Weddings are occasions that bring joy, love, and promises of a bright future. Traditionally, wedding registries have been filled with items for newlyweds to set up their homes, like toasters and fine china. However, new research shows that more couples are now adding home purchase funds to their wedding registries. Around 20% of engaged couples are choosing to include these funds as one of the gifts that their family, friends, and wedding guests can contribute to. This trend is changing the way couples prepare for their lives together, with a significant increase observed since 2018. Let's dive into this fascinating shift in wedding registry choices and explore what it means for these couples and the real estate market.
The Rise of Home Purchase Funds
According to The Knot, a popular engagement website, the share of couples asking for home purchase funds on their wedding registries has seen a remarkable 55% increase since 2018. While the honeymoon fund remains the most requested cash fund, home funds are now a close second, illustrating the growing desire among couples to secure a home as they start their journey together.
The Knot's Deputy Editor stated, "Home funds were one of the most popular wedding registry cash funds on The Knot in 2022." This highlights how couples today are more focused on building a life together, starting with a solid foundation – their own home.
A Boon for First-Time Homebuyers
Notably, data suggests that an increasing number of couples looking to buy their first home are utilizing these home purchase funds. In fact, half of all current homebuyers are first-time buyers, marking the highest percentage ever recorded.
One of the most significant changes observed is the use of gift funds to make a down payment. Around 43% of first-time buyers are now utilizing funds gifted by their family and friends to help cover a portion of their down payment. This trend signifies a shift in the way families are supporting the younger generation in achieving their homeownership dreams. It also eases the financial burden on newlyweds who may have just financed an extravagant wedding.
Conclusion
Furthermore, the increase in first-time homebuyers and their reliance on gifted funds for down payments suggests that the trend is not merely a passing fad.
As more couples say "I do" to home ownership help, The Hills Premier Realty is prepared to meet their unique needs and aspirations.
1. The Knot, "2020 Real Weddings Study," [https://www.theknot.com/real-weddings-study-2020]