Getting married is more expensive than buying a house in these cities
(File Photo by Rolf Vennenbernd/picture alliance via Getty Images)
NEW YORK - 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.
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.
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.
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.
1. Binghamton, New York
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%
2. Youngstown-Warren-Boardman, Ohio-Pennsylvania
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%
3. Erie, Pennsylvania
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%
4. Peoria, Illinois
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%
5. Syracuse, New York
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%
6. Rochester, New York
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%
7. Rockford, Illinois
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%
8. Buffalo-Cheektowaga, New York
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%
9. Davenport-Moline-Rock Island, Iowa-Illinois
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%
10. York-Hanover, Pennsylvania
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%