SOURCE: RealtyTrac

RealtyTrac

May 19, 2015 17:36 ET

Say "Yes" to a Wedding or Invest in Your Nest

IRVINE, CA--(Marketwired - May 19, 2015) - RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released an analysis of down payments vs. the cost of a wedding, which shows that in the most expensive metros to get married, it is cheaper to put a down payment on a house. 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 the most expensive metros in 2014 was $71,974.

RealtyTrac 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

About RealtyTrac
RealtyTrac is a leading provider of comprehensive U.S. housing and property data, including nationwide parcel-level records for more than 130 million U.S. properties. Detailed data attributes include property characteristics, tax assessor data, sales and mortgage deed records, distressed data, including default, foreclosure and auctions status, and Automated Valuation Models (AVMs). Sourced from RealtyTrac subsidiary Homefacts.com, the company's proprietary national neighborhood-level database includes more than 50 key local and neighborhood level dynamics for residential properties, providing unrivaled pre-diligence capabilities and a parcel risk database for portfolio analysis. RealtyTrac's data is widely viewed as the industry standard and, as such, is relied upon by real estate professionals and service providers, marketers and financial institutions, as well as the Federal Reserve, U.S. Treasury Department, HUD, state housing and banking departments, investment funds and tens of millions of consumers.

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