Wednesday, March 7, 2007

A 21st Century Dowry

I met a woman recently who told me that, when her daughter Lisa was born 30 years ago, she and her husband bought a house for her in Palo Alto. It seems her own mother had done the same thing for her and she was continuing a family tradition.
Over the years, the value of the house increased as the mortgage decreased. In the last 30 years, the $35,000 investment grew to over a million dollars. The house had paid for family vacations and even financed her daughter’s college education.
That’s not so easy to do in today’s real estate market. But that isn’t keeping millions of women from buying their own home – a twist on the Hope Chest of yesterday.
It is not clear when the tradition of the "Hope Chest" started, or where, but it is certainly one that has survived the centuries. The Hope Chest signifies 'hope for marriage' and the promise of love and security.
A Hope Chest is really nothing more than a wooden chest, a storage unit, or a large box full of items that have been collected over time. It was property that a woman owned and brought into her marriage. In years gone by, women filled it with sentimental treasures as well as practical items they would use in setting up a new home with their husband.
But since houses and husbands are not mutually exclusive, the large number of women buying their own home today are storing treasures in a different kind of hope chest. They’re filling their home with today’s pleasures and tomorrow’s dreams, many of which may still include marriage - but don’t depend on it.
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