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 \u201cI do\u201d 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. <\/p>\n\n\n\n
According to NAR\u2019s 2023 Profile of Home Buyers and Sellers<\/a>, 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. <\/p>\n\n\n\n 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\u2019t that enthusiastic about a large celebration, it may be worth considering skipping the ceremony and using the wedding money toward a down payment instead.<\/p>\n\n\n\n In several cities with median single-family home prices below the national median, such as Philadelphia<\/a>, Houston<\/a>, and Cleveland<\/a>, 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.<\/p>\n\n\n\n In New York City<\/a>, 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.<\/p>\n\n\n\n However, weddings are not always more expensive than down payments. In some cities, like Orlando<\/a>, the average wedding costs $28,000\u2014half 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\u2014$8,000 more than the average wedding cost in the city.<\/p>\n\n\n\n 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<\/a> or Provo<\/a>, they\u2019ll need to save over $40,000 for a down payment. <\/p>\n\n\n![\"\"](\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/09\/Frame-694.png\")
<\/figure>\n\n\n\nShould You Skip the Ceremony and Buy a House? <\/h1>\n\n\n\n
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