Costs: Down payments and weddings

Costs: Down payments and weddings

The folks at Redfin took a look at the cost of buying a home and the cost of weddings in different metros and ranked the total cost of the wedding and the down payment. You can check out their numbers here.

We took a bit of a different look at the numbers and ranked down payments and wedding costs relative to the median income in the different metros. We used the Local Area Personal Income Data from bea.gov. And we found some pretty interesting results depending on where you live.

For example, based on these data, Detroit has inexpensive housing (the lowest of our Down Payment Cost Index), but ranks 20 out of 25 on our Wedding Cost Index when accounting for median income in the area. This means that weddings in the Detroit metro area are high relative to incomes, but down payments are low relative to incomes—at least as compared to the other top 25 metros.

On the other hand, couples in Seattle have some of the most expensive down payments when adjusting for incomes, but appear to see a lot of bang for their wedding buck with the #1 rank on our Wedding Cost Index.

For home price index data at a smaller scale, check out our home pricing by zip code widget by clicking here.

Here are the results for down payments and wedding costs by metro area:

Wedding Rank: Wedding Down Payment Rank: Down
Metro Area Cost Index Cost Index Cost Index Payment Cost Index
Detroit, MI 0.57 20 0.55 1
Cleveland, OH 0.43 3 0.66 2
Pittsburgh, PA 0.50 9 0.71 3
Philadelphia, PA 0.53 14 0.78 4
Hartford, CT 0.49 8 0.82 5
Minneapolis, MN 0.39 2 0.99 6
Chicago, IL 0.63 24 0.99 7
Baltimore, MD 0.59 21 1.05 8
Houston, TX 0.63 22 1.06 9
Tampa, FL 0.51 10 1.11 10
Atlanta, GA 0.54 16 1.13 11
Charlotte, NC 0.54 15 1.17 12
Raleigh, NC 0.51 12 1.20 13
Dallas, TX 0.57 19 1.23 14
Washington, D.C. 0.56 18 1.27 15
Orlando, FL 0.63 23 1.30 16
Phoenix, AZ 0.52 13 1.33 17
Denver, CO 0.47 6 1.47 18
New York, NY 0.70 25 1.51 19
Boston, MA 0.51 11 1.51 20
Sacramento, CA 0.48 7 1.63 21
Seattle, WA 0.36 1 1.73 22
San Diego, CA 0.47 5 2.21 23
Los Angeles, CA 0.55 17 2.26 24
San Francisco, CA 0.44 4 3.12 25

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