Married couples once again dominated the first-time homebuyer statistics last year at 66% of all buyers, according to the most recentProfile of Home Buyers & Sellers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.
Many couples are deciding to use what would otherwise be their wedding fund as a down payment on their first home, as unmarried couples made up 8% of all first-time buyers last year. If you’re single, don’t fret; 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.
According to asurveyby theWedding Report, 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.
A recentarticlefrom theNew York Timesfound 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.
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 toldThe 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 and more first-time homebuyers are finding a way to purchase their dream homes, even if that means delaying their dream weddings.
Author:Gillian Cunningham Phone: 469-844-4488 Dated: September 14th 2017 Views: 27 About Gillian: Gillian Cunningham’s name is synonymous with true professionalism, extraordinary knowledge, except...
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