Getting married and buying a house are two big milestones in life that most couples do, but they are both big expenses. Sometimes, people have to choose between a wedding or buying a house. A down payment on your future home can be similar as a down payment on a house. What would you rather pay for, a home or a wedding?
According to SmartAsset, the national average down payment on the median home sales price was $39,973 in 2021 and the average wedding cost in 2021 was $27,063. This means that, in most places, having a wedding takes far less cash than buying a home. It makes sense that a wedding would be cheaper than a down payment on a house, but that isn't the case for every city.
SmartAsset decided to conduct a study to see where getting married is more expensive than buying a home in 2023. They compared data from 150 of the largest metro areas in the U.S. across two metrics: the average wedding cost and a 13% down payment on the median-priced home.
So, did Cleveland make the list? The answer is yes at the number 4 spot!
Here are the top 5 cities they found where a wedding was more than the average down payment:
1. Peoria, IL
Peoria county is known for its Grandview Drive, which is two and a half miles of scenic road. This view comes at a price because a wedding in the Peoria metro area costs almost 41% more than a 13% home down payment.
2. Syracuse, NY
At 31.44% more than a 13% home down payment, this metro area is home to rich architectural landmarks and historic buildings, which makes it a popular wedding destination.
3. Youngstown-Warren-Boardman, OH
An Ohio city makes the list, but this time because this area has a limited number of vendors and the venues they do have are expensive, almost 25% higher than a 13% home down payment.
4. Cleveland-Elyria, OH
Ohio takes the list again, this town our very own Cleveland area! The gap between a wedding and a home down payment is a 24.62% difference.
5. Rochester, NY
Lastly, Rochester weddings are about 24.56% higher than a 13% down payment on the average home for the area.
You can read the full study here.