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
View original content:http://www.prnewswire.com/news-releases/couples-will-spend-two-years-worth-of-rent-to-pay-for-their-wedding-300661346.html
SOURCE HotPads, Inc.