According to a recent analysis from Zillow, more couples are using wedding registries to seek financial assistance in purchasing their first home. The data reveals that the number of couples including “home funds” in their wedding registry has increased by 55%. Approximately 20% of couples registered on The Knot, a popular bridal registry site, are now asking their guests to contribute towards their down payment. This trend highlights the growing challenge of affordability for first-time home buyers. Saving for a down payment now takes nearly 12 years, compared to nine years prior to the pandemic. Additionally, monthly mortgage payments have more than doubled in that time. For example, for a $350,000 home with a 20% down payment, a couple would need to gather $70,000 for the down payment and anticipate spending $2,334 per month on their mortgage payment.
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