SAN FRANCISCO, June 7, 2018 /PRNewswire/ -- When planning a
wedding, many couples face sticker shock at the price of venues,
caterers, rings, photographers and other day-of essentials. A new
HotPads® report found that couples will spend the equivalent of
about two years' worth of rent to pay for their wedding.
The average cost of a wedding – including engagement rings, a
ceremony, a reception and a honeymoon – is $36,000, according to the WeddingWire's 2018
Newlywed Report i, which is just $480 more than two years' worth of the median
rent. The median rent across the U.S. is $1,480 per month.
Nationally, rents have risen between 2 and 3 percent annually
since September 2017. While this
steady increase is slower than increases in previous years, rising
rents still present an affordability challenge for renters across
the country. In some metros, including Sacramento, San
Diego, Atlanta and
Orlando, rents rose 5 percent or
more since this time last year.
"Millennials are spending more on their rent and their wedding
than any generation before them," said Douglas Pope, co-founder and general manager of
HotPads. "It's common for couples to start thinking about two major
life-milestones – buying their first home and having kids – soon
after getting married. As couples plan to tie the knot, not only
should they think through their top priorities for their big day,
but also their top priorities for the future."
Couples in hot rental markets like San
Francisco and San Diego can
expect to spend less than a year's worth of rent on wedding costs,
mainly because rental prices are much higher in these markets to
begin with.
While the cost of a wedding may seem staggering, not all couples
pay for it alone – for millennials, family members cover about 60
percent of wedding costs ii.
HotPads is a Zillow® Group-owned apartment and home search
platform for renters in urban areas across the United States. For more information on the
U.S. rental market, visit HotPads.com.
Metropolitan
Area
|
Months of Rent
Spent on Wedding
|
Average Wedding
Cost iii
|
Median Monthly
Rent
|
YoY Change in
Rent
|
United
States
|
25
|
$36,000
|
$1,480
|
2.6%
|
Pittsburgh,
PA
|
24
|
$26,000
|
$1,095
|
1.7%
|
Hartford,
CT
|
21
|
$34,000
|
$1,645
|
1.5%
|
Detroit,
MI
|
21
|
$26,000
|
$1,270
|
3.6%
|
Cleveland,
OH
|
20
|
$23,000
|
$1,180
|
2.0%
|
Philadelphia,
PA
|
20
|
$32,000
|
$1,655
|
2.0%
|
Chicago,
IL
|
20
|
$34,000
|
$1,765
|
2.0%
|
New York,
NY
|
20
|
$45,000
|
$2,350
|
1.0%
|
Baltimore,
MD
|
19
|
$33,000
|
$1,740
|
1.2%
|
Atlanta,
GA
|
19
|
$26,000
|
$1,425
|
5.0%
|
Raleigh,
NC
|
18
|
$26,000
|
$1,460
|
2.9%
|
Houston,
TX
|
18
|
$28,000
|
$1,575
|
1.9%
|
Charlotte,
NC
|
18
|
$24,000
|
$1,355
|
3.9%
|
St. Louis,
MO
|
18
|
$21,000
|
$1,190
|
1.8%
|
Tampa, FL
|
18
|
$25,000
|
$1,440
|
4.3%
|
Orlando,
FL
|
17
|
$25,000
|
$1,475
|
5.0%
|
Washington,
DC
|
16
|
$34,000
|
$2,150
|
1.3%
|
Miami, FL
|
16
|
$31,000
|
$1,990
|
2.1%
|
Boston, MA
|
16
|
$37,000
|
$2,400
|
3.3%
|
Dallas, TX
|
16
|
$25,000
|
$1,650
|
3.3%
|
Minneapolis,
MN
|
14
|
$22,000
|
$1,645
|
3.8%
|
Sacramento,
CA
|
14
|
$25,000
|
$1,905
|
7.2%
|
Los Angeles,
CA
|
12
|
$33,000
|
$2,850
|
4.4%
|
Denver, CO
|
12
|
$23,000
|
$2,090
|
4.0%
|
San Diego,
CA
|
11
|
$29,000
|
$2,645
|
5.0%
|
San Francisco -
Oakland, CA
|
11
|
$36,000
|
$3,410
|
3.2%
|
HotPads
HotPads is an efficient rental search platform for urban areas
across the United States, with
features designed for competitive markets such as map-based search,
real-time notifications and detailed information on landlords and
property managers that help renters spend less time searching and
more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by
Zillow Group, Inc. (NASDAQ: Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i Data from WeddingWire's 2018 Newlywed Report
ii WeddingWire's 2018 Newlywed Report
iii WeddingWire's 2018 Newlywed Report
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SOURCE HotPads, Inc.