Love, Marriage, and... Mortgages?

Forget “put a ring on it” – today’s couples are all about putting a down payment on it. That’s right, more lovebirds are choosing mortgages over marriage, and we’re here to spill the tea (or should we say, house blend?).

The Numbers Game 🏠💑

• In 2023, about 555,000 unmarried couples bought homes together. That’s up 46% from a decade ago. Talk about a housing boom!

• These committed-but-not-married folks now make up over 11% of U.S. home buyers. In the '80s, they were barely a blip on the radar (much like neon leg warmers, thankfully).

Why Swap Rings for Real Estate? 💍➡️🏘️

1. Cha-Ching Factor: The median homeowner is sitting pretty with $400,000 in wealth, while the average renter’s got about $10,000. No wonder couples are choosing equity over eternity bands!

2. Wedding Budget = House Down Payment: Some couples, like Peyton Kolb and her fiancé, are trading in the $200K wedding for a three-bedroom near Tampa. Because nothing says “I love you” like built-in equity and extra closet space.

3. Rent is Too Damn High: Just ask Sonali Prabhu and Ryan Willis, who faced an $800 rent hike. Their solution? A $425K house with a mortgage just $200 more than their potential new rent. Smart cookies!

The Fine Print (AKA Legal Stuff) 📜

Before you rush to Zillow, remember: unmarried homeownership is like assembling IKEA furniture without instructions – tricky and potentially frustrating.

• No Ring, No Rules: Without marriage protections, breakups can get messy. Who keeps the house? Who pays the mortgage? It’s like a game of Monopoly, but with real money.

• Cohabitation Agreements: Think prenups, but for mortgages. They cost $1,000 to $3,000, which is a lot cheaper than a legal battle over your mid-century modern dream home.

Cultural Shift Alert 🚨

• The median age for first marriages is now over 30, while first-time homebuyers are pushing 40. Looks like we’re all growing up… or at least our credit scores are.

• As Emily Luk from Plenty says, “A mortgage feels like a more concrete step toward their future together than a wedding.” Because nothing says commitment like a 30-year fixed rate.

The Bottom Line

As home prices outpace wedding costs (44% vs. 25% increase since 2019), expect more couples to choose closing costs over cake tastings. So, whether you’re team “I do” or team “let’s do this mortgage,” remember: home is where the heart is – and apparently, where the smart money is too.

Now, if you’ll excuse us, we’re off to binge-watch “House Hunters: Unmarried Edition.” 🏠❤️