For people looking to get married and cover the downpayment on their first home in the same place, the Midwest cities of Cleveland, Detroit and Pittsburgh may be places to consider.
According to Redfin, those cities are the most affordable places where couples can throw a wedding and also cover a downpayment on their first home.
Redfin’s analysis found the average combined cost of a wedding and a downpayment is less than $65,000 in those cities, compared with the national average of more than $109,000. Redfin calculated down payment amounts in 25 metro areas, assuming a 20 percent downpayment on the median list price as of April 2019, and pared that cost with national data on wedding costs from WeddingWire.
The most expensive place to get married and buy a home is San Francisco, where typical wedding and downpayment costs add up to $325,000, Redfin said.
“In expensive coastal metros including Seattle, Boston and San Diego, a downpayment alone costs over $100,000, without factoring in a wedding,” Redfin said. “For couples in these places with visions of a dream wedding, it might be worth spending the money on the party, considering it is roughly half the cost of a down payment, which may be far less attainable.”
Other cities where throwing a wedding and putting a downpayment on a home will squeeze the wallet are Los Angeles ($168,000) and New York ($158,000).
The Florida cities of Tampa and Orlando were other places where throw a wedding and also cover a downpayment on their first home were relatively affordable ($73,000 and $80,000, respectively); followed by Hartford, Conn. ($80,200) and Philadelphia ($81,200).