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With the average cost of wedding in the US being above $35k (https://www.marketwatch.com/story/what-the-average-american-wedding-looks-like----and-costs-2017-02

With the average cost of wedding in the US being above $35k (https://www.marketwatch.com/story/what-the-average-american-wedding-looks-like----and-costs-2017-02-10 https://www.marketwatch.com/story/what-the-average-american-...), $45k of downpayment seems to be well within the means of an average family.

ForHackernews 8y ago
Marriage rates are also declining except among the middle to upper-middle classes.
adventured 8y ago
It's very doable, especially if you have a partner to split it with. Where the $45k gets someone under 30, is just that it can take several years to put together that sum. Most people don't start to hit their earning stride until the very late 20s or early 30s. So you're in the median bracket and you get your first serious, solid paying job by ~24/25. It's reasonable that if you're diligent about savings every month, you could have $45k+ by yourself at 32-36 years of age, and I'm assuming some financial setbacks along the way. With a partner, it really shouldn't be a problem by those ages. To do it before 30, you'd need a good economic pairing of two people that already are near or above $85k by 30. All assuming you're not living in an expensive market of course. With the necessary caveat: having children before 28 or 30 considerably changes the equation (unless you have a larger income in the household to offset that additional cost), as can serious health problems and associated bills (depending on your job/career situation).
- cableshaft 8y ago
  Don't forget student loans. We have a whole generation of people that are saddled with large student loans. They can easily spend all the money that would have gone towards saving for a house downpayment on paying their student loan payment instead.
jstarfish 8y ago
Marriage-related crap is charged to credit cards and/or is subsidized through financial gifts by friends and family after the wedding. Down payments are neither, unless your parents/inlaws are feeling generous. The average savings account balance in this country is far less than 45k. You are completely out of touch if you think the average family can simply pull that out of their asses.
- donaldknuth123 8y ago
  >The average savings account balance in this country is far less than 45k. I've seen stats that say 60% of US households can't even afford a sudden expense of $1000 so it's even worse than that.

ForHackernews 8y ago

Marriage rates are also declining except among the middle to upper-middle classes.

adventured 8y ago

It's very doable, especially if you have a partner to split it with. Where the $45k gets someone under 30, is just that it can take several years to put together that sum. Most people don't start to hit their earning stride until the very late 20s or early 30s. So you're in the median bracket and you get your first serious, solid paying job by ~24/25. It's reasonable that if you're diligent about savings every month, you could have $45k+ by yourself at 32-36 years of age, and I'm assuming some financial setbacks along the way. With a partner, it really shouldn't be a problem by those ages. To do it before 30, you'd need a good economic pairing of two people that already are near or above $85k by 30. All assuming you're not living in an expensive market of course. With the necessary caveat: having children before 28 or 30 considerably changes the equation (unless you have a larger income in the household to offset that additional cost), as can serious health problems and associated bills (depending on your job/career situation).

cableshaft 8y ago
Don't forget student loans. We have a whole generation of people that are saddled with large student loans. They can easily spend all the money that would have gone towards saving for a house downpayment on paying their student loan payment instead.

jstarfish 8y ago

Marriage-related crap is charged to credit cards and/or is subsidized through financial gifts by friends and family after the wedding. Down payments are neither, unless your parents/inlaws are feeling generous. The average savings account balance in this country is far less than 45k. You are completely out of touch if you think the average family can simply pull that out of their asses.

donaldknuth123 8y ago
>The average savings account balance in this country is far less than 45k. I've seen stats that say 60% of US households can't even afford a sudden expense of $1000 so it's even worse than that.