A recent analysis from Zillow says more couples are turning to wedding registries for help in buying their first home. In fact, the data shows that the percentage of couples including “home funds” as part of their wedding registry has increased by 55%, with nearly 20% of all couples registered on The Knot (a bridal registry site) asking their guests to help them with the down payment on their first home. Indeed….
“Affordability is the greatest hurdle facing first-time home buyers. It now takes nearly 12 years for a typical first-time buyer to save up for a down payment, compared to nine years prior to the pandemic. Meanwhile, the typical monthly mortgage payment has more than doubled in that time. For a $350,000 home and assuming a 20% down payment, a couple would need to come up with $70,000 for a down payment and expect to spend $2,334 a month on a mortgage payment.”