With the Homebuying Market As it is, Newlyweds are Creating ‘Home Funds’ to Aid in the Process

With home prices and mortgage interest rates seeing increases in recent years, homebuyers are finding alternative ways to help purchase their homes, writes Michaelle Bond for The Philadelphia Inquirer. 

For newlyweds, one alternative has been to set up a “home fund” on their wedding website in addition to their honeymoon fund.

That’s what newlyweds Melissa McNichols and Kevin Hannon did, and they managed to receive $5,000 for their home fund alone. 

It went a long way toward helping them close on their first home in the Wissahickon neighborhood. 

“We’d still probably be really saving a lot if we didn’t have that extra cash fund,” said McNichols.

According to wedding planning website, The Knot, about 20% of couples with registries ask their guests to help them pay for a home, and the share of couples who have done so has increased by 55% since 2018.

Sam Lardi and Jon Mulcahy also created a home fund to go from being South Philadelphia renters to eventual homeowners in the region.

While home prices are higher now than when the couple started searching last year, they aren’t too worried. 

“We’re actually in a better position than I predicted we’d be in,” Lardi said, thanks to the contributions.

Read more about how newlyweds are finding ways to buy homes at The Philadelphia Inquirer.

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There are various programs available in Philadelphia that help in the homebuying process.