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- A Redfin study took a look at how much money you need to have saved to afford a wedding and a down payment in the same year in 25 US metro areas.
- Redfin’s findings assume a 20% down payment on a median-priced home for each metro area. Redfin sourced average metro-level and national wedding costs from WeddingWire.
- As it turns out, Cleveland, Ohio, is the most affordable major US metro for newlyweds looking to buy a home.
- Visit Business Insider’s homepage for more stories.
Tying the knot is exciting, but it can also be expensive. Adding a down payment on a home to an already tight budget can seem nearly impossible in some US metros.
But, exactly how much would you need to have saved up to accomplish both milestones in the same year?
To answer that question, Seattle-based real-estate brokerage Redfin took a look at the average cost of a wedding in 25 metro areas and the median listing price of a home in the same areas.
Read more:
Here’s the salary you’ll need if you want to afford a mortgage in 17 major US cities
Redfin’s findings assume a 20% down payment on a median-priced home as of April 2019. Redfin obtained data on average metro-level and national wedding costs from WeddingWire and provided Business Insider with a photo of a median-priced home in each metro area. Redfin also provided Business Insider with the median household income in each metro area.
Keep reading to see how much you’d need to have saved to get married and buy a home in 25 US metros, ranked from most to least affordable.
Cleveland, Ohio: You need to have saved $US55,980 in the Cleveland metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Cleveland is $US22,000. A 20% down payment on a median-priced home ($US169,900) in the area is $US33,980. In order to afford both in the same year, you will need to have saved a total of $US55,980.
The median household income in the Cleveland metro area is $US52,446.
Detroit, Michigan: You need to have saved $US56,980 in the Detroit metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Detroit is $US29,000. A 20% down payment on a median-priced home ($US139,900) in the area is $US27,980. In order to afford both in the same year, you will need to have saved a total of $US56,980.
The median household income in the Detroit metro area is $US56,339.
Pittsburgh, Pennsylvania: You need to have saved $US64,980 in the Pittsburgh metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Pittsburgh is $US27,000. A 20% down payment on a median-priced home ($US189,900) in the area is $US37,980. In order to afford both in the same year, you will need to have saved a total of $US64,980.
The median household income in the Pittsburgh metro area is $US56,073.
Tampa, Florida: You need to have saved $US73,198 in the Tampa metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Tampa is $US23,000. A 20% down payment on a median-priced home ($US250,900) in the area is $US50,198. In order to afford both in the same year, you will need to have saved a total of $US73,198.
The median household income in the Tampa metro area is $US50,567.
Orlando, Florida: You need to have saved $US80,068 in the Orlando metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Orlando is $US26,000. A 20% down payment on a median-priced home ($US270,340) in the area is $US54,068. In order to afford both in the same year, you will need to have saved a total of $US80,068.
The median household income in the Orlando metro area is $US52,261.
Hartford, Connecticut: You need to have saved $US80,200 in the Hartford metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Hartford is $US30,000. A 20% down payment on a median-priced home ($US251,000) in the area is $US50,200. In order to afford both in the same year, you will need to have saved a total of $US80,200.
The median household income in the Hartford metro area is $US73,209.
Philadelphia, Pennsylvania: You need to have saved $US81,200 in the Philadelphia metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Philadelphia is $US33,000. A 20% down payment on a median-priced home ($US241,000) in the area is $US48,200. In order to afford both in the same year, you will need to have saved a total of $US81,200.
The median household income in the Philadelphia metro area is $US66,285.
Phoenix, Arizona: You need to have saved $US81,447 in the Phoenix metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Phoenix is $US23,000. A 20% down payment on a median-priced home ($US292,235) in the area is $US58,447. In order to afford both in the same year, you will need to have saved a total of $US81,447.
The median household income in the Phoenix metro area is $US57,935.
Minneapolis, Minnesota: You need to have saved $US82,000 in the Minneapolis metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Minneapolis is $US23,000. A 20% down payment on a median-priced home ($US295,000) in the area is $US59,000. In order to afford both in the same year, you will need to have saved a total of $US82,000.
The median household income in the Minneapolis metro area is $US73,735.
Atlanta, Georgia: You need to have saved $US82,980 in the Atlanta metro area a to buy a house and have a wedding in the same year.
The average cost of a wedding in Atlanta is $US27,000. A 20% down payment on a median-priced home ($US279,900) in the area is $US55,980. In order to afford both in the same year, you will need to have saved a total of $US82,980.
The median household income in the Atlanta metro area is $US61,733.
Charlotte, North Carolina: You need to have saved $US84,980 in the Charlotte metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Charlotte is $US27,000. A 20% down payment on a median-priced home ($US289,900) in the area is $US57,980. In order to afford both in the same year, you will need to have saved a total of $US84,980.
The median household income in the Charlotte metro area is $US57,871.
Houston, Texas: You need to have saved $US88,800 in the Houston metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Houston is $US33,000. A 20% down payment on a median-priced home ($US279,000) in the area is $US55,800. In order to afford both in the same year, you will need to have saved a total of $US88,800.
The median household income in the Philadelphia metro area is $US62,922.
Raleigh, North Carolina: You need to have saved $US89,900 in the Raleigh metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Raleigh is $US27,000. A 20% down payment on a median-priced home ($US314,500) in the area is $US62,900. In order to afford both in the same year, you will need to have saved a total of $US89,900.
The median household income in the Raleigh metro area is $US68,870.
Chicago, Illinois: You need to have saved $US94,980 in the Chicago metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Chicago is $US37,000. A 20% down payment on a median-priced home ($US289,900) in the area is $US57,980. In order to afford both in the same year, you will need to have saved a total of $US94,980.
The median household income in the Chicago metro area is $US65,757.
Dallas, Texas: You need to have saved $US95,000 in the Dallas metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Dallas is $US30,000. A 20% down payment on a median-priced home ($US325,000) in the area is $US65,000. In order to afford both in the same year, you will need to have saved a total of $US95,000.
The median household income in the Dallas metro area is $US63,870.
Baltimore, Maryland: You need to have saved $US98,000 in the Baltimore metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Baltimore is $US35,000. A 20% down payment on a median-priced home ($US315,000) in the area is $US63,000. In order to afford both in the same year, you will need to have saved a total of $US98,000
The median household income in the Baltimore metro area is $US75,646.
Sacramento, California: You need to have saved $US113,800 in the Sacramento metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Sacramento is $US26,000. A 20% down payment on a median-priced home ($US439,000) in the area is $US87,800. In order to afford both in the same year, you will need to have saved a total of $US113,800.
The median household income in the Sacramento metro area is $US64,407.
Denver, Colorado: You need to have saved $US115,980 in the Denver metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Denver is $US28,000. A 20% down payment on a median-priced home ($US439,900) in the area is $US87,980. In order to afford both in the same year, you will need to have saved a total of $US115,980.
The median household income in the Denver metro area is $US71,884.
Washington, D.C.: You need to have saved $US127,600 in the Washington, D.C. metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Washington D.C. is $US39,000. A 20% down payment on a median-priced home ($US443,000) in the area is $US88,600. In order to afford both in the same year, you will need to have saved a total of $US127,600.
The median household income in the Washington D.C. metro area is $US97,148.
Seattle, Washington: You need to have saved $US144,990 in the Seattle metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Seattle is $US25,000. A 20% down payment on a median-priced home ($US599,950) in the area is $US119,990. In order to afford both in the same year, you will need to have saved a total of $US144,990.
The median household income in the Seattle metro area is $US77,269.
Boston, Massachusetts: You need to have saved $US149,800 in the Boston metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Boston is $US38,000. A 20% down payment on a median-priced home ($US559,000) in the area is $US111,800. In order to afford both in the same year, you will need to have saved a total of $US149,800.
The median household income in the Boston metro area is $US81,838.
San Diego, California: You need to have saved $US154,800 in the San Diego metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in San Diego is $US27,000. A 20% down payment on a median-priced home ($US639,000) in the area is $US127,800. In order to afford both in the same year, you will need to have saved a total of $US154,800.
The median household income in the San Diego metro area is $US70,588.
New York, New York: You need to have saved $US157,000 in the New York metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in the New York metro area is $US50,000. A 20% down payment on a median-priced home ($US535,000) in the area is $US107,000. In order to afford both in the same year, you will need to have saved a total of $US157,000.
The median household income in the New York metro area is $US72,205.
Los Angeles, California: You need to have saved $US168,800 in the Los Angeles metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in Los Angeles is $US33,000. A 20% down payment on a median-priced home ($US679,000) in the area is $US135,800. In order to afford both in the same year, you will need to have saved a total of $US168,800.
The median household income in the Los Angeles metro area is $US65,331.
San Francisco, California: You need to have saved $US325,000 in the San Francisco metro area to buy a house and have a wedding in the same year.
The average cost of a wedding in San Francisco is $US40,000. A 20% down payment on a median-priced home ($US1,425,000) in the area is $US285,000. In order to afford both in the same year, you will need to have saved a total of $US325,000.
The median household income in the San Francisco metro area is $US92,714.
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