It’s truly an honor to stand by your friend’s side as she exchanges vows with her beloved and takes her first steps toward marital bliss. If only those precious moments could make up for the exorbitant costs that come with being a part of her special day.
Members of the wedding party spend an average of $728 on gifts, travel and attire for the wedding, bachelor or bachelorette party and shower, according to a new Bankrate report.
The average price varies depending on where you live. Northeastern wedding party members should be prepared to shell out even more than that, with an average all-in cost of $1,070 to participate in all three events.
While those figures may be eye-boggling, it’s actually an extremely conservative estimate. According to figures from leading wedding website The Knot, a destination bachelorette party alone costs on average $1,106 ($1,532 for a bachelor). That typically includes all the costs for the bride- or groom-to-be, which, more often than not, partygoers
In a 2017 report, Zillow calculated how much cash is needed for a 20 percent down payment on a home, and how much of that money is going toward bachelorette parties instead. If I attend just nine of these trips in a lifetime, I will have spent up to $9,954, or 24.8 percent of a down payment on the median U.S. home.
Of course, not everybody would necessarily save that money for a down payment if they didn’t spend it boozing with the bride-to-be. But they would be wise to do so.
With 80 percent of millennial renters wanting to purchase a home (and 69% say owning a home is necessary to live The American Dream), it’s not as if young adults don’t want to buy a home — they just don’t have the means to buy one.