Wedding guests are increasingly being asked to give money for downpayments

Nearly half of newlywed homeowners tapped wedding guests for downpayment assistance: LendingTree

Wedding guests are increasingly being asked to give money for downpayments

Nearly half of newlywed homeowners tapped wedding guests for downpayment assistance: LendingTree
Newlyweds are increasingly asking wedding guests for downpayment assistance

Forget cookware and kitchen appliances. An increasing number of couples are forgoing wedding registries altogether and asking for something even more practical as a wedding gift: cash, to be put toward a downpayment on a starter home.

A recent LendingTree survey found that 48% of homeowners who got married in the past two years asked for downpayment assistance from wedding guests in lieu of traditional presents. Additionally, 52% of newlywed homeowners said they downsized their wedding reception to afford a bigger home purchase.

“Wedding gifts used to be dinnerware, silverware, candlesticks and other things that would sit in a box or cabinet and maybe get used once a year,” commented Matt Schulz, LendingTree’s chief consumer finance analyst. “Now, there’s less stigma in asking for money toward a downpayment or a honeymoon.”

The survey also found that wedding plans interfered with many couples’ homebuying plans, with 35% of newlywed homeowners saying that their wedding delayed their home purchase, and another 36% saying wedding costs forced them to decrease the size of their downpayment.

However, 26% of survey respondents said they put more money down on a home purchase because of their wedding, suggesting that asking for downpayment funds from wedding guests paid off.

Downpayments are trending upward nationally. A Realtor.com report released earlier this month found that homebuyers paid $29,900 on average for a downpayment and 14.4% as a share of the purchase price in 2024 — both of which were record highs.

Starter home prices have also been increasing, particularly in urban areas. A recent Zillow analysis revealed that in March the typical starter home cost at least $1 million in 233 U.S. cities.

Author

More Headlines

Top Dollar Volume

Top FHA Volume

Top HELOC Volume

Most Loans Closed

Top Mortgage Brokers

Top Non-QM Volume

Top Purchase Volume

Top Refinance Volume

Top USDA Volume

Top VA Volume

Top Veteran Originators

Top Jumbo Originators

For Top Originators rankings going back to 2010, see the April editions of the magazine in our digital magazine library

Top Women Originators

Top Overall

Top Wholesale

Top Retail

Top Non-QM

Top FHA

Top VA

Top Correspondent

Top Bank Statement

Top DSCR

For Top Mortgage Lenders rankings going back to 2010, see the June editions of the magazine in our digital magazine library

Sign in to Scotsman Guide PRO

error: Content is protected !!

We found an account with this email.
Please log in or reset your password to continue.