Survey: Couples Would Rather Buy a Home Than Spend Money on a Wedding

A new survey by Coldwell Banker finds unmarried couples would rather invest in a home rather than spend money on a wedding

“…the pandemic forced many people to experience life without expensive vacations or weddings. Americans prioritized what was really important to them — and it wasn’t big weddings, vacations or even paying off student debt.”

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If you’re struggling about whether to spend your hard earned money on your dream wedding or a new home — you’re not alone.

Many Americans decided in 2021 that becoming homeowners was more important. According to a new Coldwell Banker Real Estate LLC survey, 82% of unmarried couples of the 2,000 surveyed said they would rather invest in a new home instead of spending money on a big wedding and expensive vacation. In addition, the survey found that paying off student debt was a low priority.

The real estate company believes that because the pandemic forced many of us to experience life without vacations or weddings, Americans re-prioritized what was really important to them. For many, that list no longer included dream weddings.

All this comes as the company reports that the real estate market is closing 2021 as a strong sellers’ market. Inventory has been tight, and competition remains strong across many cities, according to Coldwell Banker Real Estate LLC.

“The 2021 housing market has been marked by low inventory and competition as Americans continue to keep homeownership top of mind,” said Coldwell Banker Real Estate President and CEO M. Ryan Gorman. “Our latest survey suggests that, with generations of all ages and backgrounds prioritizing homeownership over other financial goals, this sellers' market may continue into 2022.”

Younger Americans are reportedly entering into the real estate market as well.

Here’s a breakdown, according to the survey:

• Gen Z & Millennials (age 18-44): Younger Americans are more likely to say owning a home is an important financial goal for them (45%) compared to those 55+ (30%)

• Renters: 47% of Respondents who are renters saying owning a home is an important financial goal for them

• Hispanic homeownership: 42% of Americans surveyed, who say they are Hispanic, say owning a home is an important financial goal, and among Hispanics this is higher than any other financial goal

• “Home is the new engagement ring”: 82% of unmarried Americans surveyed, including 85% of single females, would rather invest in a home than pay for an expensive wedding

• Vacations: 77% of Respondents would rather invest in aa home than spend money on an expensive vacataion

• Student Debt: College graduates are more likely to select “owning a home” (41%) as an important financial goal rather than paying off student debt (17%)
  

Written By Vows & Forever Founder and Veteran Journalist Maria Cid. V&F is a wedding vows & speech writing service that also specializes in speech coaching and wedding timeline coordination.