Feb 18

Millennials Delay Weddings for Home Ownership

Millennials Delay Weddings for Home Ownership

 

Millennials Delay Weddings for Home Ownership. Image courtesy of Danilo Rizzuti / FreeDigitalPhotos.net

Millennials Delay Weddings for Home Ownership. Image courtesy of Danilo Rizzuti / FreeDigitalPhotos.net

Home ownership may be worth putting off love, at least for millennials. Thirty-eight percent of American millennials (those aged 18-34) say they would – or have – delayed a wedding or honeymoon so they could afford to buy a home, according to a survey of more than 2,000 adults conducted by Harris Poll, on behalf of the real estate brokerage Redfin.

Saving for a down payment may take precedence over saving for a wedding. Saving for a wedding has gotten pricier – recently hitting an all-time high of $29,858 last year, according to TheKnot.com.

Many millennials say they’ll delay a marriage to lessen the financial burden of paying for a wedding and a home within the same year, says Clayton Jirak, a Redfin real estate professional in Chicago.

“This is becoming a popular option for couples who are prioritizing home ownership over marriage,” he says.

They may choose to commit to a mortgage and home together before the walk down the aisle. And such a commitment into home ownership together can be a big first step too – and better yet, if it’s a lasting one.

“Breaking up is hard to do, but splitting financial assets makes it even harder especially considering the fees and closing costs that are associated with buying and selling a home, which if done too soon can wipe out all the equity accumulated,” said Redfin chief economist Nela Richardson. “A house for most people is a long-term asset, which it should be if you are looking for a return on your investment.”

Source: “First Comes Love, Then Comes Mortgage,” Redfin Blog (Feb. 13, 2015)

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