It's June, and that means the kickoff not just to summer, but to peak wedding season, as well.
While people get married throughout the course of the year, there's always been something about getting married in June. And the numbers support this. According to wedding website TheKnot.com, June was the most popular month to get married last year, narrowly beating out October.
If a wedding is in the cards for you, get ready to pay up to make it happen. That same report from TheKnot.com showed that the average cost for a wedding in 2014 was $31,213. Four years earlier, the cost was around $27,000, meaning that wedding cost inflation added 16 percent to the cost of a wedding in that time. (Tweet This)
That's just the average wedding cost across the country. If you live in certain areas, the average cost is significantly higher. Take San Francisco and the Bay Area. The average cost for a wedding there was $39,690. In Chicago, it was $50,934. And if you live in the New York City area, get ready to dish out an eye-popping $76,328 for an average Manhattan wedding.
By the way, the cheapest average wedding in America can be found in Utah, where it costs $15,257. None of the average costs mentioned includes honeymoon expenses, so if you want that as well, get ready to tack on thousands more.
To put that in perspective, the average selling price of a home in January 2015 was around $190,000, according to housing research firm Realty Trac. So, for the average cost of a wedding, you could more than afford a 10 percent down payment on a home purchase, and for about $8,000 more, you could afford a 20 percent down payment.
For many, having a dream wedding is worth the cost, as is having a home to call their own. If you're having a wedding this summer, you're already locked in to paying for it. However, if you're newly engaged, or thinking about getting engaged, it might be worth thinking about where the better value is, especially with borrowing costs to buy a home near historic lows.