Before they take their trip down the aisle, many millennials are hitching up for another kind of trip—and it’s taking a big bite out of their bottom line. Destination bachelor and bachelorette parties (think “The Hangover,” but hopefully without lost memory and missing friends) are “becoming the new norm” for many in that demographic, who eschew the traditional night out near home for a getaway to end all getaways, according to a report from Zillow.
But instead of just waking up the next day feeling a bit under the weather, these globe-trotting partygoers have another more serious issue to contend with. And one that will stick around longer than a pounding headache or queasy tummy. “Those who attend just nine of these trips in a lifetime will have spent up to $13,788, or 34 percent of a down payment on the median U.S. home,” Zillow reports. Talk about some sobering news.
A destination bachelor celebration costs on average $1,532, while a bachelorette fete will run you about $1,106, according to Zillow’s report. “Attending your friends' bachelor or bachelorette parties can be a trip of a lifetime,” said Jeremy Wacksman, Zillow Chief Marketing Officer. “While everyone's budget and priorities are different, big ticket expenses like vacations can add up surprisingly quickly—a lot faster than a $19 avocado toast.”
Sixty-nine percent of millennials contend that owning a home is necessary to live the American Dream, yet saving money for a down payment is often their biggest barrier to homeownership, Zillow says.
So maybe those hometown shindigs aren’t such a bad idea after all.