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 skip traditional gift-givers 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 had created a wedding registry in the last 24 months, 85% said 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 feel obligated to register for traditional gifts, such as home furnishings, dishware, etc., with 53% saying they feel 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-changing
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 to 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 Trapassoexecutive news editor at Realtor.com®. “We’re seeing buyers get creative with how they cobble together the necessary finances, 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 home ownership.”
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.
The research was conducted by Censuswide, with 2,291 respondents in the US including 755 people who have created a marriage 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.
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®.
Contact media: [email protected]
View original content:https://www.prnewswire.com/news-releases/realtorcom-survey-the-hot-wedding-gift-this-season-money-to-buy-a-house-301865182.html