Pittsburgh, Philadelphia make list of most affordable metros for homebuying newlyweds
For couples looking to get hitched and buy a home, two Pennsylvania metros were named two of the most affordable cities in the U.S. to accomplish both life milestones.
According to a recent report from Redfin, Pittsburgh is the third best city for newlyweds, while Philadelphia was named seventh. Nationwide, the average for both a down payment on a property and a wedding is more than $109,000. But in these two commonwealth metros, the average is significantly below the national average.
In Pittsburgh, the average wedding cost, according to weddingwire.com, is $27,000, more than $10,000 below the national average of $38,700. The median list price in the area is just under $190,000, which represents a $37,980 down payment of 20%. Comparatively, the average median list place for metros is $308,000, costing close to $80,000 for a 20% down payment. Combined, an average wedding and 20% down payment on an average home will run a couple $64,980 in Pittsburgh, nearly $50,000 below the national average.
Philadelphia weddings are slightly pricier than Pittsburgh, costing, on average, $33,000, but still below the national average. The median list price in the city is $241,000, or a $48,200 20% down payment for couples. Together, an average wedding and a 20% down payment on an average home will set a couple back $81,200, close to $50,000 below the national average.
Nationwide, Cleveland was named the most affordable city to get hitched and buy a home simultaneously, costing $55,980 combined. Not surprisingly, San Diego, New York City, Los Angeles and San Francisco were the costliest places for an engaged couples to plan a wedding and purchase a home, costing, on average, more than $150,000 combined. In San Francisco, the estimate was $325,000, thanks mostly to the high cost of properties there.