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It’s no secret that many young people struggle financially, especially when it comes to financing the purchase of a home. For some, the wedding may exacerbate the problem.
According to Zillow, the typical monthly rent for multifamily and single-family rentals was $2,007 in August, up 2.4% from a year earlier.
Another recent report from a housing site found that attending just one wedding can cost a bachelor or bachelorette weekend $2,010.
“When you put it right next to a rental property, it’s really eye-opening,” said Amanda Pendleton, housing trends expert at Zillow.
Some renters go to extremes to participate in such milestone events. According to a Zillow study, approximately 45% of Gen Z and Millennial adults surveyed reported sacrificing their home to accommodate these celebrations.
Among these tradeoffs: About 11% of those surveyed said they lived with a roommate, and 9% said they had less savings for a down payment. Additionally, 8% and 7% respectively said they would rent or buy a smaller home.
The site surveyed 1,200 U.S. adults between the ages of 18 and 45 in mid-August. Generation Z refers to the generation between the ages of 18 and 30, and Millennials refers to the generation between the ages of 31 and 45.
“This is just a concrete way to show how these celebrations can disrupt housing stability,” Pendleton said.
Receiving multiple invitations in a short period of time can amplify the effect.
Renters are renting for longer periods of time
With housing unaffordable, many Millennials and Gen Z are priced out of the housing market and are living in long-term rentals.
The median sales price for existing homes in August was $422,600, according to a late September report from the National Association of Realtors. This is a 2% increase from the previous year, when the price was $414,200.
NAR found that the median age of first-time homebuyers in 2024 will reach an all-time high of 38 years. In the 1980s, the typical age for first-time buyers was in their late 20s.
But marriage takes place before people become homeowners. According to bridal website The Knot, the average age of marriage in the United States in 2025 will be 32. This average has remained unchanged since 2023.
How to raise money for wedding expenses
While it’s easy to get carried away with wedding-related celebrations, experts say it’s important not to overburden yourself financially.
It is also important to note that it depends on the type of credit. According to LendingTree, approximately 31% of wedding attendees will have borrowed money to attend a wedding in 2024, with 23% of those borrowing more than $2,500.
Fortunately, many engaged couples save their wedding date six months to a year in advance, says Gloria Garcia Cisneros, a certified financial planner and wealth manager at Lord Murray in Los Angeles.
Cisneros, a member of CNBC’s Council of Financial Advisors, said if you’ve received enough notice, find a way to reallocate the cash you normally spend on discretionary spending into another savings account. Cisneros said he tries to save money in a separate account to avoid the temptation to spend it upfront.
To grow your savings, high-yield savings accounts typically offer much higher annual yields than traditional savings accounts.
Although the Fed recently lowered interest rates, the average interest rate for the top 1% of accounts is 4.03%, according to DepositAccounts. The national average for savings accounts is 0.49%.
If you’re invited to multiple weddings a year and buying a home is a priority, you may need to consider other trade-offs, such as deciding which weddings to attend and which to skip.
According to The Knot, the average cost of travel, lodging, costumes and gifts per wedding guest in 2024 was $610. That’s an increase of $180 over the past five years.
