In some cities, fiancés do not have to have the age-old fight about whether to have a fancy wedding or make a down payment on a home.
People who live in Cleveland, Detroit and Pittsburgh will be able to do both, according to a new report from Redfin.
According to the study, the average combined cost of a wedding and a down payment is less than $65,000 in all three cities — a steep drop from the national average of more than $109,000.
In Cleveland, that number comes down to a median home that costs $169,900, an average wedding cost of $22,000 and a 20 percent down payment of $55,980. In Detroit, the median house costs $139,000 while the average wedding and down payment cost $29,000 and $56,980, respectively. An average Pittsburgh wedding costs $27,000 while a median house goes for $189,900 with a $64,980 down payment.
Courtesy of Redfin
Unsurprisingly, the most expensive city in which to get married is by far San Francisco. A typical wedding and down payment there adds up to $325,000. Los Angeles and New York come in second and third but nowhere near the Bay Area price at $168,000 and $158,000, respectively.
Redfin determined the numbers by calculating a 20 percent down payment on the median listing price in 25 of the country’s biggest cities. Average costs of a wedding come from WeddingWire, which pegged the nationwide average price of a ceremony, reception, engagement ring and honeymoon at $38,700 in 2018.
How do you stay ahead in a changing market? Inman Connect Las Vegas — featuring 250+ experts from across the industry sharing insight and tactics to navigate threat and seize opportunity in tomorrow’s real estate market. Join more than 4,000 top producers, brokers and industry leaders to network and discover what’s next, July 23-26 at the Aria Resort. Hurry! Tickets are going fast, register today!
Thinking of bringing your team? There are special onsite perks and discounts when you buy tickets together. Contact us to find out more.
