Here's where mortgage closing costs are the highest

by Steve Randall26 Jul 2018

An analysis of around one million real estate transactions has revealed the average mortgage closing cost across the US.

ClosingCorp’s analysis found that including taxes the average for a single-family home was $5,651. Excluding taxes, the average was $3,438.

The calculations are based on lender’s title, owner’s title, appraisals, settlement fees, recording fees, land surveys and transfer tax (where applicable).

The analysis reveals that the highest closing cost at a state level including taxes are in Washington, DC with a total $20,228. Without taxes, the average is $6,206, again the highest in the country.

“Our improved methodology allows us to deliver the closing costs that more accurately reflect average home prices at not only the state level, but also the CBSA and county levels,” said Gerardo Caceres, senior vice president data operations and product management at ClosingCorp. “While you can compute an average home price, it doesn’t mean that such a property exists or that it has had a closing. To get a sense of the real fees and taxes that are being paid, we’ve surveyed 900,000 actual closings within a $100,000 range of the average prices.”

Average Closing Costs by State

 

State

 

Average Home

Sales Price Range

 

Average Total

Closing Costs

with Taxes

 

Average Total

Closing Costs

without Taxes

 

Percentage

of Sales Price

AK

 

$300,000 - $400,000

 

$3,746

 

$3,746

 

1.20%

AL

 

$100,000 - $200,000

 

$2,653

 

$2,424

 

1.26%

AR

 

$100,000 - $200,000

 

$2,425

 

$2,030

 

1.15%

AZ

 

$200,000 - $300,000

 

$3,474

 

$3,474

 

1.16%

CA

 

$600,000 - $700,000

 

$7,512

 

$5,276

 

0.80%

CO

 

$400,000 - $500,000

 

$3,602

 

$3,462

 

0.84%

CT

 

$300,000 - $400,000

 

$3,853

 

$3,359

 

0.96%

DC

 

$700,000 - $800,000

 

$20,228

 

$6,206

 

0.81%

DE

 

$200,000 - $300,000

 

$13,293

 

$3,290

 

1.42%

FL

 

$200,000 - $300,000

 

$5,585

 

$3,562

 

1.20%

GA

 

$200,000 - $300,000

 

$3,559

 

$2,682

 

1.23%

HI

 

$800,000 - $900,000

 

$7,364

 

$5,956

 

0.73%

IA

 

$100,000 - $200,000

 

$1,913

 

$1,808

 

1.03%

ID

 

$200,000 - $300,000

 

$3,044

 

$3,044

 

1.19%

IL

 

$200,000 - $300,000

 

$5,807

 

$4,520

 

1.85%

IN

 

$100,000 - $200,000

 

$1,992

 

$1,992

 

1.21%

KS

 

$200,000 - $300,000

 

$2,504

 

$2,374

 

1.01%

KY

 

$200,000 - $300,000

 

$2,477

 

$2,448

 

1.07%

LA

 

$100,000 - $200,000

 

$3,407

 

$3,136

 

1.57%

MA

 

$400,000 - $500,000

 

$4,871

 

$3,830

 

0.83%

MD

 

$300,000 - $400,000

 

$13,358

 

$3,541

 

1.17%

ME

 

$200,000 - $300,000

 

$3,039

 

$2,447

 

0.83%

MI

 

$100,000 - $200,000

 

$2,888

 

$2,709

 

1.69%

MN

 

$300,000 - $400,000

 

$3,621

 

$2,661

 

0.87%

MO

 

$100,000 - $200,000

 

$1,856

 

$1,856

 

0.97%

MS

 

$100,000 - $200,000

 

$2,158

 

$2,158

 

1.12%

MT

 

$200,000 - $300,000

 

$2,720

 

$2,720

 

0.93%

NC

 

$200,000 - $300,000

 

$2,367

 

$2,302

 

0.98%

ND

 

$200,000 - $300,000

 

$2,622

 

$2,622

 

1.16%

NE

 

$100,000 - $200,000

 

$2,017

 

$1,897

 

1.03%

NH

 

$200,000 - $300,000

 

$4,397

 

$2,345

 

0.82%

NJ

 

$300,000 - $400,000

 

$3,866

 

$3,649

 

1.03%

NM

 

$200,000 - $300,000

 

$2,909

 

$2,909

 

1.22%

NV

 

$300,000 - $400,000

 

$5,329

 

$3,669

 

1.11%

NY

 

$300,000 - $400,000

 

$15,254

 

$4,915

 

1.33%

OH

 

$100,000 - $200,000

 

$2,976

 

$2,790

 

1.50%

OK

 

$100,000 - $200,000

 

$3,021

 

$2,712

 

1.62%

OR

 

$300,000 - $400,000

 

$4,167

 

$3,593

 

1.04%

PA

 

$200,000 - $300,000

 

$10,206

 

$3,897

 

1.91%

RI

 

$300,000 - $400,000

 

$3,477

 

$2,874

 

0.91%

SC

 

$200,000 - $300,000

 

$2,623

 

$2,346

 

0.91%

SD

 

$100,000 - $200,000

 

$2,930

 

$2,207

 

1.16%

TN

 

$200,000 - $300,000

 

$3,748

 

$3,748

 

1.46%

TX

 

$300,000 - $400,000

 

$3,938

 

$3,938

 

1.26%

UT

 

$300,000 - $400,000

 

$5,913

 

$3,096

 

0.79%

VA

 

$200,000 - $300,000

 

$5,849

 

$2,780

 

1.14%

VT

 

$400,000 - $500,000

 

$5,902

 

$4,860

 

1.13%

WA

 

$200,000 - $300,000

 

$2,506

 

$2,312

 

1.11%

WI

 

$100,000 - $200,000

 

$2,668

 

$2,551

 

1.55%

WV

 

$200,000 - $300,000

 

$2,450

 

$2,450

 

1.07%

WY

 

$200,000 - $300,000

 

$3,746

 

$3,746

 

1.20%

 

 

 


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