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Attending Bachelor Parties Adds Up - to More Than a Third of a Down Payment on a Home

Millennials can spend nearly $14,000 attending bachelor and bachelorette parties during peak wedding attending years. That's 34 percent of a down payment on the median home.

Aug 10, 2017

SEATTLE, Aug. 10, 2017 /PRNewswire/ -- Destination bachelor and bachelorette parties are becoming the new norm for many millennials who prize experience and grew up with The Hangover's depiction of pre-wedding adventure. However, those who attend just nine of these trips in a lifetime will have spent up to $13,788, or 34 percent of a down payment on the median U.S. home, according to a new Zillow report.

Most (69 percent) millennials say owning a home is necessary to live The American Dreami. Yet saving money for a down payment is often their biggest barrier to homeownership. To help first-time buyers, Zillow calculated how much cash is needed for a 20 percent down payment on a home, and how much of it may be going toward bachelor or bachelorette parties instead.

A destination bachelor party costs on average $1,532 ($1,106 for a bachelorette), according to wedding website The Knotii. If the average person attends nine parties in a lifetime, or three a year for three years, they will have spent up to 34 percent of the cash needed for a down payment on the median home.

In some metros like Cleveland and Pittsburgh, millennials can spend up to half (51 and 50 percent, respectively) of their future home's down payment on bachelor parties and well over a third of a down payment on bachelorette parties. However, in hot and expensive markets like San Jose or San Francisco, nine destination bachelor parties equates to only 5 or 6 percent, respectively, of the down payment on the median-priced home.

Bachelor and bachelorette parties are not the only expense associated with attending a wedding. On average, bridesmaids and groomsmen spend an additional $1,154 for things like wedding day attire, a gift for the bride and groom, as well as travel and accommodations for the wedding day. Guests not in the bridal party still pay $888, on average, to attend each weddingiii.

"Buying a home is one of the most expensive purchases someone will ever make, and for most first-time buyers that means years of saving money to afford a down payment," says Jeremy Wacksman, Zillow chief marketing officer. "Attending your friends' bachelor or bachelorette parties can be a trip of a lifetime. While everyone's budget and priorities are different, big ticket expenses like vacations can add up surprisingly quickly – a lot faster than a $19 avocado toast."

Buyers can use the Zillow® affordability calculator to see how much they can actually afford to spend on a home, based on their income, debts and savings. The Zillow® mortgage calculator can also provide custom down payment estimates based on home price and interest 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 3 years)

Estimated % of
Down Payment
Spent on
Bachelorette
Parties in Lifetime

(9 bachelorette
parties; 3 a year
for 3 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 is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition to Zillow.com®, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.

Zillow and Zillow.com are registered trademarks of Zillow, Inc.

i According to the first Zillow Housing Aspirations Report (ZHAR), a semi-annual survey of 10,000 Americans seeking insight into 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.

For further information: Alexa Fiander, Zillow, press@zillow.com


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