Why More Millennials Are Buying a Home Before Tying the Knot
With the Millennials generation starting to reach the age of adulthood, a study was released that has shown that much of the generation is choosing to purchase a home with their significant other in lieu of marriage first. The study has shown that nearly 25 percent of married couples that own homes purchased the house before marriage. That number is up from 14 percent of those surveyed above the age of 45. It is definitely a sign of the times, and there are a few conclusions that can be drawn from this.
Marriage is coming later
This can be seen as a symbol of how bad the economy has been for Millennials, as the inability to find a good paying job out of college and expensive costs for weddings just too much for those in their youth.
The typical age for marriage among men is now at 28.6 years, which is a whole 2.5 years older than the median age in 1990. Women have seen an even more dramatic rise, up to 26.6 years compared to the previous 23.9.
Marriage no longer viewed the same way
One thing you have to consider is that today’s generation was being raised during the time of a boom in divorces during the 1990’s that cause some people to create the myth that 50 percent of marriages end in divorce. That isn’t true, but it was still a high rate.
This has caused the current generation to see marriage in a different light. With the ugly divorces affecting their parents, many people are hesitant to get married as they don’t want to see their relationship end in the same way. That still hasn’t put an end to relationships, though, and many more people are willing to live with someone before marriage to really test that they are the person they want to spend the rest of their lives with.
Traditional times on the decline
The earlier you look into the 20th century, you will find couples getting married at very young ages and sticking it out through the good and bad. Then, almost all of them moved into a home together exclusively after marriage.
These days, though, you will see a younger couple perfectly content with each other living in an apartment for a few years while saving up for a house. Then marriage will come afterwards. It can eliminate some of the risk of the breadwinner losing their home in a messy divorce if the relationship were to end. If they both pay for the home, though, it can get a bit complicated as to who becomes the sole owner.
Taking advantage of the market
With prices of homes and mortgage rates at their lowest pointafter the recession of 2008, it makes more sense for a young couple to take advantage. When a house that is for sale is barely more expensive than an actual wedding and reception, you can put the wedding on hold. However, the market is always likely to change.
Of all 2,116 couples that were surveyed in the study, 100 percent of them said they had planned on getting married after purchasing or building their homes. That’s a telltale sign that home ownership is more important than an early marriage. It’s definitely a smart financial strategy.
It’s not clear just how extreme the trend will continue. It’s unlikely that the average marriage age will ascend into the mid-30s within the next two decades, but it’s clear that many young couples are deciding to wait. The traditional way of living isn’t as common as it used to be, and it has definitely shown over the past 20 years.