Of all the purchases most people will make in a lifetime, two of the most significant—and most expensive—are a wedding and purchasing a home.
Because they’re so expensive, it can be challenging for couples to save for both. Luckily for couples, I also write a finance blog. According to a recent survey, it looks like the majority of couples are prioritizing homeownership over a fancy (and expensive) wedding.
According to a recent survey from Open Listings, 64% of couples said they would delay or downsize their big day if it meant being able to purchase a home sooner, and when asked what big-ticket item they were currently saving for, 29% of couples said a home (compared to just 17% of couples who were saving for a wedding). And the reason? Owning a home is just more important to most Americans couples than dropping tens of thousands of dollars on a one day event —53% of couples and 65% of engaged couples claimed that home ownership was “very important.” To get started on that first big step, be sure to check out what is available on the market by clicking here or by getting in contact with me.
Personally, I love the idea of doing both simultaneously. I’ve had many friends with parents that helped chip in for wedding costs; anywhere from $1,000-25,000! But that money could also be used for a down payment on a home. By stating your intentions early, you might be able to change your destiny. Instead of getting money for a wedding, it could instead be used for a downpayment. Plus, there still may be money for an excellent celebratory party!
The Takeaway
If you’ve been putting off saving for a home in order to have a large, fancy wedding, you might want to reconsider. A big wedding is a great day. But buying your dream home? That can give you a great life.
