No More Candlesticks

According to research from Realtor.com and Censuswide, fine china and other traditional wedding gifts are out, and cash wedding gifts that are contributions toward homeownership are in. The research was conducted by Censuswide, with 2,291 respondents in the U.S. including 755 people who have created a wedding registry in the last 24 months. “It’s extremely difficult for first-time homebuyers right now,” Realtor.com executive news editor Clare Trapasso tells FOX Business. “Any extra financial assistance they receive can mean the difference between becoming homeowners and remaining renters. First-time buyers also struggle with saving for a down payment. Inflation is high, rents have increased and student loan payments are resuming.

All of these factors can make it a challenge for first-time buyers to come up with a down payment plus closing costs. Additionally, first-time buyers are also at a disadvantage as they don’t have a home they can sell for a profit,” Trapasso said. The study found that newlyweds would rather gift-givers skip traditional presents in favor of financial gifts toward the purchase of a home. Although this is their preference, the data also revealed that many feel obligated to register for traditional gifts they don’t want. Newlyweds polled for the survey who have had a wedding registry in the last 24 months reveal this cash-focused gift trend is spot-on, as 85% say they would have preferred to have received money toward a down payment on a home, rather than a physical gift. And 80% said that if they were creating a gift registry today, they would include an option for people to give them money toward homebuying expenses, such as a down payment, a mortgage payment or closing costs, according to the survey.

Source: Fox Business