For many couples, starting a life together is not just about the wedding day but also about finding a place to call home. However, balancing the cost of a wedding with the financial demands of homeownership can be a significant challenge. A recent study by LendingTree highlights how many newlyweds are postponing their homebuying plans due to the financial strain of wedding expenses.
In response to these challenges, many couples are turning to family and friends for assistance with their home purchase. Instead of traditional wedding gifts, 48% of newlywed homeowners who made a down payment in the last two years requested financial help toward buying a home. Additionally, 71% of newlyweds reported that their parents contributed to either their wedding costs or down payment, or both.
The financial pressure of weddings is clear, with 36% of newlywed homeowners stating that their wedding expenses reduced the amount they could put toward a down payment. Another 35% said their wedding plans delayed their homeownership dreams. Despite these obstacles, just 16% of those who made a down payment wish they had contributed less, while 41% wish they had contributed more.
Interestingly, many couples are prioritizing homeownership over extravagant weddings. A majority—59% of newlywed homeowners who made a down payment—report spending more on their home purchase than their wedding. In fact, more than half (52%) of these couples opted for a smaller wedding to afford a larger home. On average, newlywed homeowners contribute $46,741 as a down payment.
Both significant life events—wedding planning and home buying—are often sources of stress. According to the survey, 33% of married homeowners found wedding planning more stressful than purchasing a home, while 36% considered the homebuying process to be more challenging. Additionally, 31% reported feeling similarly stressed by both events. Wedding planning was the leading cause of disagreements, with 36% of respondents citing it as a major point of contention.
As couples increasingly turn to down payment assistance, the trend of “something borrowed” might not just refer to a wedding dress but also to home loans. Financial contributions from family members can significantly ease the burden of homeownership costs.
For many engaged couples, the stigma surrounding monetary gifts for home down payments or honeymoons has faded. Matt Schulz, chief consumer finance analyst at LendingTree, supports this shift, noting, “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. Now, there’s less stigma in asking for money toward a down payment or a honeymoon. That’s good for the newlyweds, and it’s good for those giving the gift because they know their gifts won’t be stashed and collect dust.”
This trend is not limited to gifts alone. A significant number of newlywed homeowners—71%—reported receiving financial support from their parents for either wedding costs or the down payment, with 37% receiving help for both.