and buying a home has become an increasingly difficult task for young couples. For many, getting married means delaying plans for purchasing a home. For some, it means asking for financial help as a wedding gift. According to a recent survey from online lending platform LendingTree, 48% of couples married during the last two years requested help with a down payment as their wedding gift. Additionally, 71% of newlywed homeowners received financial assistance from their parents to pay for either their wedding or their down payment.

Without this type of help, other couples have had to choose between saving for a wedding or saving for a down payment. This was true for 35% of survey respondents who say they had to delay homebuying plans. Another 36% say they put down less of a down payment due to their wedding costs. For newlywed homeowners who put money down for a down payment, 41% say they wish they had put down more, while just 16% wish they had put down less.

Many prefer to invest their wedding budget in their home. Over half (52%) of newlywed homeowners say they had a smaller wedding to afford a bigger home, and 59% who made a down payment say they spent more on that than their wedding. Overall, the average down payment for newlywed homeowners is $46,741. Read more