A wedding typically costs $20,300 in 2020, down $4,400 from the previous year per wedding. The size and location of the wedding venue, the number of guests, the cuisine, the entertainment, and other expenses as determined by the bridal party’s tastes are just a few of the many aspects that go into determining the cost of a wedding.
The average wedding price varies by $18,063, depending on the area. Researchers also dissected the most and least costly components that are often included in the total cost of a wedding.
When you begin the planning process for your wedding, you can experience sticker shock and end up having to pay for a variety of things you weren’t quite expecting. More than half of the married couples who had a budget for their wedding ended up going over their allotted amount, either due to unforeseen expenses or underestimating expenses.
Why Does a Wedding often Cost so Much Money?
A wedding is a fun way to mark the beginning of your marriage and your love. You’re inviting your loved ones to one of the most lavish celebrations you’ve ever planned. Most likely, for this, you will need to take into consideration of different types of loans, which will help cover some costs.
The median and average costs of a wedding depend on a variety of factors, of course. For your big day, you should consider the menu, music, venue, and attire. Additionally, the cost increases with the size of the guest list. What day of the week and time of year you get married is another factor that might affect how much a wedding costs.
Let’s explore typical wedding expenditures. After that, you may make a decision on how much money you want to spend on your special day.
Wedding Price Range
So how much does a wedding nowadays typically cost? WeddingWire, a marketplace for wedding vendors, used pricing reports from couples who used the site, while The Knot, a wedding marketplace, polled over 15,000 couples who were married in 2021 to estimate the average cost of a wedding.
The average cost of a wedding in the nation is $20,300. However, depending on the state where the ceremony and reception are held, the price can vary by as much as $18,063.
The wedding’s size and venue both have a significant impact on the overall cost. The average wedding cost was $15,000 for less than 50 guests and $38,000 for more than 100. The average cost of a wedding in the northeast was $36,000, compared to $26,000 in the south.
Nearly half (49%) of couples report going over their wedding budget, which may come as no surprise to anybody who has ever planned a wedding. One in four couples cited staying under budget as one of the most difficult aspects of wedding preparation. Couples and families paid nearly equally for the expenses, with couples footing 48% of the price and families covering the remaining portion.
Additionally, not just the couple and their family spend money on a wedding: The typical wedding gift costs $160, according to guests. On average, an out-of-town wedding costs $1,300, but a local wedding only costs $270.
Massachusetts has the highest average wedding cost at $30,489, making it the most costly state to be married in. These two states—along with New Jersey—are the only ones where the typical wedding expense exceeds $30,000. In contrast, West Virginia and Arkansas are the most affordable states for weddings.
Most Costly Wedding Accessories
Place for Weddings
Instead of being a single, significant price, the reception venue is generally a collection of above-average costs that quickly pile up, particularly if the bridal party chooses a package deal from their venue. This aspect of weddings is the most expensive when you add up the price of hiring a location, catering the event, and supplying other associated necessities.
Rings for Proposals
More price variations than nearly any other wedding-related cost may be seen with engagement rings. The average cost of an engagement ring at a wedding is $5,204, but the price of a ring can vary greatly depending on the size and type of stone used, the cut, the manufacturer, and other factors. These variations can easily push the price of a ring into the tens of thousands of dollars or even higher.
A common component of most wedding celebrations is musical entertainment. The choice of whether to have a band or a DJ at the reception can significantly affect the entire cost of the event.
One of the most expensive aspects of the whole celebration might be the band that is hired for the wedding reception. A band typically costs $3,263 to play at a wedding. In contrast, a DJ often costs more than $2,200 less than a live band. One effective strategy to lower the overall expense of a wedding may be to hire one.
According to researchers, the average cost of taking pictures during a wedding was $2,117. That doesn’t even include the expense of a cameraman, which may go as high as $1,588. The total cost of these services is $3,705 in total.
Create a Wedding Budget First
The majority of couples overspend on their wedding by about 50 percent. Making a budget should happen far before you send out the invitations since a wedding takes careful planning and saving, just like any other significant investment.
Have a financial discussion with your spouse before you begin to plan to ensure that you are on the same page about your current objective and future goals as a couple. One financial expert suggests creating a spreadsheet of your costs, savings, and spending as a pair as a fantastic method to examine your money closely.
Although the typical cost of a wedding may seem exorbitant to you, remember that this is just one of your financial objectives. Select your most important wedding costs, then eliminate all others. Place a higher priority on the items you actually want to splurge on and identify areas where you may cut costs.