Getting married is more expensive than buying a house in these cities
These 10 cities have a higher average wedding cost than a 13% down payment on a house
Millennial homebuyers are boosting the strong housing market: Bary
Barron's associate editor Andrew Bary shares his insights on affordability in today's housing market on 'Barron's Roundtable.'
Some couples who are looking to their future may have a difficult financial decision ahead of them: to get married or to buy a house.
In some places in the country, it’s actually more expensive to have a wedding than it is to buy a house, according to a Tuesday report from SmartAsset.
BEST STATES TO RAISE A FAMILY IN 2022: REPORT
For its report, the financial technology company compared the 150 largest metro areas in the U.S. and compared them based on three metrics: average wedding cost, median home sales price and 13% down payment – which SmartAsset found by taking 13% of the median home sales price in each city, according to the methodology.
There are 20 cities out of the 150 largest U.S. cities where it is more expensive to have a wedding than it is to buy a house. (iStock / iStock)
Aside from its top 10 ranking, SmartAsset also found that only 20 cities out of 150 had cities where a wedding was more expensive than a down payment on a house.
AMERICANS LARGELY MOVED TO ‘LOW-DENSITY’ STATES IN 2021: STUDY
To see which cities made it to the top of the list, here are the 10 places where a wedding costs more than a down payment, according to SmartAsset.
1. Binghamton, New York
In Binghamton, New York, it is more expensive to have a wedding than to make a down payment on a house, according to SmartAsset. (iStock)
Average wedding cost: $29,327
Median home sales price: $127,700
13% down payment: $16,601
How much more is a wedding than a house: 76.66%
2. Youngstown-Warren-Boardman, Ohio-Pennsylvania
Average wedding cost: $22,634
Median home sales price: $119,000
13% down payment: $15,470
How much more is a wedding than a house: 46.31%
MYRTLE BEACH REAL ESTATE: WHAT YOU CAN GET FOR $850K
3. Erie, Pennsylvania
Eerie, Pennsylvania, is pictured. (iStock)
Average wedding cost: $24,918
Median home sales price: $135,100
13% down payment: $17,563
How much more is a wedding than a house: 41.88%
4. Peoria, Illinois
Average wedding cost: $23,514
Median home sales price: $128,100
13% down payment: $16,653
How much more is a wedding than a house: 41.20%
5. Syracuse, New York
Syracuse, New York, is pictured. (iStock)
Average wedding cost: $29,293
Median home sales price: $161,400
13% down payment: $20,982
How much more is a wedding than a house: 39.61%
CLICK HERE TO READ MORE ON FOX BUSINESS
6. Rochester, New York
Rochester, New York, is pictured. (iStock)
Average wedding cost: $29,525
Median home sales price: $170,400
13% down payment: $22,152
How much more is a wedding than a house: 33.28%
7. Rockford, Illinois
Average wedding cost: $23,355
Median home sales price: $141,300
13% down payment: $18,369
How much more is a wedding than a house: 27.14%
GET FOX BUSINESS ON THE GO BY CLICKING HERE
8. Buffalo-Cheektowaga, New York
Buffalo, New York, is pictured. (iStock)
Average wedding cost: $28,106
Median home sales price: $178,500
13% down payment: $23,205
How much more is a wedding than a house: 21.2%
9. Davenport-Moline-Rock Island, Iowa-Illinois
Average wedding cost: $21,238
Median home sales price: $142,800
13% down payment: $18,564
How much more is a wedding than a house: 14.4%
10. York-Hanover, Pennsylvania
Average wedding cost: $29,473
Median home sales price: $199,300
13% down payment: $25,909
How much more is a wedding than a house: 13.76%