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Most people, and especially women, dream of having the “perfect” wedding. But perfection doesn’t come cheap. So much so that 28% of couples worldwide actually go into debt just to pay for everything. This is according to WeddingWire’s 2019 Global Wedding report.
For US couples, WeddingWire’s 2019 Newlywed report pegs the average cost of weddings at $38,700. This is based on data gathered from at least 18,000 newlyweds in the US who got married in 2018. Out of that amount, the ceremony and reception form the bulk of the cost at $29,200.
Below is a typical breakdown of wedding costs:
- Officiant: $300
- Invitations/stationery: $550
- Dress: $1,700
- Cake and desserts: $550
- Band: $3,900
- Photography: $2,400
- Lighting and decor: $1,400
- Flowers: $1,800
- Catering: $6,700
- Venue: $9,000
And that list only includes ten of the most typical components found in weddings and receptions. If you include the engagement ring (average cost: $5,000) and the honeymoon (average cost: $4,500), then the accumulated cost is actually higher, says WeddingWire.
Jeffra Trumpower, creative director of WeddingWire, estimates that for US couples, the honeymoon typically takes up 11.6% of the budget. Wedding planner Tyler Speier also told Business Insider that he advises couples to allocate 10 to 15% of their wedding budget for the honeymoon.
The location of one’s wedding also plays a role in how much one may end up spending. If you get married in the New York City metro area, expect to spend $50,000 on average. Whereas in Cleveland, Ohio, you can get by with $22,000.
But even more than the already high cost of weddings, you could end up spending even more if you try to go for an “Instagram-worthy” event. The Washington Post reported that business is booming for online lenders as they’re issuing up to four times more wedding loans compared to the same period last year.
And if you’re one of those couples who are into multiple wedding ceremonies, the costs could balloon all the way to $100,000 or more when you add everything up.
One traditional life milestone that has gone hand in hand with weddings is purchasing a new house. If you do this the same year you get married, you could be looking at a bill of at least $50,000 especially if you’re located in a major US metro area.