In my parents generation it was easy, you dated, got engaged, got married, then bought the house. Lots of little check marks on the list and very few deviated from the norm.
In my generation it was a bit more difficult. You still did the dating part, but we typically added the living together part before the marriage or even the engagement. It was practical, and a bit controversial, but we did it.
Now our children are facing another change in the equation. Young couples are buying homes together before they get married.
Coldwell Banker has come out with a new survey that shows 24 percent of millennial couples are buying the house before they get married. Now part of this is because these couples are waiting much longer to tie to the knot, but for those in the real estate industry it is a trend to watch.
Especially as we see the housing industry start to recover. If these numbers were growing in the recent housing recession I think they will explode as the market takes off.
So remember when you want to go back into your personal history to predict future events in real estate, odds are you will be mistaken. The world is changing, fast, and the smart and successful agents are watching these trends and using them to their advantage.
Survey Trends: Love, Marriage and Homebuying
New Homes for Newlyweds: More than one in three married homeowners (35 percent) purchased their first home together by their second wedding anniversary.
Cold Feet? Not These Couples: 17 percent of all married couples surveyed purchased a home together before their wedding day.
Millennials are Less Likely to Wait Until Marriage: 24 percent of married homeowners ages 18 to 34 bought a home together before they were married, compared to 14 percent of those ages 45 and older.
Southerners Take Their Time: 72 percent of married Americans in the South waited until after they were married to purchase a home, compared to 60 percent of Americans in the Northeast.
To Have and to Hold … and to Own: Only 16 percent of married U.S. adults have not purchased a home together with their current spouse.
Impact of Homebuying on a Marriage
- 93 percent of homeowners who purchased their first home while married always planned on owning a home after marrying.
- 80 percent said purchasing a home with their spouse did more to strengthen their relationship as a couple and family than any other purchase they have made together.
- Over one-third of married homeowners (35 percent) wish they had taken the plunge (into homeownership) sooner than they actually did.