Where A Wedding Costs More Than A Home

When planning a milestone like a wedding or buying a home, many couples find they have to choose between the two. Paying for a wedding can be a huge expense, but making a down payment on a house is also a significant financial commitment.

A financial advisor can help you save for a down payment and set a budget for your housing hunt.

Nationally, the average down payment (13%) on the median home selling price in 2021 was $39,973, which is significantly higher than the median wedding expense of $27,063 in the same year. That means a wedding will cost a lot less money than buying a home in most places. But that’s not the case everywhere.

SmartAsset compiled the numbers to identify and rank the cities where it will be more expensive to get married than to buy a home in 2023. In this study, SmartAsset compared data from 150 of the largest metro areas in the US using two metrics: the average wedding cost and a 13% down payment on the house at the average price. For more details on how we obtained and analyzed our data, please see our Data and Methodology section below.

This is SmartAsset’s second study of where it’s more expensive to get married than to buy your own home. View the 2022 edition here.

Important Findings

• In 23 cities, weddings are the more expensive option. In Peoria, IL, a wedding exceeds the cost of a 13% down payment by almost 41%. However, if you increase this deposit to the suggested 20% deposit, no city has average weddings that exceed the cost.

• California will take you a long time. California residents will have the hardest time juggling both a wedding and a home purchase. Metro areas in the Golden State rank in the top four when it comes to average wedding costs and the top eight when it comes to average home selling price.

1. Peoria, IL
Peoria County is known for Grandview Drive, a two-and-a-half-mile scenic drive that Theodore Roosevelt once described as “the most beautiful street in the world.” And that view comes at a price. A wedding in the Peoria area costs almost 41% more than a 13% down payment on the home. And if couples chose to pay for both a wedding and a house in the same year, they would have to pay a bill of at least $41,254.

The story goes on

2. Syracuse, New York
The average price for a Syracuse wedding is $31,304, which is 31.44% more than a 13% down payment on the home ($23,816). This metro area is home to rich architectural landmarks and historical buildings, which probably makes it a popular wedding destination. But since home prices are among the lowest in our study, a 13% down payment for Syracuse home ownership could be cheaper than getting married.

3. Youngstown-Warren-Boardman, OH-PA
With a limited number of vendors and expensive venues in the area, weddings in Youngstown-Warren-Boardman (commonly referred to locally as “The Valley”) are nearly 25% higher than a 13% down payment on the home. Despite being #3 on our list, weddings here are still on the cheaper side at $22,373, which ranks 26th out of 150 cities we surveyed.

4. Cleveland-Elyria, OH
If you hike about 70 miles southeast of The Valley, you’ll find Cleveland-Elyria, where the gap between a wedding and a home down payment is only slightly narrower than its northern cousin. There’s a 24.62% difference between the average wedding ($30,919) and a 13% down payment on the average home ($24,811).

5. Rochester, NY
At $31,340, the median cost of a wedding in Rochester, New York in 2021 was more than the median wedding cost for the entire top 10, which was $27,919. Weddings in Rochester are typically about 24.56% higher than a 13% down payment on the average home in the area, which typically costs $193,544.

6. York-Hanover, PA
York-Hanover residents have the highest home prices of our top 10 with an average home selling price of $224,374. This also means the 13% deposit is on the high end at $29,169. Even with the higher price, that deposit was still 16.8% cheaper than the average wedding, which came in at $34,069 (the highest price in our top 10).

7. Scranton–Wilkes-Barre, PA
Fans of the cult classic The Office will easily recognize the familiar Scranton name, but may not be aware that weddings in the area are actually more expensive than down home payments. If you put a 13% down payment on a median price home in Scranton – Wilkes-Barre – you’ll be paying back $22,936. This is 16.76% cheaper than the average wedding at $26,780.

8. Buffalo Cheektowaga, NY
Buffalo-Cheektowaga is the third New York metro area to rank in our top 10. A wedding here will cost you an average of $32,394. That’s 15.95% above a 13% down payment of $27,938 on the home. Buffalo-Cheektowaga is about $1,675 cheaper than York-Hannover in Pennsylvania, the most expensive average wedding in our top 10.

9. Toledo, Ohio
Toledo offers a wide range of wedding factors and is also home to a vibrant culinary scene that can contribute to the average wedding cost of $22,975. The housing market in this metro area is also relatively cheap, with an average home selling price of $155,663. But with a 13% down payment on the home, which is $20,236, a Toledo wedding costs 13.53% more.

10. Davenport-Moline-Rock Island, IA-IL
The Davenport-Moline-Rock Island area is known for its music and theatre. Residents here have the lowest average wedding expenses in the top 10 ($22,908). This is still relatively high considering it’s 12.91% more than a 13% down payment for a home in the area.

data and methodology

To find the places where the average wedding cost is higher than the typical down payment on a home mortgage, we analyzed data for 150 of the country’s largest metro areas. For each area, we considered three metrics:

• Average Wedding Cost. Data is from theweddingreport.com and is for 2021.

• Median home selling price. Data is from Zillow for October 2021 and October 2022.

• 13% deposit. The typical down payment for all buyers is 13%, according to the National Association of Realtors. We calculated this simply by taking 13% of the median home selling price in each metro area.

For each metro area, we divided the down payment by the average cost of a wedding there. We then ranked the metro areas according to how much more the average wedding costs compared to paying a 13% down payment on a house at the average price.

Tips for first-time home buyers

• You don’t need 20% for a deposit. While buyers are traditionally encouraged to pay 20% on a home purchase, you can purchase a home with far less upfront payment. One option is a Federal Housing Administration loan that lets you pay back just 3.5%, even though you have to pay mortgage insurance. Some lenders may even allow buyers to deposit as little as 3%.

• Run the numbers. SmartAsset has a number of tools that can help first-time home buyers through this process. Our interest rate comparison tool can help you evaluate different lenders based on the interest rates they are currently offering. Our mortgage calculator can help you calculate your monthly payments.

• Work with a pro. A real estate agent is not the only professional who can help you with your home purchase. A financial advisor can help you save for a down payment and set a budget for your housing hunt. SmartAsset’s free tool puts you in touch with up to three verified financial advisors in your area, and you can interview your advisor matches for free to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.

Questions about our study? Contact us at [email protected]

Photo credit: ©iStock.com/Serhii Sobolevskyi

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