Weddings cost a lot, as do the bachelor and bachelorette parties (no shit). A new study confirmed this, and basically said this is why Millennials aren’t buying houses – we spend all of our money at weddings and the bachelor/bachelorette parties.
ABC13 explains, a new study by real estate site Zillow and wedding site The Knot says the average millennial male will spend a little more than $1,500 on a single weekend bachelor party. That number includes travel, hotel and others things. Women spend about $400 less (probably because they aren’t wasting a bunch of money at strip clubs), averaging a little more than $1,100 per person.
According to Zillow, if the average person attends nine parties in a lifetime, or three a year for three years, they will have spent up to 34 percent of the cash needed for a down payment on the median home.
Bachelor and bachelorette parties are not the only expense associated with attending a wedding.
Zillow’s study says on average, bridesmaids and groomsmen spend an additional $1,154 for things like wedding day attire, a gift for the bride and groom, as well as travel and accommodations for the wedding day. Guests not in the bridal party still spend $888 on average to attend each wedding.
So, tell your friends thanks for making you broke.
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