Zoocasa
Sold Prices
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Home Alabama

Marriage or Mortgage? Comparing Wedding and Down Payment Costs Across the US

Mackenzie Scibetta by Mackenzie Scibetta
October 2, 2024
in Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Infographics, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, United States, US, Utah, Virginia, Washington, Washington D.C., Wisconsin
Reading Time: 7 mins read
A bride and groom
Share
Tweet
Share
0 Shares

Many first-time home buyers are at a stage in their lives where they are also either newlyweds or soon-to-be newlyweds. The cost of paying for your first home while also covering the expenses of a wedding can be financially overwhelming or impossible for some, especially as both have sharply risen in recent years. 

According to The Knot, the national average cost of a wedding in 2023 was $35,000 – a $5,000 increase from 2022, while, according to the National Association of Realtors (NAR), the national median single-family home price increased from $402,500 in Q2 2023 to $422,100 in Q2 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, Zoocasa analyzed the average wedding cost in 80 cities, using data from The Knot, and compared them to the typical 8% down payment for first-time home buyers on a median-priced single-family home. 

According to NAR’s 2023 Profile of Home Buyers and Sellers, the typical down payment for first-time buyers is 8%. The Knot calculated the average wedding cost for the top 20 major markets specifically for each city, while the average for the remaining 60 cities was based on their respective state. 

Should You Skip the Ceremony and Buy a House? 

In 47 of the 80 cities analyzed, the cost of a down payment is actually lower than the average wedding cost. So for couples who aren’t that enthusiastic about a large celebration, it may be worth considering skipping the ceremony and using the wedding money toward a down payment instead.

In several cities with median single-family home prices below the national median, such as Philadelphia, Houston, and Cleveland, couples could save close to $10,000 by opting for a home instead of a wedding. For example, the average wedding in Philadelphia costs $40,000, while the median price for a single-family home is $381,200. For first-time homebuyers, this means 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.

  • Read: 2024 U.S. Fall Real Estate Predictions: How New Rules and Rates Could Shape the Market

However, weddings are not always more expensive than down payments. In some cities, like Orlando, the average wedding costs $28,000—half of what it is in New York City. Meanwhile, the median price for a single-family home in Orlando is $450,000, which brings the 8% down payment to $36,000—$8,000 more than the average wedding cost in the city.

Likewise, Utah, Nebraska, Oklahoma, and Missouri have average wedding costs under $30,000, meaning marriage is likely the more affordable option in cities in these states. This is especially true in Utah, which has the lowest average wedding cost in the U.S. For just $17,000, couples in Utah can hold a wedding ceremony, but if they plan to live in Salt Lake City or Provo, they’ll need to save over $40,000 for a down payment. 

Huge Price Gaps Between Weddings and Down Payments

The difference in cost between a wedding and a down payment can be astronomical in some cities. San Francisco is one of the most jarring examples of this as the city has one of the country's highest median single-family home prices. At $1,449,0000, an 8% down payment would come out to $115,920, which is more than double the average wedding cost of $51,000. 

  • Read: 5 Unbelievable US Castles You Can Buy

Chicago is the exact opposite; median single-family home prices are relatively lower compared to other large cities, while the average wedding cost is the second-highest on the list. This results in the 8% down payment being $24,632 less than the average wedding cost of $56,000. However, if couples opt for a wedding in the Chicago suburbs, they could save some money as the average wedding cost there is only $35,000. 

Where the Cost of a Wedding and Down Payment are Similar

As average annual household expenses continue to rise—up 5.9% from 2022 to 2023 according to the latest U.S. Bureau of Labor Statistics data—couples will need to think carefully about their financial priorities when deciding between holding a large ceremony and investing in property. This is particularly relevant in cities and states where the cost of a wedding and down payments are similar. 

According to the Federal Reserve’s 2022 Survey of Consumer Finances, the average American renter has $16,930 in savings while the average American under $35 has $20,540. This means it’s likely that many couples will struggle to be able to afford both a wedding and the purchase of a home. 

In Atlanta, for instance, the average wedding cost is $32,000, while the typical 8% down payment on a median-priced home comes out to $31,024. With less than a $1,000 difference between these two significant expenses, financial prioritization becomes more crucial than ever. Indianapolis, Kansas City, Tucson, and Des Moines are some of the other cities with less than a $1,000 difference between a wedding and a down payment. 

Can Couples Afford Both a Marriage and a Mortgage?

Buying your first home and holding a wedding are two of the largest expenses in your life, but there are ways to lower these costs and afford them both. For one, if you live in a state that has higher average wedding costs, such as New York or New Jersey, you could opt to have a destination wedding in a more affordable location, both in the US or abroad. The average cost for a domestic destination wedding is $43,300 according to The Knot, which is still below the state averages for New York and New Jersey. 

  • Read: Here’s Where First-Time Homebuyers Can Afford to Buy a Condo in the US

Couples could also choose to invite fewer people, as the average wedding with 1-50 guests is just $16,700, or cut back on vendor costs. For instance, the average cost of a live band is $4,300, whereas the average cost of a DJ is only $1,700. 

To save money on their 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.

Do you have questions about buying your first home? Give us a call today to discuss your home-buying plans with one of our qualified agents. 

Looking for your dream home?
Contact us today to talk to a Realtor in your area
Previous Post

8 Halloween Events For Adults In Ontario (That Aren’t Halloween Haunt)

Next Post

Discover Affordable Options: Homes Under the Average Price Across Canada

Mackenzie Scibetta

Mackenzie Scibetta

Mackenzie Scibetta is a seasoned Content Marketing Specialist at Zoocasa, where she brings her expertise to the world of real estate. As a dedicated real estate writer, Mackenzie's primary goal is to equip home buyers and sellers with the most up-to-date market insights, enabling them to navigate their real estate ventures with confidence. Mackenzie's writing is characterized by its depth and breadth, covering a wide range of topics related to the real estate industry. From exploring the intricacies of mortgages to meticulously tracking and analyzing trends in local markets across Canada and the U.S., Mackenzie is known for her comprehensive and data-driven reports. Her commitment to providing valuable information is evident in the consistent quality of her work. Mackenzie's research and insights have earned her recognition from prominent media outlets. Her expertise has been featured in BNN Bloomberg, CTV News, the National Post, The Globe and Mail, and even The New York Times. These accolades underscore her position as a trusted authority in the field of real estate.

Related Posts

Buying a Home

10 Cheapest Homes For Sale in Florida: Where to Find Budget-Friendly Options in the Sunshine State

June 22, 2025
A woman looking happy while watching TV on a sofa
Affordability Reports

Can Homer Simpson Buy a House in 2025? Here’s How 100 Legendary TV Characters Would Do

June 18, 2025
Canada

5 Canadian Cottage Regions That Make the Perfect U.S. Buyer Getaway 

June 15, 2025

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

brunch table with different entrees

You Can’t Eat Your Way Out of the Housing Crisis

June 23, 2025

10 Cheapest Homes For Sale in Florida: Where to Find Budget-Friendly Options in the Sunshine State

June 22, 2025
Attendees relax on the grass at a vibrant music festival, engaging with friends and enjoying the lively atmosphere.

7 Summer Festivals That Might Just Help You Choose Your Next Canadian City

June 21, 2025
Interior view of a bathroom with a shower, sink, and toilet, showcasing a clean and modern design.

Everything Shower Spaces: The Wellness Upgrade Gen Z Buyers Want Now

June 20, 2025

Featured Listings

5 Canadian Cottage Regions That Make the Perfect U.S. Buyer Getaway 

June 15, 2025

From Skyline Views to Private Escapes: 5 Luxe Calgary Homes for Sale

June 10, 2025

What it Means When a Home is Listed for $1

June 7, 2025

6 Can’t-Miss Victorian Homes for Sale in San Francisco Right Now

June 2, 2025
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Stay Connected

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.