A recent report from Pew Charitable Trusts has uncovered the burden wedding attending has put on young working-age adults. This problem hits members of the Gen Z and millennial generations the hardest. This analysis reveals that individuals aged 18 to 30, alongside those aged 31 to 45, are making significant housing sacrifices to afford wedding-related expenses. Policy recommendations The research highlights the worsening difficulty young people have to juggle social expectations alongside the growing cost of living.
According to the survey, nearly 45% of Gen Z and millennial adults have altered their housing situations to accommodate the financial demands of wedding celebrations. The average cost per wedding guest in 2024 is expected to total $610. When factoring in additional expenses such as bachelor or bachelorette parties, attending just one wedding can cost an average of $2,010.
The financial strain has driven numerous guests into bankruptcy. About 31% of attendees have said they’ve taken out loans to attend these events. Alarmingly, of those who borrowed, 23% borrowed $2,500 or more. This overall trend is alarming considering what social obligations may be doing to young adults’ financial security.
The report identifies a more positive changing tide in the nation’s housing market. The median age of first-time homebuyers soared to an all-time high of 38 years old in 2024. Today’s would-be first-time homebuyers were on average just under 30 years old during the 1980s. With the struggle of homeownership weighing heavily on this generation of young adults, many are choosing a different path. Nearly 11% of adults surveyed report living with roommates. In the meantime, 9% are reducing their down payment savings.
The financial pressures extend beyond weddings. Moreover, in August 2024, the median sales price of an existing home reached $422,600. At the same time, the average monthly rental cost jumped from $1,933 a month to $2,007—a 2.4% increase over the last year. Rising costs combined with little to no growth in savings rates are creating a perfect storm for young adults. At 0.49%, the national average for savings accounts, their fight against poverty and for financial independence becomes an arduous uphill struggle.
Housing expert Amanda Pendleton, with Zillow, emphasized the impact of these results on housing security.
“It’s just a tangible way to show how these celebrations can disrupt housing stability,” – Amanda Pendleton
She elaborated on the stark comparison between wedding costs and living expenses, stating:
“It really is eye-opening when you put it right next to rent,” – Amanda Pendleton
We know that young adults are balancing their social lives in the face of cost of living increases and inflation. These numbers shine a light on the greater economic struggles they face. Today, the average age of marriage in the U.S. has risen to 32. This change makes it harder for survey respondents among the millennial cohort looking to put down roots and purchase a home.