Attending Bachelor Parties ACCUMULATES – to Greater than a Third of a DEPOSIT on a house

10 Aug

Attending Bachelor Parties ACCUMULATES – to Greater than a Third of a DEPOSIT on a house

SEATTLE, Aug. 10, 2017 /PRNewswire/ — Destination bachelor and bachelorette parties have become the brand new norm for most millennials who prize experience and was raised with The Hangover’s depiction of pre-wedding adventure. However, those that attend just nine of the trips in an eternity could have spent around $13,788, or 34 percent of a deposit on the median U.S. home, in accordance with a fresh Zillow report.

Most (69 percent) millennials say running a home is essential to call home The American Dreami. Yet saving cash for a deposit is their biggest barrier to homeownership often. To greatly help first-time buyers, Zillow calculated the amount of money is necessary for a 20 percent deposit on a genuine home, and just how much of it could be going toward bachelorette or bachelor parties instead.

A destination bachelor party costs normally $1,532 ($1,106 for a bachelorette), in accordance with wedding website The Knotii. If the average indivdual attends nine parties in an eternity, per year for 3 years or three, they have spent around 34 percent of the money necessary for a deposit on the median home.

In some metros like Cleveland and Pittsburgh, millennials can spend around half (51 and 50 percent, respectively) of these future home’s deposit on bachelor parties and more than a third of a deposit on bachelorette parties. However, in hot and expensive markets like San Jose or San Francisco, nine destination bachelor parties compatible only 5 or 6 percent, respectively, of the deposit on the median-priced home.

bachelorette and

Bachelor parties aren’t the only real expense connected with attending a marriage. Typically, bridesmaids and groomsmen spend yet another $1,day attire 154 for things such as wedding, something special for the groom and bride, day along with travel and accommodations for the marriage. Guests not in the marriage ceremony still pay $888, typically, to wait each weddingiii.

“Investing in a home is among the priciest purchases someone will ever make, and for some first-time buyers which means years of saving cash to cover a deposit,” says Jeremy Wacksman, Zillow chief marketing officer. “Attending your friends’ bachelor or bachelorette parties could be a trip of an eternity. While everyone’s budget and priorities will vary, big ticket expenses like vacations can truly add up quickly &ndash surprisingly; faster when compared to a $19 avocado toast.”

Buyers may use the Zillow® affordability calculator to observe how much they are able to afford to invest on a home actually, predicated on their income, savings and debts. The Zillow® mortgage calculator may also provide custom deposit estimates predicated on home interest and price rates.

Metropolitan Area

Median Home
Value (ZHVI)

Cash Needed for
20 Percent
Down Payment

Estimated % of
Down Payment
Spent on Bachelor
Parties in Lifetime

(9 bachelor
parties; 3 a year
for three years)

Estimated % of
Down Payment
Spent on
Bachelorette
Parties in Lifetime

(9 bachelorette
parties; 3 a year
for three years)

United States

$200,400

$40,080

34.4%

24.8%

Atlanta, GA

$179,900

$35,980

38.3%

27.7%

Austin, TX

$271,500

$54,300

25.4%

18.3%

Baltimore, MD

$261,000

$52,200

26.4%

19.1%

Boston, MA

$427,700

$85,540

16.1%

11.6%

Charlotte, NC

$174,800

$34,960

39.4%

28.5%

Chicago, IL

$211,200

$42,240

32.6%

23.6%

Cincinnati, OH

$152,600

$30,520

45.2%

32.6%

Cleveland, OH

$134,600

$26,920

51.2%

37.0%

Columbus, OH

$162,500

$32,500

42.4%

30.6%

Dallas-Fort Worth, TX

$211,000

$42,200

32.7%

23.6%

Denver, CO

$370,000

$74,000

18.6%

13.5%

Detroit, MI

$141,000

$28,200

48.9%

35.3%

Houston, TX

$178,400

$35,680

38.6%

27.9%

Indianapolis, IN

$138,100

$27,620

49.9%

36.0%

Kansas City, MO

$159,400

$31,880

43.2%

31.2%

Las Vegas, NV

$225,500

$45,100

30.6%

22.1%

Los Angeles-Long Beach-Anaheim, CA

$609,800

$121,960

11.3%

8.2%

Miami-Fort Lauderdale, FL

$253,100

$50,620

27.2%

19.7%

Minneapolis-St Paul, MN

$247,400

$49,480

27.9%

20.1%

New York, NY

$422,300

$84,460

16.3%

11.8%

Orlando, FL

$207,000

$41,400

33.3%

24.0%

Philadelphia, PA

$218,700

$43,740

31.5%

22.8%

Phoenix, AZ

$236,900

$47,380

29.1%

21.0%

Pittsburgh, PA

$137,400

$27,480

50.2%

36.2%

Portland, OR

$367,400

$73,480

18.8%

13.5%

Riverside, CA

$328,800

$65,760

21.0%

15.1%

Sacramento, CA

$369,200

$73,840

18.7%

13.5%

San Antonio, TX

$162,700

$32,540

42.4%

30.6%

San Diego, CA

$548,000

$109,600

12.6%

9.1%

San Francisco, CA

$854,300

$170,860

8.1%

5.8%

San Jose, CA

$1,013,700

$202,740

6.8%

4.9%

Seattle, WA

$447,100

$89,420

15.4%

11.1%

St. Louis, MO

$148,600

$29,720

46.4%

33.5%

Tampa, FL

$185,700

$37,140

37.1%

26.8%

Washington, DC

$382,600

$76,520

18.0%

13.0%

Zillow

Zillow may be the leading real rental and estate marketplace focused on empowering consumers with data, inspiration and knowledge round the accepted place they call home, and connecting them with the very best local professionals who is able to help. Zillow serves the entire lifecycle of owning and surviving in a home: buying, selling, renting, financing, remodeling and much more. Along with Zillow.com®, Zillow operates the most famous suite of mobile property apps, with an increase of than two dozen apps across all major platforms. Launched in 2006, Zillow is operated and owned by zillow Group, Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.

zillow and

Zillow.com are registered trademarks of Zillow, Inc.

i Based on the first Zillow Housing Aspirations Report (ZHAR), a semi-annual survey of 10,000 Americans seeking insight to their views on homeownership and their housing plans.

ii Data from The Knot 2016 Wedding Guest Study. 

iii Data from The Knot 2016 Wedding Guest Study. 

SOURCE Zillow, Inc.

Leave a Reply

Your email address will not be published. Required fields are marked *