Getting married is more expensive than buying a house in these cities
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Some couples who are looking to their future may have a difficult financial decision ahead of them: to get married or to buy a house.
In some places in the country, it’s actually more expensive to have a wedding than it is to buy a house, according to a Tuesday report from SmartAsset.
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For its report, the financial technology company compared the 150 largest metro areas in the U.S. and compared them based on three metrics: average wedding cost, median home sales price and 13% down payment – which SmartAsset found by taking 13% of the median home sales price in each city, according to the methodology.
There are 20 cities out of the 150 largest U.S. cities where it is more expensive to have a wedding than it is to buy a house. (iStock / iStock) Aside from its top 10 ranking, SmartAsset also found that only 20 cities out of 150 had cities where a wedding was more expensive than a down payment on a house. AMERICANS LARGELY MOVED TO ‘LOW-DENSITY’ STATES IN 2021: STUDY To see which cities made it to the top of the list, here are the 10 places where a wedding costs more than a down payment, according to SmartAsset. In Binghamton, New York, it is more expensive to have a wedding than to make a down payment on a house, according to SmartAsset. (iStock) Average wedding cost: $29,327 Median home sales price: $127,700 13% down payment: $16,601 How much more is a wedding than a house: 76.66% Average wedding cost: $22,634 Median home sales price: $119,000 13% down payment: $15,470 How much more is a wedding than a house: 46.31% MYRTLE BEACH REAL ESTATE: WHAT YOU CAN GET FOR $850K Eerie, Pennsylvania, is pictured. (iStock) Average wedding cost: $24,918 Median home sales price: $135,100 13% down payment: $17,563 How much more is a wedding than a house: 41.88% Average wedding cost: $23,514 Median home sales price: $128,100 13% down payment: $16,653 How much more is a wedding than a house: 41.20% Syracuse, New York, is pictured. (iStock) Average wedding cost: $29,293 Median home sales price: $161,400 13% down payment: $20,982 How much more is a wedding than a house: 39.61% CLICK HERE TO READ MORE ON FOX BUSINESS Rochester, New York, is pictured. (iStock) Average wedding cost: $29,525 Median home sales price: $170,400 13% down payment: $22,152 How much more is a wedding than a house: 33.28% Average wedding cost: $23,355 Median home sales price: $141,300 13% down payment: $18,369 How much more is a wedding than a house: 27.14% GET FOX BUSINESS ON THE GO BY CLICKING HERE Buffalo, New York, is pictured. (iStock) Average wedding cost: $28,106 Median home sales price: $178,500 13% down payment: $23,205 How much more is a wedding than a house: 21.2% Average wedding cost: $21,238 Median home sales price: $142,800 13% down payment: $18,564 How much more is a wedding than a house: 14.4% Average wedding cost: $29,473 Median home sales price: $199,300 13% down payment: $25,909 How much more is a wedding than a house: 13.76% Source: Read Full Article
1. Binghamton, New York
2. Youngstown-Warren-Boardman, Ohio-Pennsylvania
3. Erie, Pennsylvania
4. Peoria, Illinois
5. Syracuse, New York
6. Rochester, New York
7. Rockford, Illinois
8. Buffalo-Cheektowaga, New York
9. Davenport-Moline-Rock Island, Iowa-Illinois
10. York-Hanover, Pennsylvania