It seems as though there’s a new study every week talking about millennials and the way they live. Oftentimes, these reports connect something common or popular — like avocado toast — with the inability to achieve financial stability or home ownership status. Today, it’s none other than your bachelorette party.
In a study titled, “Pre-Wedding Bashes Can Put a Dent in Saving for a Home Down Payment,” real-estate company Zillow estimated the cost of attending numerous destination bachelor and bachelorette parties. According to the report, attending nine destination parties — described by Zillow as “flying off to exotic locales,” “big-ticket adventures,” and bashes inspired by The Hangover — will set you back upwards of $13,788, or 35 percent of a down payment on a median-price home.
The amount spent on destination bachelor and bachelorette parties can cost millennials in areas like Cleveland and Pittsburgh even more when it comes to “their future home’s down payment,” according to Zillow.
It’s important to note that all of the study’s costs were calculated using The Knot’s 2016 Wedding Guest Study, which stated that the average cost of a destination bachelor party is typically $1,532, and $1,106 for a bachelorette party. However, TODAY Home found that the numbers in The Knot‘s 2018 Wedding Guest Study are extremely different. Instead of spending more than a grand on these parties, wedding party members typically only spend $584.
That said, the costs of a bachelor and bachelorette parties aren’t the only expenses that come with being a groomsman or bridesmaid. Zillow estimated that wedding party members spend, on average, an additional $1,154 for things like wedding day attire, gifts, and more. Those that aren’t participating in a couple’s big day and only attending a wedding typically spend a significant amount of money, too.
With all that said, you shouldn’t necessarily turn down a spot in your friend or family member’s bachelorette party just yet. Keep in mind that the study specifically looked at destination bachelor and bachelorette parties (and nine, at that!), i.e. ones that require airfare instead of just a night on the town. No matter the case, we’re sure you’ll still manage to get your party on while achieving homeownership status some day soon. 🙂
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