How Attending Bachelor Parties Could Cost You a Down Payment on a Home
Here’s a shocking statistic: millennials can spend nearly $14,000 attending bachelor and bachelorette parties during peak wedding attending years. That’s 34 percent of a down payment on the median home, according to online real estate company Zillow.
As Zillow puts it, “Destination bachelor and bachelorette parties are becoming the new norm for many millennials who prize experience and grew up with The Hangover’s depiction of pre-wedding adventure.”
Most (69 percent) millennials say owning a home is necessary to live The American Dreami. Yet saving money for a down payment is often their biggest barrier to homeownership.
To help first-time buyers, Zillow calculated how much cash is needed for a 20 percent down payment on a home, and how much of it may be going toward bachelor or bachelorette parties instead.
A destination bachelor party costs on average $1,532 ($1,106 for a bachelorette), according to wedding website The Knot.
If the average person attends nine parties in a lifetime, or three a year for three years, they will have spent up to 34 percent of the cash needed for a down payment on the median home.
In some metros like Cleveland and Pittsburgh, millennials can spend up to half (51 and 50 percent, respectively) of their future home’s down payment on bachelor parties and well over a third of a down payment on bachelorette parties.
However, in hot and expensive markets like San Jose or San Francisco, nine destination bachelor parties equates to only 5 or 6 percent, respectively, of the down payment on the median-priced home.
Bachelor and bachelorette parties are not the only expense associated with attending a wedding.
On average, bridesmaids and groomsmen spend an additional $1,154 for things like wedding day attire, a gift for the bride and groom, as well as travel and accommodations for the wedding day.
Guests not in the bridal party still pay $888, on average, to attend each wedding.
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