‘Tis the season for Instagram feeds everywhere to be flooded with photos of newly engaged couples. According to The Knot, December is the most popular month for proposals, with couples spending an average of $5,900 on an engagement ring.
How does that compare to the cost of another major milestone for couples – buying a home? In several cities around the U.S., an engagement ring costs roughly the same as a 3% down payment on a home, based on the median sales price in the 2019 October RE/MAX National Housing Report.
Diamonds are forever, but purchasing a forever home (or a starter home!) with your sweetheart can be part of a diversified wealth strategy.
For couples living in one of these 10 cities, the holidays might be a great time to the pop the question: “Will you buy a house with me?”
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1. Cleveland, Ohio
Median Sales Price: $152,000
3% Down Payment: $4,560
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2. Wichita, Kansas
Median Sales Price: $162,750
3% Down Payment: $4,882
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3. Tulsa, Oklahoma
Median Sales Price: $170,000
3% Down Payment: $5,100
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4. Little Rock, Arkansas
Median Sales Price: $174,000
3% Down Payment: $5,220
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5. Pittsburgh, Pennsylvania
Median Sales Price: $175,000
3% Down Payment: $5,250
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6. Augusta, Maine
Median Sales Price: $179,000
3% Down Payment: $5,370
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7. St. Louis, Missouri
Median Sales Price: $183,000
3% Down Payment: $5,490
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8. Cincinnati, Ohio
Median Sales Price: $187,500
3% Down Payment: $5,625
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9. Indianapolis, Indiana
Median Sales Price: $189,900
3% Down Payment:$5,847
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10. Detroit, Michigan
Median Sales Price: $194,900
3% Down Payment: $5,847
Written by Stephanie Visscher
