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.

News provided by

Zillow, Inc.

Aug 10, 2017, 08:00 ET

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

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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.