In these times when starter homes are so hard to find and homes are selling in a day once they are listed, more and more young couples are rushing to the closing table before they make it to the altar.
One in four, 24 percent, of couples between the ages of 18 to 34 couldn’t wait for their wedding date and purchased their first home together before getting married. Their parents were much less likely to buy a home together before getting married. Among married adults ages 45 and older 14 percent of. purchased their first home together with their current spouse before they were married. Among all adults,17 percent made a down payment before they tied the knot, according to a new study from Coldwell Banker Real Estate.
“While life goals and expectations continue to weigh on young couples, their views of homeownership are transcending their plans of marriage and starting a family, creating a direct effect on the patterns of buying a home altogether,” said Dr. Robi Ludwig, a leading psychotherapist and Coldwell Banker Real Estate LLC lifestyle correspondent. “What we’re seeing is that young couples are switching up the order and purchasing their first home regardless of whether or not they have set a wedding date. This is a huge movement within the American culture. While younger generations may be focusing more on their career, and in turn waiting longer to get married and have children, they are not delaying their dream of homeownership.”
According to the survey, 35 percent of all married couples purchased their first home together by their second wedding anniversary. Some 80 percent of married homeowners who purchased their home while married said it did more to strengthen their relationship than any other purchase they made together. Only 16 percent of married U.S. adults have not purchased a home together with their current spouse.
“When a couple buys their first home, it’s one of the most exciting new experiences they ever will share together,” said Dr. Robi Ludwig. “They not only learn about each other’s wishes and dreams during this process, but they also learn how to be practical with each other and compromise. Buying a home has more of an impact on a couple’s relationship than any other purchase they will ever make. It bonds two people together and makes them a family.”
In the South,. 72 percent of married Americans waited until after they were married to purchase a home, compared to 60 percent of Americans in the Northeast. Over one-third of married homeowners (35 percent) wish they had taken the plunge (into homeownership) sooner than they actually did.