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(London.CityRegions.com, April 26, 2013 ) London, UK -- It use to be that tying the knot came before applying for a mortgage. That was simply the nature of relationships: Individuals became a couple, and then got a place together, which usually involved a mortgage. That seems to no longer be the case.
An increasing number of young people are committing their relationships to more serious roles are also foregoing standard wedding vows before they buy a house together. Currently, over a quarter of now-married millennials say that they purchased homes with their current spouse prior to their wedding. The numbers have come from a Coldwell Banker's Marriage and Homebuying study that was recently released.
In comparison to the current numbers, 14% of those 45 or older purchased a home with their spouse before marriage.
Some of the change has to do with the fact that unmarried couples have become increasingly likely to ignore the convention altogether. Between 2006 and 2010, over 48% of all American women (15-44 years old) were shown to have lived with their partner at some point, according to the CDC. In 1995, that number was 34% overall.
"The boundary of needing to be married before purchasing a home has been broken," Ludwig says. "The younger generation seems to be a bit more realistic in that they are getting married later but want to plot out their life and prepare for financial realities."
Such “financial realities” have been brought into sharp relief for the past several years. The housing crisis and financial crisis both tore apart the nations economy, and now that things are finally coming back together, Americans have started to recognize they need a safety net.
Millennials have proven to be rather pragmatic when it comes to debt, say sLudwig. They recognize the fact that current real estate market numbers could be a once-in-a-lifetime opportunity, but are not rushing into hasty over-the-top decisions.
"It requires you to be financially transparent and you have to have the maturity and forethought to say 'What do you want in the next five, 10, 15 years?' going into homeownership," Ludwig says.
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