Residential
Real Estate News
Most Affordable U.S. Cities to Get Married and Buy a Home Revealed

Most Affordable U.S. Cities to Get Married and Buy a Home Revealed


According to Redfin, Cleveland, Detroit and Pittsburgh are the most affordable places where couples can throw a wedding and also cover a down payment on their first home. In all three Midwestern metro areas, the average combined cost of a wedding and a down payment is less than $65,000, compared with the national average of more than $109,000.

San Francisco, where typical wedding and down payment costs add up to $325,000, is the most expensive place to get married and buy a home, followed by Los Angeles ($168,000) and New York ($158,000).

To determine how much cash couples in different parts of the country would need on hand to throw a wedding and buy their first home, Redfin calculated down payment amounts in 25 metro areas, assuming a 20 percent down payment on the median list price as of April 2019. Redfin paired it with metro-level and national data on wedding costs from WeddingWire, which found the average cost of a wedding, including an engagement ring, ceremony and reception, and honeymoon to be $38,700 in 2018.

In expensive coastal metros including Seattle, Boston and San Diego, a down payment alone costs over $100,000, without factoring in a wedding. For couples in these places with visions of a dream wedding, it might be worth spending the money on the party, considering it is roughly half the cost of a down payment, which may be far less attainable.

Even in relatively affordable housing markets like Phoenix, Minneapolis or Atlanta, a typical down payment is more than twice as much as an average wedding. If saving for a home is a priority of residents in these areas, skipping the big day and eloping to city hall might be a worthwhile strategy.

Ranking of the most affordable U.S. cities to have a wedding and purchase a home in 2019:

most-affordable-cities-to-buy-a-home-in-2019.jpg

Sponsored by

Comment with Facebook


Copyright 2010 - 2019 WORLD PROPERTY JOURNAL, INC. All Rights Reserved.

Join 34,000+ real estate professionals worldwide who receive our free weekly newsletter

GO
Advertisement
News Search
Go

Listing of The Day

Luxury Property Spotlight

Reader Poll

Advertisement
Featured International Listings
×
WORLD PROPERTY JOURNAL
 
Free News Alerts
 

Sign up now to receive the latest local & global real estate news in your inbox.

GO