Did you know that budding couples of this generation are more likely to buy a home together before they marry than the previous generation?
According to a new Coldwell Banker Real Estate survey, almost 25 percent of married homeowners from ages 18 to 34 bought a home together prior to marriage. Conversely, only 14 percent of those aged 45 and higher purchased property before tying the knot.
Every year, men and women are waiting longer and longer before they choose to marry. In 2012, the median age of first-time marrying men was 28.6. This is up from 26.1, which was reported in 1990. Women come in at 26.6 - up from 23.9. And because buying a home often follows marriage, the delay of marriage could mean a delay in homeownership. Therefore, then new trend is good news for the real estate market.
The statistics align with other trends. For example, two-thirds of couples live together before getting married. Therefore, scholars say that the new buying trend may be the new "engagement." As couples determine that they are ready to commit to each other, they are comfortable with the idea with buying a home. The financial step can also strengthen relationships.
The survey had other findings. For example, Southerners are more likely to take the traditional approach, marrying before purchasing real estate as a couple. Also, the research also found that only 16 percent of married American couples have not bought a house with their spouse.
Ultimately, as we uncover more statistics about relationships, we discover more information about matrimony and the potential for a lasting marriage.
Source: USA Today, "More Millennials get house before getting hitched," Haya El Nasser, April 17, 2013