Couples today are significantly more likely to purchase a home before marrying than older couples were, according to a survey commissioned by real estate franchisor Coldwell Banker that appears to point to a cultural shift in views toward homeownership and marriage.
Twenty-five percent of married couples between the ages of 18 and 35 bought their first home before their wedding date, compared to 14 percent of married couples who are 45 or older, according to the survey, which was administered by Harris Interactive on behalf of Coldwell Banker.
“While life goals and expectations continue to weigh on young couples, their views of homeownership are transcending their plans of marriage and starting a family, creating a direct effect on the patterns of buying a home altogether,” said Dr. Robi Ludwig, Coldwell Banker’s lifestyle correspondent. “What we’re seeing is that young couples are switching up the order and purchasing their first home regardless of whether or not they have set a wedding date. This is a huge movement within the American culture. While younger generations may be focusing more on their career, and in turn waiting longer to get married and have children, they are not delaying their dream of homeownership.”
Other findings of the study include:
- Eighty percent of homeowners surveyed said buying a home strengthened their relationship more than any other purchase.
- Thirty-five percent of married homeowners purchased their first home by their second anniversary.
- Ninety-three percent of homeowners who purchased their first home while married always planned on buying a home after marrying.
- Thirty-five percent of married homeowners wish they had bought a home earlier than they did.