Eighty percent of recent wedding registry
creators say that if they were to do it again, they'd include an
option for people to gift money toward a new home
SANTA
CLARA, Calif., June 28,
2023 /PRNewswire/ -- Crock pots and matching linens
are out and down payments are in, according to a new survey from
Realtor.com® and Censuswide. The research finds that
newlyweds would rather gift-givers skip traditional presents in
favor of financial gifts toward the purchase of a home, but many
feel obligated to register for traditional gifts they don't
want.
Among those surveyed who have created a wedding registry in the
last 24 months, 85% say they would have preferred to have received
money toward a down payment on a home, rather than a physical gift.
If they could do it again differently, they would – 80% say that if
they were creating a gift registry today, they would include an
option for people to gift them money toward home buying expenses,
such as a down payment, a mortgage payment or closing costs.
But despite the desire for financial gifts to be used toward a
home purchase, both newlyweds and gift givers are stuck in a
traditional gift-giving cycle.
People are registering for – and giving – gifts they don't
want out of obligation
Eighty-two percent of those surveyed
who've recently created a wedding registry say they felt obligated
to register for traditional gifts, such as home furnishings,
dishware, etc., with 53% saying they felt very obligated to
register for traditional gifts.
This is causing most (88%) of those surveyed who've recently
created a wedding registry to register for gifts they didn't really
want:
- 46% registered for gifts they didn't want because they felt
obligated to have traditional gifts on their registry
- 40% registered for gifts they didn't want because their
fiancé/spouse wanted them
- 35% registered for gifts they didn't want, but planned to
return them for money to use on what they really want
The obligation to traditional gifting goes both ways:
- 80% of those who've recently created a wedding registry say
they've felt obligated to buy a traditional gift for a
wedding they attended
- 70% say they would prefer to buy a traditional gift for
a wedding they attend
Times, they are-a-changin
Seventy-two percent of those
surveyed who've recently created a wedding registry included
options on their registry for people to contribute financially to a
specific large-ticket item, such as a honeymoon, and 22% said they
didn't include this option, but would have liked to.
This corresponds with more people being willing to give money
toward home buying as a gift at weddings they attend, with 30% of
those surveyed now being open to giving such gifts:
- 16% would prefer to gift money toward a home down payment
- 14% have no preference between a traditional gift and money
toward home buying expenses
"Over the last few years, homebuyers have been facing a number
of challenges, most notably around affordability due to high home
prices and mortgage rates," said Clare
Trapasso, executive news editor at Realtor.com®.
"We're seeing buyers get creative with how they cobble together the
necessary financials, from tapping into down payment assistance
programs, to asking for help from family and friends. Adding a home
buying gift option to a wedding registry is a great way for people
to crowd-source these often hard-to-come-by funds. It allows their
loved ones to celebrate one of the biggest moments of their
lives while helping them to achieve homeownership."
With mortgage rates expected to remain elevated, putting
pressure on buyers' budgets at least through the end of this year,
coupled with continued low for-sale inventory, competition for
housing will remain strong and buyers will need to continue getting
creative to afford to buy this year.
Survey Methodology
The research was conducted by
Censuswide, with 2,291 respondents in the U.S. including 755 people
who have created a wedding registry in the last 24 months. The
fieldwork took place May 12-19, 2023.
Censuswide abides by and employs members of the Market Research
Society which is based on the ESOMAR principles.
About
Realtor.com®
Realtor.com® is an
open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real
estate more than 25 years ago. Today, through its website and
mobile apps, Realtor.com® is a trusted guide for
consumers, empowering more people to find their way home by
breaking down barriers, helping them make the right connections,
and creating confidence through expert insights and guidance. For
professionals, Realtor.com® is a trusted partner
for business growth, offering consumer connections and branding
solutions that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq:
NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more
information, visit Realtor.com®.
Media contact: press@realtor.com
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SOURCE Realtor.com