The first houses and weddings have never been so expensive – here is how to afford the two – the County Orange register

By Taylor Getler, Nerdwallet

Weddings and home ownership are two major objectives for many couples, but offer both years of careful economy and planning. In 2024, the median age at the first marriage was 28 years for women and 30 for men, according to data from the American census. However, the National Association of Realtors reports that the median age of house buyers for the first time in 2024 was 38 years. Picture a typical American couple waiting for almost a decade after marriage to become owners.

If you are recently engaged, following these things to do and not to do could help you considerably shorten the delay for having reached your dreams of home purchase.

Do: ask donations to a domestic fund instead of gifts

Judy Buchman and David Shpignik of the Bronx, New York, chose this strategy and were able to finance almost half of their deposit with the money of wedding gifts.

Using the wedding planning platform The Knot, the couple signed up for a new home cash fund which allowed guests to give an amount. “We are so lucky to have a lot of our little kitchen devices and other materialist things already … so we really wanted to set up a beautiful base for our future house.”

By accepting cash gifts, you can help rebuild your savings after paying a wedding and start preparing your new house budget.

Do not: finance your marriage with credit cards or loans

When a lender assesses your mortgage request, one of the greatest things they consider is your debt / income ratio (DTI). This represents the percentage of your income already allocated to existing debts.

The higher your DTI, the less money you need to devote money to your mortgage, which makes you a more risky borrower and can harm your chances of approval. To maximize your chances of approval with the widest range of lenders, aim to maintain your DTI in 36%.