Millennials spend thousands on bachelor parties, which can cut into important purchases.
The damage varies by city. In the cheapest markets, such as Cleveland, millennials could sink half of a down payment partying. Even in San Jose, California, the country's most expensive housing market, millennials with nine bachelor parties under their belts will have spent 6.8 percent of a down payment on the typical $1,013,700 median home.
"Buying a home is one of the most expensive purchases someone will ever make, and for most first-time buyers that means years of saving money to afford a down payment," said Jeremy Wacksman, Zillow chief marketing officer, in a press release. "Attending your friends' bachelor or bachelorette parties can be a trip of a lifetime," he said. "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."
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