Countrywide Uncovers the Value of Paring Down Wedding Costs to Purchase First Home Earlier

Countrywide Home Loans, Inc., a national leader in residential finance, reveals the advantages for couples of spending a little less on the 'Big Day' and using the savings to purchase their first home a little earlier. Wedding experts proclaim today's average wedding costs between $16,000 and $20,000, especially with the Year 2000 wedding frenzy.

"The money spent on the wedding could be used instead to give couples that financial boost needed to purchase their first home much earlier," said Mike Taliaferro, executive vice president in Countrywide's retail division. "If couples cut their wedding costs in half, they may have an adequate downpayment or reserve fund, potentially allowing them to get into their first home."

"This would also put couples years ahead of their peers in the home buying market," explains Taliaferro. A recent study from the National Association of Realtors(R) indicated that the average purchase age of first-time homebuyers in 1999 was 32 years. In comparison, the 1997 United States Census revealed most couples first marry between the ages of 25 and 27. These numbers suggest a substantial gap in years between marriage and homeownership. "Purchasing a home earlier would allow couples to start building for their future much sooner," concludes Taliaferro.

Couples considering spending less on their wedding to purchase their first home may realize the following advantages:

Published: October 13, 2000

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