Amidst the challenging landscape, there’s been a notable trend: couples planning to wed are looking at innovative ways to finance their dream homes. Zillow Home Loans and The Knot conducted an analysis revealing an increasing number of couples are registering for home funds on their wedding registry. According to The Knot, “home funds” on wedding registries have surged by 55% since 2018. Nearly one in five couples on The Knot now ask wedding guests to contribute towards their down payments. Esther Lee, deputy editor of The Knot, stated, “It’s heartening to see couples personalizing their registries to align with their goals, such as achieving the significant milestone of homeownership.”

Zillow’s data underscores the struggles faced by first-time buyers in today’s market. Affordability remains a key challenge, with the average monthly mortgage payment doubling since before the pandemic. However, it’s not all bleak. Many first-time buyers are putting down less than the traditionally perceived 20% for their homes. And a significant portion, about one-third, receive grants to help with their down payment, especially buyers of color. While the housing market’s future remains uncertain, it’s clear that individuals and couples are continuously adapting, seeking innovative solutions to achieve the dream of homeownership.

Source: National Mortgage Professional