Hitting nine bachelor parties can cost one-third of a down payment on a median-priced house.
Millennials are really making it rain at bachelor parties.
Young adults are dropping an average of $1,532 on a single bachelor party with travel and lodging included, according to a new report from real estate site Zillow based on stats from The Knot wedding site. That’s a few hundred less than what wedding parties spend on bachelorette bashes — a cool $1,106 on average per person.
And going all-in on nine bachelor parties will cost you an estimated $13,788 – or around one-third of a medium-value U.S. home priced at $200,400, according to Zillow.
Some bachelor party cities take a bigger bite out of your home-buying budget than others. In some of the cheaper markets, like Cleveland and Pittsburgh, Millennials can actually spend up to 51% of their future home’s down payment on bachelor parties. And even in the country’s most expensive housing markets, like San Francisco or San Jose, California, Millennials attending nine bachelor parties will have spent 6.8% of a down payment on an average $1,013,7000 median home.
Though it might not be a major issue for some Millennials, since a growing number of them are choosing to live at home with their parents instead of owning a home.
Bachelor and bachelorette parties aren’t the only money pits associated with weddings. If you’re in the wedding party, expect to spend an additional $1,154 on attire and gifts for the bride and groom. Guests not even in the bridal party spend $888 on average to attend each wedding.
Splurging for priceless debauchery is bit sobering, considering that the majority of Millennials have less than $1,000 in their savings accounts, while many have nothing at all. According to a report by Charles Schwab, they mostly spend cash on convenient luxuries like taxis, coffee and dining out — or a liberal brunch budget for avocado toast at around $19 a pop.
The study also found that: 60% of Millennials admit to spending more than $4 on a cup of Joe; 79% will shell out money to try a hip new restaurant; and 60% buy clothes they don’t need. The numbers were far more low for their elders only 29% Gen Xers and 15% of Baby Boomers said they’d splurge for a car service or Uber.
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