Bankrate’s 2008 study of real estate closing costs by state showed New York to be the most expensive and North Carolina to be the cheapest, based on a $200,000 loan and 20% downpayment. The national average home closing cost was $3,118.
Here are the 10 states with the highest average closing costs:
1. New York (NYC): $4,016
2. Texas: $3,975
3. Florida (Miami) : $3,683
4. Oklahoma: $3,558
5. New Mexico: $3,465
6. New Jersey: $3,432
7. Pennsylvania: $3,411
8. Alaska: $3,409
9. Colorado: $3,358
10. California (San Francisco): $3,321
Methodology:
Bankrate’s Closing Cost study was conducted in June and July of 2008 by obtaining four to nine good faith estimates from the Web sites of online lenders. Researchers picked a ZIP code in some of the largest cities in each state and requested information on the closing costs for at $200,000 loan. They requested fees on a 30-year, fixed-rate mortgage for a borrower with a 20 percent down payment and good credit to buy a single-family house. Bankrate’s survey includes lenders’ origination fees and title and settlement fees, but not taxes or prepaid items.
h/t: RealtyNCStyle.
