Saying "I Do"to a Lancaster Co., PA Home !

By
Real Estate Agent with KW Elite

The Cost of a Wedding vs. Down Payment

Happily Ever Homeowner | MyKCM

Married couples once again dominated the first-time homebuyer statistics last year at 66% of all buyers, according to the most recent Profile 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 a survey by the Wedding 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 recent article from the New York Times found 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 told The 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.”

Bottom Line

More and more first-time homebuyers are finding a way to purchase their dream homes, even if that means delaying their dream weddings.

The good news is that there area number of LOW Downpayment Loans available ! Email mikeperrykw@gmail.com to learn more .

 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Topic:
Home Buying
Location:
Pennsylvania Lancaster County Lancaster Willow Street
Groups:
The Economics of Real Estate
1st Time Buyers
ABR-Accredited Buyer Representatives
It's A Buyer's Market
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
first time buyers
first home
starting out
wedding costs
obtaining a mortgage
obtaing preapproval
downpayment needed tobuy
saying yes to the

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Rainmaker
3,443,049
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Michael. We are seeing more young people come to their senses and take the money for a downpayment! Enjoy your day!

Sep 13, 2017 05:00 AM #1
Rainmaker
767,365
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Case by case. Both weddings and homes are major investments. Each couple has to weigh the pros and cons of each.

Sep 13, 2017 05:27 AM #2
Rainer
212,200
Laura T. Perry
Keller Williams Elite - Lancaster, PA
CRP, GMS, Award Winning Relocation Specialist

First the must say YES to the Dress -  $$$$$$$$$$$$$$$$$$$$$$$$$$

Mar 16, 2018 07:22 AM #3
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Rainmaker
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Michael J. Perry

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