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A wedding costs more than a mortgage in these cities, study finds

By Stephanie Weaver
Published  October 3, 2024 3:56pm PDT
Consumer
KTVU FOX 2 San Francisco

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The Brief

    • In 47 of the 80 cities analyzed, the cost of a down payment was actually lower than the average wedding cost.
    • In several cities, such as Philadelphia, Houston, and Cleveland, couples saved close to $10,000 by opting for a home instead of a wedding.
    • The study found that the national average cost of a wedding in 2023 was $35,000, while the national median single-family home price was $422,100 in Q2 of 2024.

As costs continue rising, many couples may be forced to choose between saving for their dream wedding or saving for their dream house. 

To help couples better weigh the costs of saying "I do" and putting down a down payment, the real estate company Zoocasa examined the median sales price of single-family homes in 80 of the largest metropolitan statistical areas using 2024 data from the National Association of Realtors. 

Using an 8% down payment, the typical percentage used by first-time homebuyers according to the NAR, the company then compared it to the average cost of a wedding in the same state using The Knot’s 2023 wedding cost study. 

The study found that the national average cost of a wedding in 2023 was $35,000, while the national median single-family home price was $422,100 in Q2 of 2024. 

Down payment cheaper than wedding in more than half of cities

In 47 of the 80 cities analyzed, the cost of a down payment was actually lower than the average wedding cost.

FILE: A bride holds a bouquet at her wedding. (Credit: Silas Stein/dpa (Photo by Silas Stein/picture alliance via Getty Images)

"For couples who aren’t that enthusiastic about a large celebration, it may be worth considering skipping the ceremony and using the wedding money towards a down payment instead," Zoocasa said in their study.

In several cities, such as Philadelphia, Houston, and Cleveland, couples saved close to $10,000 by opting for a home instead of a wedding. 

RELATED: Homeownership is the new hot wedding gift

For example, the average wedding in Philadelphia cost $40,000, while an 8% down payment would amount to $30,496.

In New York City, where the average wedding costs $63,000, a couple could choose to put this amount toward a down payment instead. After covering the typical 8% down payment of $55,904, they would still have $7,096 left over.

 Indianapolis, Kansas City, Tucson, and Des Moines are also some of the other cities with less than a $1,000 difference between a wedding and a down payment. 

Where wedding costs more than mortgage

  1. New York City, NY ($63,000 wedding cost)
  2. Chicago, IL ($56,000)
  3. Philadelphia, PA ($40,000)
  4. Baltimore, MD ($39,000)
  5. Pittsburgh, PA ($38,000)
  6. Houston, TX ($37,000)
  7. Dallas, TX ($35,000)
  8. Atlanta, GA ($32,000)
  9. Detroit, MI ($32,000)
  10. San Antonio, TX ($29,000)
  11. Cleveland, OH ($31,000)
  12. Cincinnati, OH ($30,000)
  13. St. Louis, MO ($29,000)

However, the study found that weddings are not always more expensive than down payments. 

In some cities, like Orlando, the average wedding cost $28,000 – half of what it is in New York City. Meanwhile, the median price for a single-family home in Orlando was $450,000, which brought the 8% down payment to $36,000 – $8,000 more than the average wedding cost in the city.

Likewise, Utah, Nebraska, Oklahoma, and Missouri had average wedding costs under $30,000, meaning marriage was likely the more affordable option in cities in those states. 

See the full report here.

How to afford both a marriage and a mortgage

While buying a first home and holding a wedding may be two of the largest expenses in a couple’s life, Zoocasa said there are ways to lower these costs and afford them both. 

If a couple lives in a state that has higher average wedding costs, such as New York or New Jersey, they could opt to have a destination wedding in a more affordable location.

Couples could also choose to invite fewer people, as the average wedding with 1-50 guests is just $16,700. They can also cut back on vendor costs, such as choosing a DJ over a live band.

To save money on a first home, couples might consider purchasing a condo. This allows them to build equity over a few years before upgrading to a single-family home. 

In many cities, including Houston, Columbus, Jacksonville, New Orleans, and Philadelphia, the median price of a condo remains below $300,000, making it a more affordable entry point into homeownership.

The Source

  • The information for this story was provided by the Zoocasa, who examined the median sales price of single-family homes in 80 of the largest metropolitan statistical areas using Q2 2024 data from the National Association of Realtors’ "Median Sales Price of Existing Single-Family Homes for Metropolitan Areas." An 8% down payment, typical for first-time homebuyers according to the National Association of Realtors' 2023 Profile of Home Buyers and Sellers, was then calculated. This down payment was then compared to the average cost of a wedding in the same state or city using data from The Knot’s "Real Weddings Study" in 2023. This story was reported from Los Angeles.