US couples reportedly raise cash for housing and other expenses from their wedding guests, according to wedding planning websites such as Zola and The Knot.
Housing-related cash registrations have doubled on Zola since 2019. More than two million couples have used the service since its launch in 2013, with three-quarters of them asking for cash for expenses, the Financial Times reports.
The Knot, a website that surveys more than 300,000 brides, grooms, guests and wedding planners each year, finds funding for new homes, repairs and renovations to be the second most popular after honeymoons.
Esther Lee, deputy editor of The Knot, said in a conversation with the Financial Times, “Everything we’ve been through with inflation and the housing market has made me wonder how people are using their registries. I’m seriously thinking about what I want.
Home ownership is closely related to marital status. According to U.S. Census data, her 79% of U.S. couples owned a home together in 2020, compared to her 66% national average. A married couple can live in a residence designated as a “single-family house” and receive a marriage exemption when their legal status changes.
Mortgage rates have more than doubled since the beginning of 2021 as the Federal Reserve tries to control inflation. Rising house prices are also making it difficult for new couples to penetrate the housing market.
The average 30-year fixed mortgage rose 6.29% last week, according to federal mortgage mortgage company Freddie Mac, with an average increase of 2.88%, the highest level in 14 years. Mortgage Bankers Association figures show the median installment payment for mortgage applications fell to $1,839 in August, up 43% from last year.
According to the FT, wedding guests are contributing to homeowners’ dreams, offering newlyweds a little peace of mind by donating an average of $175 to $200 to those who sign up for their wedding planning website doing.
Zora’s spokeswoman Emily Forrest said, “Guests really want to contribute to the funds of these new homes and are more than happy to donate just a little more to help the couple get their first home. .
The Michigan-based couple raised $10,000 for a mortgage down payment through a wedding registry last year, but the ceremony was postponed to 2021, with an intimate wedding scheduled for 2020 at the peak of the pandemic. was broken.
According to the couple, about a third of guests made a donation instead of receiving one of the more traditional gifts on the couple’s registry, such as an all-clad cookware set.
Another New York-based couple raised $30,000 for a mortgage this year.