Unable to afford a house due to high prices, two engaged couples asked family and friends for a down payment as a wedding gift.
Paige Mankin, 28, and Corey Moss, 32, will marry in January, combining business with pleasure. According to CBS News, the couple is hoping for help from relatives to get the money for the down payment because the prices are too high for their income and they don’t have access to the property.
Although the couple is not currently actively searching, they have already received a donation of $118. The future bride and groom plan to put their donations in a savings account to grow until they are ready, they told American media.
Although this request for a gift may seem quite unusual, it is becoming increasingly common among future brides and grooms. That’s according to a report published by real estate site Zillow and wedding planning site The Knot. The latter said the number of couples requesting donations to purchase a home through their wedding gift registry has increased by 55% since 2018.
“It’s wonderful that couples feel empowered to customize their registry to suit their goals, especially if they’re getting married together. While guests prefer to give monetary gifts […]”Milestone gifts are a deeply thoughtful and meaningful way to give,” Esther Lee, deputy editor of The Knot, said in a statement.
This makes financing the purchase of a house the second most requested gift across wedding registries on The Knot website, just behind financing a honeymoon.
“With interest rates rising and down payments at historic highs, this special marriage contribution will help newlyweds achieve another important life milestone: purchasing a home,” he said. She adds.
According to Amanda Pendleton, personal finance expert at Zillow Home Loans, couples who use this technique to achieve homeownership tend to be younger. Although they are young, “they still strive to achieve the age-old American dream of homeownership,” she said.