Say “Yes” to a Wedding or Invest in Your Nest

After the proposal as the wedding planning begins the couple starts to wonder if the heavy wedding price tag would be better spent on a down payment for a house. According to a survey from the Knot, the average price of a wedding in 2014 was $31,213. There is often no limit when it comes to wedding planning and weddings are esteemed by their average cost.

We analyzed the data behind the cost of a down payment on a home to see how it matched up to having a wedding in the same area. Looking at the Knot’s survey on the “Most Expensive Places to Get Married,” it’s no surprise that down payments (3, 5 and 10%) on average sales prices in those areas are a great way to scale if a wedding or a down payment is more affordable. If you consider a 5 percent down payment the San Francisco area is the only area in the country where it makes more sense to have a wedding rather than put a down payment on a house. On the other hand most first time homebuyers will likely use a 3 percent down payment so topping the list with the highest wedding costs are two New York cities: Manhattan ($76,328) where with only a 3 percent down payment of $36,535 you can buy a home and Long Island ($55,327) where with a 3 percent down payment of $12,232 you can buy a home. North/Central New Jersey ($53,986) follows closely where a 3 percent down payment of $11,050 will get you into the average sales priced home in the area. Chicago ($50,934) is not too far behind where a modest 3 percent down payment of $7,259 will buy you a home.

 

Top 15 Most Expensive Places to Get Married
State County/City Avg. Cost of a Wedding in 2014 Avg Sales Price 2014 Down Payment 5% Down Payment 3%
New York Manhattan $76,328 $1,217,850 $60,892 $36,535
New York Long Island $55,327 $407,738 $20,387 $12,232
New Jersey North/Central $53,986 $368,340 $18,417 $11,050
New York Westchester/Hudson Valley $52,954 $366,293 $18,315 $10,989
Illinois Chicago $50,934 $241,959 $12,098 $7,259
New York Outer Boroughs $49,781 $456,333 $22,817 $13,690
Pennsylvania Philadelphia $44,090 $128,439 $6,422 $3,853
Rhode  Island $41,914 $218,332 $10,917 $6,550
California San Francisco/Greater Bay Area $39,690 $1,077,804 $53,890 $32,334
New Jersey South $39,191 $194,080 $9,704 $5,822
California Santa Barbara / Ventura $39,187 $502,800 $25,140 $15,084
Washington DC Washington DC $39,025 $427,054 $21,353 $12,812
Massachusetts Boston $38,665 $398,225 $19,911 $11,947
Florida Southern $38,155 $215,538 $10,777 $6,466
California Los Angeles $37,317 $499,342 $24,967 $14,980

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