A rising number of couples are using their wedding registry to ask for down payment donations, according to The Knot.
Paige Mankin and Corey Moss want to buy a home in the New York, New Jersey and Connecticut area but the couple fears that dream may not come true any time soon, given how expensive the current housing market is. With that in mind, the New York residents who are engaged to be married in January are asking friends and family for a novel though increasingly popular gift in their wedding registry: contributions for a down payment on the purchase of a new home.
Still, one person has donated $118 to their home fund so far. The couple told CBS MoneyWatch that they're not using registry donations to buy a home right away because interest rates and home prices are too high. Instead, any money given to the fund will grow in a savings account until the couple is ready, Moss said.'It's not worth it right now because you can make more money for the down payment by investing it in the market,' said Moss, who works as a management consultant.
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