Ohio

Ohio City costs more for a wedding than a down payment

(NEXSTAR) — Buying a home and getting married are the two life milestones you are most likely to encounter in your life. A new analysis finds that one can cost significantly more than the other, depending on where you live.

After reviewing the average cost of a wedding in 2021 ($27,063 according to theweddingreport.com) and the median home down payment of 13% over the same period ($39,973 according to Zillow), personal finance website SmartAsset: For the 150 largest cities in the country, we found that putting a down payment on a house is more expensive in most cases.

However, about 20 cities make weddings more expensive.

SmartAsset determined that this was true for people living in cities in the Midwest and Northeast. Peoria, Illinois had the largest difference between wedding costs and down payment at about 41% ($24,131 vs. $17,123).

In these five cities, SmartAsset found that weddings are on average more expensive than the down payment.

  1. Peoria, IL: $24,131 vs. $17,123
  2. Syracuse, New York: $31,304 vs. $23,816
  3. Youngstown-Warren-Boardman, Ohio-Pennsylvania: $22,373 vs. $17,935
  4. Cleveland, Ohio-Elyria: $22,373 vs. $17,935
  5. Rochester, NY: $31,340 vs. $25,161

Ohio had the most cities in the top 15 (meaning weddings cost more than the down payment), with five. There were four in Pennsylvania, three in New York, and two in Illinois.

Mostly Southern cities, such as Texas, Florida, Arkansas, and Louisiana, had the lowest average wedding costs.

when it comes to buildings your wedding budgetwedding site The Knot suggests setting aside 30% for the venue, 23% for catering and 13% for the band. Although recommended, some lenders allow as little as 3%. Nerd Wallet.

You can view the full list of SmartAssets here.

Not surprisingly, those living in California can expect to spend the most on both life events.8 of the top 10 cities with the highest median down payment are in California , and 6 of the 10 most expensive wedding cities.

https://www.wdtn.com/news/ohio/get-married-or-get-a-mortgage-cities-where-a-wedding-costs-more-than-a-down-payment/ Ohio City costs more for a wedding than a down payment

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