"Home funds" are the newest wedding registry fad
More couples are swapping houseware for house funds on their wedding registry.
Why it matters: With the cost of buying a home at historic highs, a growing number of couples are asking for help on a house down payment as a wedding gift.
By the numbers: The share of couples who include "home funds" in their wedding registry has increased by 55% since 2018, according to the wedding planning and registry website The Knot.
- Nearly a fifth of the couples registered on the website are asking for help on a down payment for their first home, The Knot and Zillow Home Loans found.
- 43% of couples reported gift funds from friends and family as one of their funding streams for a house down payment.
What they're saying: Esther Lee, deputy editor of The Knot, said home funds were "one of the most popular wedding registry cash funds" for the website in 2022, with a "honeymoon fund" following right behind, per a news release.
- "While guests prefer to give cash gifts for celebratory treats, like a sunset honeymoon dinner, milestone gifting is a profoundly thoughtful and significant trend we're seeing among couples planning on The Knot," Lee added.
Between the lines: Younger generations are feeling the effects of high housing costs, and many are resorting to renting instead of homebuying.
- Mortgage rates are nearing 8% for the first time in over two decades.
- And another report found that 38% of recent buyers under age 30 received family money in order to afford their down payment.
- Go deeper: New homeowners won't see a profit for over a decade