The pandemic has put a number of things on pause over the past couple of years----and one of those things seems to be marriage. According to a recent survey, on behalf of Coldwell Banker, more young people say they are committed "to have and to hold" a mortgage rather than to take a trip down the aisle "for better or for worse." As a matter of fact, 82 percent of unmarried Americans would rather invest in a home than pay for a big expensive wedding.
85 percent of unmarried females say they would rather invest in a home than spend money on a big, fancy, expensive engagement ring.
77 percent of the respondents say they prefer to pay a mortgage than spend money on a luxurious vacation.
45 percent of Millennials and Generation Z say owning a home is an important financial goal for them compared to 30 percent of people 55 years and older.
47 percent of the respondents say they choose homeownership over renting.
44 percent of college graduates say owing a home is a more important financial goal than paying off student debt.
In 2021, there were an estimated 1.9 million weddings. The average wedding cost $25, 764. Meanwhile, the number of new homeowners increased by more than two million. So for better or for worse, to have and to hold....it looks like mortgages are winning out over engagement rings.
This survey was conducted online within the United States by The Harris Poll on behalf of Coldwell Banker from October 21 - 25, 2021 among 2,027 adults ages 18 and older.
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