Is $10,000 enough for a wedding in the US?

Featured

Written by:

Popular wedding sites claim the average wedding costs $29,000. Countless media reports have repeated that number while leaving out an important caveat: Averages can be misleading. Even one extravagant wedding may skew the average to be significantly higher than what most people actually paid.

SoFi wanted to know: How much does a wedding really cost? We surveyed 1,000 men and women across the country and then crunched the numbers. Read on to find out what we discovered.

50% of respondents’ weddings cost less than $10,000

Total wedding budget breakdown:

  • Less than $10,000: 50%
  • $10,000 to 19,999: 18%
  • $20,000 to 29,999: 12%
  • $30,000 to $39,999: 10%
  • $40,000 to $49,999: 6%
  • $50,000 or more: 4%

Half of respondents to our wedding survey spent less than $10K on their ceremony and reception. That’s considerably less than the $29K figure that’s been popularized as “average.”

We’re not saying that the $29K budget is inaccurate — after all, half of respondents paid more than that. However, averages in general are notoriously confusing. Only 22% of couples in our survey spent about $29K (between $20K and $39K). And just 10% paid more than that.

But why does this matter?

There’s a concept in behavioral economics called anchoring. It describes how numbers can influence consumer decisions by unconsciously becoming our reference point for what’s standard or “normal.”

Let’s say you’re in the early stages of wedding planning. If you stumble across an authoritative $29K estimate, from then on you may view anything less than that as a “low-budget” wedding. And when figuring out your own wedding budget, you may make decisions that bring you closer to that total — even if a $10K wedding is more aligned with your savings and taste.

The most common wedding regret? Spending too much money.

15% of respondents said their biggest wedding regret was spending too much money. Other common wedding regrets:

  • Type of wedding (traditional, elopement, courthouse): 10%
  • Letting other people dictate wedding decisions (guest list, location, bridal party): 10%
  • •   Drinking too much the night of the wedding: 9%
  • •   The guest list: 8%

You may have heard of a phenomenon called the “vacation mindset,” which drives travelers to splurge on special purchases they wouldn’t consider on their home turf. Well, a similar wedding mindset can push couples to indulge an uncharacteristic desire for luxury“It’s a once-in-a-lifetime event! Your wedding should be as big as your love for each other!”


After the wedding, as the bills roll in, so does buyer’s remorse. And now, other big-ticket goals that took a backseat to the wedding — buying a home, having kids, expanding a business, or saving for the long term — now feel more urgent.

(Learn more: Personal Loan Calculator)

Nearly half (46%) of respondents who got married in 2020 or later had a nontraditional wedding (they eloped or got married in a courthouse).

Sofi

  • 9% of people eloped. Of those, 6% had a reception with friends and family later.
  • 25% of respondents got married in a courthouse. Of those, 18% had a reception with friends and family later.

The pandemic likely drove many couples to forgo big group events in favor of smaller celebrations. But there are other reasons behind the popularity of nontraditional weddings, according to several wedding vendors we spoke to:

Financial goals:
“It’s no surprise that couples might want to scale back their wedding,” says Jim Campbell, founder of Honeymoon Goals. “They don’t want to spend years saving for an elaborate event when they could be saving for other things instead, like traveling together.”

Time:
“The last few years have shown people how much they value their free time,” observes Maddie Ward, of Sonnet Weddings. “Elopements and courthouse weddings are definitely lower-cost, but there’s also much less of a time investment in planning. The prospect of spending a year or more involved in a time-intensive endeavor with your partner has many people looking at alternatives.”

Stress:
“The No. 1 reason to scale back to a micro wedding or elopement is stress!” insists Lee Ramsay, of Lee Ramsay Events. “More guests means more money, and more money means more problems. Save your dollars, and avoid the headache of attempting to make everyone happy.”

The venue (23%) was among the biggest wedding expenses.

Of those who said the venue was the most expensive, the most commonly reported cost was $10,000 (11% of respondents). The most expensive venue cost reported? $500,000.

It’s safe to say that those who spent $10K on their venue had higher overall budgets. Those with smaller wedding budgets often got creative about the venue, choosing a park, beach, or private home or yard.

Other common ways people saved money on their wedding venue were:

  • Limiting the number of guests: 31%
  • Using buffet or family-style food service: 29%
  • Booking a venue that didn’t require additional rentals (chairs, tables, tents): 26%

Nearly two-thirds (62%) of respondents had expenses pop up that they weren’t prepared for.

Sofi

The most common fee that snuck up on people? Marriage license and officiant fees: 23%.

Other common surprise costs reported by respondents:

  • Taxes and service charges: 17%
  • Pre-wedding events like the rehearsal dinner or welcome party: 15%
  • Meals for vendors: 13%
  • Overtime charges for vendors: 13%
  • Gratuities for vendors: 12%
  • Postage for stationery (invitations, RSVPs, thank you cards): 12%

82% of respondents who had a wedding planner said their planner helped them save money.

“Wedding planning is a lot like cooking. The more you do it, the better you get at it,” explains Jim Campbell. “The more weddings you plan, the better you get at saving money.”

According to The Knot, the average cost of a wedding planner is about $1,900. But a planner’s fee can vary widely widely depending on a number of factors:

  • Location: A destination wedding requires more coordination than a hometown ceremony.
  • Services required: A full-service planner costs more than someone hired to manage certain elements, such as the seating chart or budget.
  •  Fee structure: Planners may charge a flat fee, hourly rate, or a percentage of your overall budget.

Only 25% of our respondents hired a wedding planner. (Another 13% said a planner was included with their venue.)

Ryan Mayiras, of Candid Studios wedding photography, thinks many couples don’t need a wedding planner. “Believe it or not, we recommend that most of our customers skip the wedding planner step. Good vendors will go out of their way to help couples plan their wedding,” he says. “We have a collection of timeline templates that we send to our customers for reference. They can skip the planner and go with a day-of coordinator instead. A coordinator is more affordable and will keep the event on schedule, so the couple doesn’t need to worry during the wedding itself.”

Who paid for the wedding?

39% of respondents said the couple paid for the total cost of the wedding on their own. Of this group:

  • 70% said their wedding cost less than $10,000.
  • 88% said it cost less than $30,000.

45% of respondents said their parents helped pay for the wedding. 27% said their partner’s parents helped pay.

Of those who said the food and drinks were the most expensive, the most commonly reported cost was $10,000 (10% of respondents). The next most commonly reported cost for food and drink was $1,000 (8% of respondents).

Those who said the rings were the most expensive reported a wide range of dollars spent. Regardless of the total wedding budget, many couples (35%) splurged on their rings. Here were some of the most commonly reported costs:

  • $300: 5%
  • $500: 7%
  • $1,000: 8%
  • $2,000: 7%
  • $2,500: 5%
  • $3,000: 6%
  • $5,000: 7%

Popular money-saving tactics

The most common ways people saved money on their wedding attire:

  • Shopped around for deals: 33%
  • Bought a dress off the rack: 26%
  • Rented suits: 23%

18% of people said they didn’t try to save money on attire.

The most common ways people saved money on their wedding vendors:

  • Did their own hair and makeup: 38%
  • Hired a friend to do photography/videography: 32%
  • Didn’t provide transportation for wedding party or guests: 30%

The most common ways people saved money on their wedding decor, stationery, and gifts:

  • DIYed decor: 26%
  • Didn’t give gifts to parents: 25%
  • Didn’t give gifts to out of town guests: 24%

Ashley Meyer of Meyer Photo Video offered other money-saving tips:

  • “Skip traditional paper invitations and stamps, and opt for email invitations.
  • “Save a few hundred dollars by asking a close friend or family member to get ordained online to officiate your wedding.
  • “Join local bridal Facebook groups to buy discounted wedding items from couples who already tied the knot. Couples sell everything from their wedding dress and veil to candles and signage.”

What couples splurged on

The most common splurge was the rings (35%). Other wedding items that respondents splurged on:

  • The food: 32%
  • The dress: 27%
  • The drinks: 23%
  • The venue: 20%

Many wedding planners we spoke with recommended splurging on photos. Yet only 17% of respondents said they splurged on photography/videography.

The real takeaway? Couples don’t have to splurge on anything. You may feel better after your big day if you save your splurging for a new home or fat retirement account.

Financing a Wedding

Should you need a bit of financial assistance to put your wedding savings over the top, a personal loan is a better option than high-interest credit cards. With low rates and no fees required, SoFi can put those final funds at your fingertips the same day as your approval. That way, rather than anticipating how you’ll pay the bills, you can relax and enjoy your wedding.

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891  Opens A New Window.(Member FDIC). For additional product-specific legal and licensing information, see SoFi. Equal Housing Lender.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

More from MediaFeed:

Home for the holidays? Foreclosure rates are through the roof in these states

Home for the holidays? Foreclosure rates are through the roof in these states

After a temporary growth spurt, foreclosures are once again on the decline this quarter. According to property data provider ATTOM , the number of housing units with foreclosure filings in October was 34,472, a 6.03% drop from the previous month and a 6.47% rise from the previous year. Despite the current economic upturn, many homeowners are still struggling to deal with the financial fallout from the pandemic.

With the U.S. median home price hovering around $391,800, home ownership is becoming increasingly challenging for new buyers and existing owners alike. Experts believe that high mortgage interest rates are worsening the crisis, with the interest rate for a 30-year fixed mortgage lingering near 7.40% as of November 21st. This represents a week-over-week decrease of 0.06% and a year-over-year increase of 0.36%.

The Federal Reserve has been raising interest rates to battle inflation, but these hikes are also causing mortgage rates to rise, making it more expensive to finance a home or refinance an existing mortgage. Borrowers should stay up to date on their mortgage payments and work closely with their lenders to explore options for assistance if needed.

Read on for the foreclosure rates in October 2023 – plus the five counties, or county equivalents, with the highest rates within those states.

damircudic/istockphoto

As previously noted, foreclosure rates dropped slightly compared to last month and grew moderately compared to last year. Read on for October foreclosure rates for all 50 states — plus the District of Columbia — beginning with the state that had the lowest rate of foreclosure filings per housing unit.

Related: The safest cities in the US

DepositPhotos.com

Ranking in population between Vermont and Alaska, the country’s second-and-third-least populous states, Washington, D.C. observed 100 foreclosures in October, down nearly 30% from the previous month. With a total of 344,306 housing units, the foreclosure rate of the Nation’s Capital was one in every 3,443 households, putting it in between the states of Connecticut (#10) and California (#11).

DepositPhotos.com

In 49th place for population, the Green Mountain State ranked 50th yet again for its foreclosure rate this month. Of the state’s 333,519 housing units, four homes went into foreclosure at a rate of one in every 83,380 households. Only two counties in Vermont saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Rutland and Windsor.

” DonLand”

The Mount Rushmore State nabbed the 49th spot for the fourth month in a row. Having 388,373 total housing units, the fifth-least populous state had a foreclosure rate of one in every 38,837 households with 10 foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Brown, Meade, Codington, Minnehaha, and Pennington.

RiverNorthPhotography

The Peace Garden State’s foreclosure rate was one in every 13,708 homes. This puts the fourth-least populous state — with 370,111 housing units and 27 foreclosures — in 48th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Divide, Morton, Stark, McLean, and McKenzie.

Depositphotos.com

Ranked 39th in population, the Mountain State claimed the 47th spot for the second month in a row. It has a total of 859,437 housing units, of which 66 went into foreclosure. This means that the foreclosure rate was one in every 13,022 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Pleasants, Hancock, Tyler, and Boone.

hkim39 // istockphoto

The Sunflower State ranked 46th for highest foreclosure rate in October. With 1,272,290 homes and a total of 101 housing units going into foreclosure, the 35th most populous state’s foreclosure rate was one in every 12,597 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Kiowa, Morton, Chase, Graham, and Edwards.

Depositphotos.com

Listed as 44th in population, the Treasure State rated 45th for highest foreclosure rate this month. With 42 foreclosures out of 512,553 housing units, Montana’s foreclosure rate was one in every 12,204 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Dawson, Sweet Grass, Phillips, Mineral, and Pondera.

Depositphotos.com

The Granite State, and the 41st most populous state in the U.S., ranked 44th for highest foreclosure rate. New Hampshire saw 59 of its 636,480 homes go into foreclosure, making for a foreclosure rate of one in every 10,788 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Coos, Sullivan, Cheshire, Merrimack, and Grafton.

DenisTangneyJr

With a total of 1,988,420 housing units, the Bluegrass State saw 194 homes go into foreclosure, thus landing in 43rd place this month. This puts the foreclosure rate for the 26th most populous state at one in every 10,250 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Fulton, Jackson, Butler, Grant, and Fleming.

Thomas Kelley

The eighth-least populous state placed 42nd for highest foreclosure rate in October. A total of 47 homes went into foreclosure out of 481,168 total housing units, making the foreclosure rate for the Ocean State one in every 10,238 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Kent, Providence, Washington, Bristol, and Newport.

danlogan

With 286 foreclosures out of 2,718,369 total housing units, America’s Dairyland and the 20th most populous state secured the 41st spot with a foreclosure rate of one in every 9,505 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pepin, Marquette, Langlade, Dodge, and Columbia.

Recommended: Tips on Buying a Foreclosed Home

FierceAbin

Ranking 37th in population, the Cornhusker State placed 40th this month with a foreclosure rate of one in every 9,041 homes. With a total of 840,802 housing units, the state had 93 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Hamilton, Clay, Webster, Morrill, and Thayer.

marekuliasz

The 27th most populous state ranked 39th for highest foreclosure rate in October. Of the Pacific Wonderland’s 1,798,864 homes, 199 went into foreclosure, making for a foreclosure rate of one in every 9,040 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Morrow, Lake, Klamath, Wallowa, and Jefferson.

HaizhanZheng

Sorted as 13th in population, the Evergreen State ranked 38th for its foreclosure rate this month. Of its 3,170,695 housing units, 351 went into foreclosure, making the state’s foreclosure rate one in every 9,033 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Walla Walla, Clallam, Kitsap, and Pacific.

4nadia

Ranked 34th in population, the Magnolia State experienced 147 foreclosures out of 1,317,375 total housing units. This puts the foreclosure rate at one in every 8,962 homes and into the 37th spot this month. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson Davis, Amite, Marshall, Scott, and Claiborne.

stevegeer

Coming in at 19th in population, the Show-Me State took the 36th spot for highest foreclosure rate in October. Of its 2,782,081 homes, 323 went into foreclosure, making for a foreclosure rate of one in every 8,613 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gentry, Webster, Caldwell, Douglas, and Texas.

DepositPhotos.com

Ranked 16th in population, the Volunteer State endured 421 foreclosures out of its 3,011,124 housing units. This puts the foreclosure rate at one in every 7,152 households and in 35th place this month. The counties with the most foreclosures per housing unit were (from highest to lowest): Meigs, Grundy, Cannon, Hardeman, and Decatur.

Swarmcatcher

Ranked 42nd in population, the Pine Tree State placed 34th for highest foreclosure rate this month. With a total of 737,782 housing units, Maine saw 113 foreclosures for a foreclosure rate of one in every 6,529 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Penobscot, Washington, Somerset, Waldo, and Oxford.

Depositphotos.com

The Last Frontier saw 49 foreclosures in October, making the foreclosure rate one in every 6,445 homes. This caused the third-least populous state, with a total of 315,797 housing units, to claim the 33rd spot. The boroughs with the most foreclosures per housing unit were (from highest to lowest): Matanuska-Susitna, Anchorage, Fairbanks North Star, Juneau, and Kenai Peninsula.

Chilkoot

The 21st most populous state ranked 32nd for highest foreclosure rate for the second month in a row. Of the Centennial State’s 2,454,873 housing units, 393 went into foreclosure, making for a foreclosure rate of one in every 6,246 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Weld, Pueblo, Fremont, Mesa, and Montrose.

Unsplash

Listed as the 33rd most populous state, the Land of Opportunity ranked 31st for highest foreclosure rate in October. The state contains 1,361,880 housing units, of which 220 went into foreclosure, making its latest foreclosure rate one in every 6,190 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Cleveland, Franklin, St. Francis, Desha, and Poinsett.

Recommended: What Is a Short Sale?

Depositphotos.com

With 589 homes going into foreclosure, the 12th most populous state ranked 30th for highest foreclosure rate this month. Having 3,596,100 total housing units, the Old Dominion saw a foreclosure rate of one in every 6,105 households. The counties and independent cities with the most foreclosures per housing unit were (from highest to lowest): Franklin City, Covington City, Martinsville City, King William, and Craig.

DenisTangneyJr

Ranked 22nd for most populous state, the Land of 10,000 Lakes obtained the 29th spot for highest foreclosure rate in October. It has 2,470,483 housing units, of which 408 went into foreclosure, making the state’s foreclosure rate one in every 6,055 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Wilkin, Stevens, Benton, Pennington, and Renville.

JoeChristensen

The 36th most populous state claimed the 28th spot for highest foreclosure rate this month. Of the Land of Enchantment’s 937,397 homes, 155 went into foreclosure, making for a foreclosure rate of one in every 6,048 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Valencia, Eddy, Roosevelt, Chaves, and Otero.

Davel5957

Sorted as 14th in population, the Grand Canyon State withstood 533 foreclosures out of its total 3,056,890 housing units. This puts the foreclosure rate at one in every 5,735 homes and into the 27th spot in October. The counties with the most foreclosures per housing unit were (from highest to lowest): Pinal, Graham, Cochise, Gila, and Mohave.

wanderluster

Ranked 38th in population, the Gem State received the 26th spot due to its 133 housing units that went into foreclosure this month. With 742,145 total housing units, the state’s foreclosure rate was one in every 5,580 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Washington, Payette, Benewah, Bonneville, and Bingham.

knowlesgallery

Sorted as 25th in population, the Pelican State also placed 25th for highest foreclosure rate in October. Louisiana had a foreclosure rate of one in every 5,570 households, with 371 homes out of 2,066,323 housing units going into foreclosure. The parishes with the most foreclosures per housing unit were (from highest to lowest): Red River, La Salle, Livingston, Tangipahoa, and West Baton Rouge.

Depositphotos.com

The Paradise of the Pacific, and the 40th most populous state, came in 24th for highest foreclosure rate. Of its 556,937 homes, 102 went into foreclosure, making for a foreclosure rate of one in every 5,460 households. Only four of the five counties in the state saw foreclosures. They were (from highest to lowest): Hawaii, Honolulu, Maui, and Kauai.

Art Wager

The country’s least populous state claimed the 23rd spot for highest foreclosure rate this month. With 271,818 housing units, of which 53 went into foreclosure, the Equality State’s foreclosure rate was one in every 5,129 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Big Horn, Converse, Sweetwater, Campbell, and Laramie.

AnujSahaiPhotography

The 15th most populous state ranked 22nd for highest foreclosure rate in October. Of the Bay State’s 2,979,634 housing units, 594 went into foreclosure, making for a foreclosure rate of one in every 5,016 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Plymouth, Hampden, Berkshire, Worcester, and Bristol.

Rolf_52

The Beehive State placed 21st for highest foreclosure rate this month. Of its 1,133,558 housing units, 231 homes went into foreclosure, making the 17th most populous state’s foreclosure rate one in every 4,907 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Tooele, Sevier, Weber, Carbon, and Box Elder.

Recommended: 4 Signs You May Be Ready to Buy

AndreyKrav

The ninth-most populous state claimed 20th place for highest foreclosure rate. Out of 4,673,933 homes, 1,031 went into foreclosure. This puts the Tar Heel State’s foreclosure rate at one in every 4,533 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Currituck, Gates, Camden, Bertie, and Scotland.

” Darwin Brandis”

The Hawkeye State had the 19th highest foreclosure rate in October. With 321 out of 1,407,100 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 4,383 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Benton, Taylor, Wayne, Fayette, and Van Buren.

JoeChristensen

The Sooners State landed the 18th spot this month. With housing units totaling 1,741,721, the 28th most populous state saw 423 homes go into foreclosure at a rate of one in every 4,118 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Woods, Greer, Nowata, Ottawa, and Grady.

Wiki

The Keystone State had the 17th highest foreclosure rate in October. The fifth-most populous state saw 1,421 homes out of 5,728,788 total housing units go into foreclosure, making the state’s foreclosure rate one in every 4,032 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Clarion, Montgomery, Philadelphia, Delaware, and Allegheny.

AppalachianViews

Listed as 24th in population, the Yellowhammer State came in 16th for highest foreclosure rate this month. Of its 2,278,526 homes, 569 went into foreclosure, making for a foreclosure rate of one in every 4,004 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Butler, Mobile, Jefferson, Elmore, and Chambers.

James Deitsch

With 2,118 out of a total 8,449,178 housing units going into foreclosure, the Empire State claimed the 15th spot in October. The fourth-most populous state’s foreclosure rate was one in every 3,989 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Chemung, Nassau, Tioga, Washington, and Suffolk.

Boogich

Ranked eighth in population, the Peach State took the 14th spot for highest foreclosure rate this month. Of its 4,375,039 homes, 1,126 were foreclosed on. This puts the state’s foreclosure rate at one in every 3,885 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Walton, Jefferson, Bleckley, Rockdale, and Talbot.

Depositphotos.com

Ranked 10th in population, the Wolverine State secured the 13th spot this month with a foreclosure rate of one in every 3,777 homes. With a total of 4,566,504 housing units, the state had 1,209 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Montcalm, Monroe, Van Buren, Crawford, and Genesee.

haveseen

The Lone Star State withstood 3,170 foreclosures in October. With a foreclosure rate of one in every 3,607 households, this puts the second-most populous state in the U.S., with a whopping 11,433,880 housing units, into 12th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Liberty, Carson, Atascosa, Childress, and Matagorda.

typhoonski / istockphoto

The country’s most populous state ranked 11th for highest foreclosure rate yet again. Of its impressive 14,328,539 housing units, 4,030 went into foreclosure, making the Golden State’s foreclosure rate one in every 3,555 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Trinity, Plumas, Shasta, Kern, and Lake.

Recommended: Your 2023 Guide to All Things Home

https://www.sofi.com/home-ownership-resources/

mlauffen

With 488 of its 1,527,039 homes going into foreclosure, the Constitution State had the 10th highest foreclosure rate at one in every 3,129 households. In this 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): New London, Windham, New Haven, Hartford, and Fairfield.

traveler1116

The third-most populous state in the country has a total of 9,764,897 housing units, of which 3,237 went into foreclosure. This puts the Sunshine State’s foreclosure rate at one in every 3,017 homes and into ninth place. The counties with the most foreclosures per housing unit were (from highest to lowest): Osceola, Dixie, Polk, Broward, and Clay.

Elisa.rolle

The Land of Lincoln claimed the eighth spot for highest foreclosure rate this month. Of its 5,412,995 homes, 1,796 went into foreclosure, making the sixth-most populous state’s foreclosure rate one in every 3,014 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Montgomery, Mason, Dewitt, Platt, and Ford.

ibsky

The 17th largest state by population, the Crossroads of America landed the seventh spot with a foreclosure rate of one in every 2,819 homes. Of its 2,911,562 housing units, 1,033 went into foreclosure this month. The counties with the most foreclosures per housing unit were (from highest to lowest): Sullivan, Knox, Blackford, Howard, and Shelby.

f11photo

Ranked 32nd in population, the Silver State took the sixth spot for highest foreclosure rate in October. With one in every 2,816 homes going into foreclosure, and a total of 1,269,846 housing units, the state had 451 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Lander, Nye, Clark, Lyon, and Elko.

DepositPhotos.com

The 23rd most populous state had the fifth highest foreclosure rate yet again with one in every 2,569 homes going into foreclosure. Of the Palmetto State’s 2,325,248 housing units, 905 were foreclosed on this month. The counties with the most foreclosures per housing unit were (from highest to lowest): Dorchester, Newberry, Richland, Spartanburg, and Berkeley.

SeanPavonePhoto

Ranked 18th for most populous state, America in Miniature placed fourth for highest foreclosure rate this month. With a total of 2,516,341 housing units, of which 981 went into foreclosure, the state’s foreclosure rate was one in every 2,565 households. The counties and independent city with the most foreclosures per housing unit were (from highest to lowest): Baltimore City, Charles, Calvert, Somerset, and Prince George’s County.

James_Lane

With a foreclosure rate of one in every 2,550 homes, the Garden State ranked third for highest foreclosure rate this month. The 11th most populous state contains 3,738,342 housing units, of which 1,466 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Salem, Cumberland, Atlantic, Warren, and Sussex.

aimintang

The Buckeye State placed second in October with a foreclosure rate of one in every 2,492 homes. With a total of 5,232,733 housing units, the seventh-most populous state had a total of 2,100 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Huron, Cuyahoga, Preble, Butler, and Adams.

stonena7 / istockphoto

The sixth-least populous state in the country, the Small Wonder took first place for highest foreclosure rate in October. With one in every 2,432 homes going into foreclosure and a total of 445,104 housing units, the state saw 183 foreclosures filed. Having only three counties in the state, the most foreclosures per housing unit were (from highest to lowest): Kent, New Castle, and Sussex.

mdgmorris

Of all 50 states, California had the most foreclosure filings (4,030), and Vermont had the least (4). As for the states with the highest foreclosure rates, Delaware, Ohio, and New Jersey took the top three spots, respectively.

Two regions – the Great Lakes and the Mideast – tied for having the largest presence among the 10 states that ranked the highest for foreclosure rates. The states in the Great Lakes region were (from highest to lowest): Ohio, Indiana, and Illinois. The states in the Mideast region were (from highest to lowest): Delaware, New Jersey, and Maryland.

Two regions – the Plains and New England – tied for having the largest presence among the 10 states that ranked the highest for foreclosure rates. The states in the Plains region were (from highest to lowest): Kansas, North Dakota, and South Dakota. The states in the New England region were (from highest to lowest): Rhode Island, New Hampshire, and Vermont.

Learn More:

This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.

SoFi Loan Products

SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636. For additional product-specific legal and licensing information, see our disclosures.


SoFi Home Loans
Terms, conditions, and state restrictions apply. SoFi Home Loans are not available in all states. See our criteria for more information.


External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

zimmytws / istockphoto

Depositphotos

Featured Image Credit: Serhii Sobolevskyi/istockphoto.

AlertMe