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Currently, the average cost of a wedding is approximately $33,000, according to data from Zola, a wedding registry platform. When you think about all that goes into a wedding, you may understand how the figure can get so high. There’s the venue, food and drink, music, photography and videography, the dress and the ring, hair and makeup, flowers, and more.

But whether you want to have a destination wedding or one held in your parents’ backyard, you’ll likely want to understand what others spend, whether the average expense accurately reflects what most people pay, and how you can develop and wrangle your own budget. Read on for the need-to-know info so you can plan for what may just be the happiest day of your life.

What Is the Average Cost of a Wedding?

As noted above, the average cost of a wedding ceremony and reception in 2024 was $33,000, according to Zola, a wedding registry platform. However, before thinking that you need to spend that much to get hitched, keep in mind a bit of basic math about average vs. median wedding costs.

•   Averages can be inflated by a few super-luxe weddings in the mix. To get the average, you add up the data points and then divide by the number of data points.

For instance, if eight out of 10 people spend $10,000 for their big day and two people spend $125,000 each, the average cost would be $33,000. Even though just two couples splashed out, it looks as if everyone is spending a sum of over $30K.

•   Because of how a few high figures can skew data, it may be more meaningful to look at the median cost. When a median is calculated, the data points are arranged from smallest to largest, and the median is the middle value for sets with an odd number of data points. When there is an even number of data points, the median is the average of the middle two.

If you use the same values as above, the median would be 10,000, because you are only looking at the middle two values when the 10 data points are arrayed from smallest to largest. In other words, the big spenders get eliminated.

So what would the current median cost of a wedding be? SoFi’s most recent research found that the median cost of a wedding is about $10,000.

Wedding costs will vary based on how elaborate the event and the unique vendor and venue costs of the region. And whether typical costs are closer to $10,000 or $33,000, that’s a considerable investment: a five-figure amount to pull together or to finance.

Average Wedding Cost by State

You’ve just learned that average wedding costs may be inflated vs. median costs. However, most of the world tallies data as averages. Here, you’ll see how much an average wedding costs by state, according to the most recent (2023) data from the wedding platform The Knot. Keep in mind that if you were to use medians, the dollar amounts could be significantly lower.

Now, the price tag associated with this fantastic celebration for the couple and their friends and family differs by state. The variations in amounts may reflect how the cost of living by state can vary.

•   Alabama: $34,000

•   Alaska: Not available

•   Arizona: $32,000

•   Arkansas: $25,000

•   California: $41,000

•   Colorado: $34,000

•   Connecticut: $44,000

•   Delaware: $39,000

•   District of Columbia: $42,000

•   Florida: $34,000

•   Georgia: $30,000

•   Hawaii: Not available

•   Idaho: $20,000

•   Illinois: $39,000

•   Indiana: $26,000

•   Iowa: $24,000

•   Kansas: $25,000

•   Kentucky: $20,000

•   Louisiana: $37,000

•   Maine: $44,000

•   Maryland: $39,000

•   Massachusetts: $42,000

•   Michigan: $29,000

•   Minnesota: $31,000

•   Mississippi: $33,000

•   Missouri: $27,000

•   Montana: $20,000

•   Nebraska: $22,000

•   Nevada: $21,000

•   New Hampshire: $44,000

•   New Jersey: $55,000

•   New Mexico: $26,000

•   New York: $49,000

•   North Carolina: $31,000

•   North Dakota: $22,000

•   Ohio: $33,000

•   Oklahoma: $25,000

•   Oregon: $30,000

•   Pennsylvania: $38,000

•   Rhode Island: $44,000

•   South Carolina: $39,000

•   South Dakota: $23,000

•   Tennessee: $28,000

•   Texas: $32,000

•   Utah: $17,000

•   Vermont: $44,000

•   Virginia: $38,000

•   Washington: $30,000

•   West Virginia: $36,000

•   Wisconsin: $29,000

•   Wyoming: $26,000

Finding the Wedding Vendors You Need

As you begin to make a budget for your wedding, there are plenty of ways to find the vendors (from a string quartet to someone who can bake the cake of your dreams). Some options:

•   Reputable online directories

•   Bridal shows and expos

•   Wedding magazines

•   Recommendations from friends and family

•   Sources provided by your venue (once you’ve chosen it)

•   A wedding planner, if you choose to work with one

•   Reliable social media accounts and blogs

Average Wedding Cost in Major US Cities

In general, cities can be expensive. The cost of living can be higher because the demand is more intense.

Here, according to The Knot, is how much it costs on average to finance a wedding in some popular American cities, in descending order:

•   New York City: $63,000

•   Chicago: $56,000

•   San Francisco: $51,000

•   Boston: $50,000

•   Los Angeles County: $48,000

•   Philadelphia: $40,000

•   Miami/Fort Lauderdale: $39,000

•   Houston: $37,000

•   Dallas/Fort Worth: $35,000

•   Denver: $35,000

•   Atlanta: $32,000

•   Detroit: $32,000

•   Seattle: $32,000

•   Cleveland: $31,000

•   Phoenix: $31,000

•   Minneapolis/St. Paul: $30,000

•   Tampa: $30,000

How Much Will Different Wedding Vendors Cost?

Vendors are the suppliers you work with when getting married to make your ceremony and reception unforgettable and exactly how you imagine it. Here, the average amount that Americans spent by vendor on their big day:

•   Wedding reception venue: $12,800

•   Engagement ring: $5,500

•   Live band: $4,300

•   Photographer: $2,900

•   Alcohol: $2,800

•   Florist: $2,800

•   Rehearsal dinner: $2,700

•   Videographer: $2,300

•   Wedding planner: $2,100

•   Event rentals (such as tables, chairs, linens, and tableware): $2,000

•   Wedding dress: $2,000

•   Lighting and decor: $1,900

•   DJ: $1,700

•   Transportation: $1,100

•   Wedding cake: $540

•   Invitations: $530

•   Wedding favors: $450

•   Officiant fee: $250

•   Hairstylist (per person): $150

•   Makeup artist (per person): $140

•   Catering per person: $85

Average Wedding Cost by Number of Guests

If you’re curious about how the number of guests will impact your wedding costs, consider this data about getting married from The Knot. In 2023, the most recent year studied, the average number of guests at a wedding was 115, down slightly from the year prior.

Of course, just because that’s the average number of attendees doesn’t mean it’s right for you. Some people with large families and circles of friends could have twice that amount, while others might prefer an intimate ceremony with just one or two dozen guests.

In terms of cost per guest, the latest figures are $304 per person. Once again, keep in mind that these are averages, and the median cost could be significantly lower.

Additional Factors for Average Wedding Costs

More guests will typically mean a higher price tag for your wedding, as will more vendors. The costs of a destination wedding, especially transportation and lodging for guests, can make the celebration more expensive as well.

But many engaged couples these days are finding ways to control costs with a DIY approach. In terms of finding more affordable wedding venues, you might get married in a local park or garden versus a pricier catering hall, for instance. Or you could ask a friend to arrange flowers for your wedding versus hiring a professional florist.

Other ways to cut your spending and control costs can be to think about what matters most to you: Is it treating your guests to an elaborate gourmet meal, or could you trim food costs and instead hire a band for a dance-fest everyone will remember for years to come? The choice is yours.

Average Wedding Cost by Generation

Here’s a look at how age may impact your wedding costs. The wedding cost data from the most recent year studied (2023) reveals the following:

•   Average cost for Gen Z wedding: $25,500

•   Average cost for Millennial wedding: $39,400

•   Average cost for Gen X wedding: $24,300

Notably, Gen Z weddings tend to be smaller in size than those of older couples, which could explain the lower price. In addition, Gen Xers (born between 1965 and 1980) may have lower costs since they are older and have other financial priorities than a blowout bash (such as educational costs for children from a prior marriage or a mortgage).

Average Wedding Cost by Month

The time of year during which you host your wedding can impact the cost. Interestingly, in generations past, June used to be the most popular and in-demand month for weddings. That’s a factor that can drive up costs. Now, September and October are the most popular months to get hitched.

However, there are regional differences in when people marry (for instance, a Florida February wedding will be very different from one in Maine), and many other factors impact which date you’ll pick. Here, a look at average costs by time of year to help you plan your budget well:

•   January-March wedding: $34,900

•   April-June wedding: $33,900

•   July-September wedding: $35,600

•   October-December wedding: $34,700

How Has the Cost of Wedding Changed Over Time?

You probably have first-hand experience with the fact that costs tend to go up over time, thanks to the impact of inflation and other factors. The same holds true for weddings. With the exception of 2020, the year that COVID-19 changed so much about daily life, wedding costs have been steadily rising. The cost of an average wedding by year that you see here reflects a 25% increase from 2019 to 2023:

•   2023: $35,000

•   2022: $30,000

•   2021: $28,000

•   2020: $19,000

•   2019: $28,000

Note: Again, these are average costs; median costs could be considerably lower.

If the wedding cost statistics above are any indication, prices will likely continue to climb this year. With that information in mind, here are steps to take to help you keep costs under control, finance your wedding, and still have an absolutely wonderful celebration as you embark upon married life with your beloved.

Plan Early

The more time you have to plan, research options, and budget wisely, the better off you can be. Getting a jump on the big day can also give you the best choice of vendors vs. taking whatever or whomever is available on a given date.

Advance planning can also give you an edge as you may be able to lock in prices before inflation sends them any higher.

Build Your Budget

The nitty gritty of wedding planning can involve listing all the expenses you foresee and pricing those out. It’s wise to create a 5% buffer, or additional funds in case prices run over or an unexpected wedding charge comes up.

You’ll also want to think about what sources of funding are available. Have you and your soon-to-be spouse saved up in, say, a high-yield savings account? Will family members contribute? Or will you look into a wedding loan to help cover the costs?

Establish Your Priorities

Planning a wedding can literally be a “go for broke” moment if you pay for every possible bell and whistle. With your partner, create a vision of what you want the wedding to be like and what are the most important memories you hope to create. You may decide that the ultra-posh ballroom at an elite hotel isn’t the only place in town where you can say your vows and spend time celebrating with loved ones.

Hire Your Vendors

A critical step is signing up your vendors once you’ve done your research and made your decisions. Waiting to the last minute can lead to disappointment and sticker shock. Once you’ve found the right players for the right price, lock them in.

Be Flexible

Planning a wedding can be a challenging process with many moving parts. Parents may want to invite all of their friends, potentially driving up costs; a venue may go out of business months before your big day. It’s a wise idea to remember that your wedding is a major, happy life event, having loved ones join you as you move through this rite of passage and declaration of your couplehood.

If your cake winds up being made by your second-choice bakery versus your first, this is likely not going to ruin your celebration.

This is also a moment to check in with yourself and your partner about how much you really want to spend on your wedding and how you’ll pay for it.

•   Do you want to deplete funds available from relatives, or scale down your wedding plans and save some money for the down payment on a house?

•   Could you take out a personal loan for wedding costs instead of using your credit card to save on interest changes?

•   Are you expecting wedding gifts to be funds that will help you defray costs?

A wedding marks the start of your life with your special person, and that doesn’t have to mean being saddled with major debt.

Recommended: The Cost of Being in Someone’s Wedding

The Takeaway

The current average cost of a wedding in the U.S. according to the data is $33,000. However, median costs of a wedding reveal a significantly lower figure of $10,000 for the big day. Keep in mind that average costs are just that: an average made up of numerous data points. It’s not how much you will or must spend. Planning a wedding doesn’t have to be a budget breaker, and there are various ways to finance the event, including gifts from family and personal loans.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

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A dividend is when a company periodically gives its shareholders a payment in cash, additional shares of stock, or property. The size of that dividend payment depends on the company’s dividend yield and how many shares you own.

Not all companies pay dividends, but many investors look to buy stock in companies that pay them as a way to generate regular income in addition to stock price appreciation. A dividend investing strategy is one way many investors look to make money from stocks and build wealth.

What Is a Dividend?

A dividend payment is a portion of a company’s earnings paid out to the shareholders. For every share of stock an investor owns, they get paid an amount of the company’s profits.

The total amount an investor receives in a dividend payment is based on the number of shares they own. For example, if a stock pays a quarterly dividend of $1 per share and the investor owns 50 shares, they would receive a dividend of $50 each quarter.

Companies can pay out dividends in cash, called a cash dividend, or additional stock, known as a stock dividend.

Generally, dividend payouts happen on a fixed schedule. Most dividend-paying companies will pay out their dividends quarterly. However, some companies pay out dividends annually, semi-annually (twice a year), or monthly.

Occasionally, companies will pay out dividends at random times, possibly due to a windfall in cash from a business unit sale. These payouts are known as special dividends or extra dividends.

A company is not required to pay out a dividend. There are no established rules for dividends; it’s entirely up to the company to decide if and when they pay them. Some companies pay dividends regularly, and others never do.

Even if companies pay dividends regularly, they are not always guaranteed. A company can skip or delay dividend payments as needed. For example, a company may withhold a dividend if they had a quarter with negative profits. However, such a move may spook the market, resulting in a drop in share price as investors sell the struggling company.

Types of Dividends

As noted, the most common types of dividends are cash dividends and stock dividends.

Cash dividends are dividends paid out in the form of cash to shareholders. Cash dividends are the most common form of dividend. Stock dividends are, likewise, more or less what they sound like: Dividends paid out in the form of additional stock. Generally, shareholders receive additional common stock.

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How Are Dividends Paid Out?

There are four critical dates investors need to keep in mind to determine when dividends are paid and see if they qualify to receive a dividend payment.

•   Declaration Date: The day when a company’s board of directors announces the next dividend payment. The company will inform investors of the date of record and the payable date on the declaration date. The company will notify shareholders of upcoming dividend payments by a press release on the declaration day.

•   Date of Record: The date of record, also known as the record date, is when a company will review its books to determine who its shareholders are and who will be entitled to a dividend payment.

•   Ex-dividend date: The ex-dividend date, typically set one business day before the record date, is an important date for investors. Before the ex-dividend date, investors who own the stock will receive the upcoming dividend payment. However, if you were to buy a stock on or after an ex-dividend date, you are not eligible to receive the future dividend payment.

•   Payable date: This is when the company pays the dividend to shareholders.

Example of Dividend Pay Out

Shareholders who own dividend-paying stocks would calculate their payout using a dividend payout ratio. Effectively, that’s the percentage of the company’s profits that are paid out to shareholders, which is determined by the company.

The formula is as follows: Dividend payout ratio = Dividends paid / net income

As an example, assume a company reported net income of $100,000 and paid out $20,000 in dividends. In this case, the dividend payout ratio would be 20%. Shareholders would either receive a cash payout in their brokerage account, or see their total share holdings increase after the payout.

Why Do Investors Buy Dividend Stocks?

As mentioned, dividend payments and stock price appreciation make up a stock’s total return. But beyond being an integral part of total stock market returns, dividend-paying stocks present unique opportunities for investors in the following ways.

Passive Dividend Income

Many investors look to buy stock in companies that pay dividends to generate a regular passive dividend income. They may be doing this to replace a salary — e.g., in retirement — or supplement their current income. Investors who are following an income-producing strategy tend to favor dividend-paying stocks, government and corporate bonds, and real estate investment trusts (REITs).

Dividend Reinvestment Plans

A dividend reinvestment plan (DRIP) allows investors to reinvest the money earned from dividend payments into more shares, or fractional shares, of that stock. A DRIP can help investors take advantage of compounding returns as they benefit from a growing share price, additional shares of stock, and regular dividend payments. The periodic payments from dividend stocks can be useful when utilizing a dividend reinvestment plan.

Dividend Tax Advantages

Another reason that investors may target dividend stocks is that they may receive favorable tax treatment depending on their financial situation, how long they’ve held the stock, and what kind of account holds the stock.

There are two types of dividends for tax purposes: ordinary and qualified. Ordinary dividends are taxable as ordinary income at your regular income tax rate. However, a dividend is eligible for the lower capital gains tax rate if it meets specific criteria to be a qualified dividend. These criteria are as follows:

•   It must be paid by a U.S. corporation or a qualified foreign corporation.

•   The dividends are not the type listed by the IRS under dividends that are not qualified dividends.

•   You must have held the stock for more than 60 days in the 121-day period that begins 60 days before the ex-dividend date.

Investors can take advantage of the favorable tax treatments of qualified dividends when paying taxes on stocks.

How to Evaluate Dividend Stocks

Evaluating dividend stocks requires some research, like evaluating other types of stocks. There’s analysis to be done, but investors will also want to take special care to look at prospective dividend yields and other variables related to dividends.

In all, investors would likely begin by digging through a stock’s financial reports and earnings data, and then looking at its dividend yield.

Analysis

As noted, investors may want to start their stock evaluations by looking at the data available, including balance sheets, cash flow statements, quarterly and annual earnings reports, and more. They can also crunch some numbers to get a sense of a company’s overall financial performance.

Dividend Yield

A dividend yield is a financial ratio that shows how much a company pays out in dividends relative to its share price. The dividend yield can be a valuable indicator to compare stocks that trade for different dollar amounts and with varying dividend payments.

Here’s how to calculate the dividend yield for a stock:

Dividend Yield = Annual Dividend Per Share ÷ Price Per Share

To use the dividend yield to compare two different stocks, consider two companies that pay a similar $4 annual dividend. A stock of Company A costs $95 per share, and a stock of Company B costs $165.

Using the formula above, we can see that Company A has a higher dividend yield than Company B. Company A has a dividend yield of 4.2% ($4 annual dividend ÷ $95 per share = 4.2%). Company B has a yield of 2.4% ($4 annual dividend ÷ $165 per share = 2.4%).

If investors are looking to invest in a company with a relatively high dividend yield, they may invest in Company A.

While this formula helps compare dividend yields, there may be other factors to consider when deciding on the suitable investment. There are many reasons a company could have a high or low dividend yield, and some insight into dividend yields is necessary for further analysis.

Tax Implication of Dividends

Dividends do, generally, trigger a tax liability for investors. There may be some special considerations at play, so if you have a lot of dividends, it may be beneficial to consult with a financial professional to get a sense of your overall tax liabilities.

But in a broad sense, regular dividends are taxed like ordinary income if they’re reinvested. If an investor receives stock dividends, though, that’s typically not taxable until the investor sells the holdings later on. Further, qualified dividends are usually taxed at lower rates that apply to capital gains – but there may be some variables involved that can change that.

Investors who do receive dividends should receive a tax form, a 1099-DIV, from the payor of the dividends if the annual payout is at least $10.

💡 Quick Tip: When you’re actively investing in stocks, it’s important to ask what types of fees you might have to pay. For example, brokers may charge a flat fee for trading stocks, or require some commission for every trade. Taking the time to manage investment costs can be beneficial over the long term.

The Takeaway

Dividends are a way that companies compensate shareholders just for owning the stock, usually in the form of a cash payment. Many investors look to dividend-paying stocks to take advantage of the regular income the payments provide and the stock price appreciation in total returns.

Additionally, dividend-paying companies can be seen as stable companies, while growth companies, where value comes from stock price appreciation, may be riskier. If your investment risk tolerance is low, investing in dividend-paying companies may be worthwhile.

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For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

FAQ

Are dividends free money?

In a way, dividends may seem or feel like free money, but in another sense, they’re more like a reward for shareholders for owning a portion of a company.

Where do my dividends go?

Depending on the type of dividend, they’re usually distributed into an investor’s brokerage account in the form of cash or additional stock. The specifics depend on the type of account that dividend-paying stocks are held in, among other things.

How do I know if a stock pays dividends?

Investors can look at the details of stocks through their brokerage or government regulators’ websites. The information isn’t hard to find, typically, and some brokerages allow investors to search specifically for dividend-paying stocks, too.

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