Party Away That Down Payment On A House? Sure!
Always a bridesmaid, never a bride? That can add up to a lot of financial setback for the time when you do become a bride and in the market for a new home.
Here’s how. You have a lot of single friends and one by one they are tying the knot all around you. According to the real estate website Zillow, which analyzed wedding data, and the realtors discovered that millennials spend an average of $1,532 per each bachelor party and an average of $1,106 per bachelorette party.
Numbers don’t lie. Do that say nine, admittedly good, times over your young lifetime it adds up to a bachelor bill of $13,778. Coincidentally that’s about one-third of a down-payment on a median-value U.S. home. (now you know why the real estate industry is involved in the study)
The impact varies based on where you are on the map. In Cleveland, millennials could potentially party away half of a house down-payment, while in San Jose, California (the most expensive housing market) attending nine bachelor parties could mean spending 6.8 percent of a potential down payment on a median-priced home.
So what’s it gonna be? A handful of wild parties or a major move to a lifetime of security?
Got it. You get the tap, I’ll bring the keg! (CNBC)