For many young Americans, the route to homeownership now entails choosing between a dream wedding and a dream home—and increasingly, the house is winning.
As housing costs surge nationwide, millennials and Gen Z are making unprecedented sacrifices to secure their first homes.
But they face some of the most difficult market conditions in decades. 77% say homeownership remains a top priority, and 66% express positive or neutral views of the current market, according to a PulteGroup survey.
A perfect storm of rising costs
Lisa Nguyen, with REMAX Professionals, who has worked in the industry for 20 years, points to rising interest rates, skyrocketing insurance premiums driven by catastrophic weather events, and escalating HOA fees as key barriers.
“We’re in a new reality,” Nguyen said. “Insurance, taxes, and HOA fees all figure into the monthly payment now more than ever. Buyers are getting less house for more money.”
Home sales in the Denver area plummeted to 2008 levels in January.
In Denver, homeowners with mortgages now pay approximately 40% more per month than renters—$2,681 versus $1,943—according to LendingTree.
Nationwide, renting is cheaper than owning in all 100 of the largest U.S. metros, with 22 markets where ownership costs at least 50% more monthly.
“The cost disparity here could be enough to convince someone that they’ll never be able to own a home in some areas, and—unfortunately—they may be right,” said Matt Schulz, LendingTree’s chief consumer finance analyst.
Redefining priorities
To achieve homeownership, young buyers are making sacrifices. Over the past three years, more than half cut back on travel, 56% delayed big-ticket purchases, and 42% scaled back on entertainment.
A striking 81% would prioritize keys to a new home over their dream wedding. Nearly half would scale back their celebration—63% would choose smaller venues and 47% would reduce guest lists. Over a third would spend less or skip their honeymoon, and 28% would postpone their wedding altogether.
“The price of a wedding is equivalent to a down payment,” Nguyen said. “Many couples are choosing to make that investment in a home instead. They’re having to choose between survival or luxury of some sort.”
The profile of first-time homebuyers is evolving. Single women now represent the largest demographic.
Buyers are aging, with more first-time buyers in their 30s or 40s than in their 20s. For 62%, the primary motivation is delivering stability for their families.
With 70% citing insufficient down payment savings as their biggest hurdle, 14% receive family financial assistance through gifted down payments, help with monthly payments, or co-signed mortgages.
Cautiously optimistic
Despite the challenges, the National Association of Realtors expects a 14% increase in home sales in 2026, particularly if interest rates decline.
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Ryan Marshall, PulteGroup president and CEO, emphasizes that younger buyers aren’t abandoning their dreams—they’re redefining them.
“Today’s first-time buyers want a home that reflects who they are and where they’re headed, and we’re here to help make that happen,” he said. “We’re focused on making homeownership achievable, not just aspirational.”
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