Cities With Highest, Lowest Closing Costs

October 6, 2016 | Comments Off on Cities With Highest, Lowest Closing Costs

The average closing costs home buyers are paying nationwide in 2016 is $3,815 – an average of 1.8 percent of the median sales price, according to a new study by ATTOM Data Solutions and ClosingCorp.

They analyzed closing data in 414 counties and factored in some of the most common closing costs nationwide, including the title, settlement services, the appraisal, transfer taxes, recording fees and home inspection.

“When it comes to closing costs, there are many nuances,” explains Carol Crawford, senior vice president of marketing communications at ClosingCorp. “For example, the taxes based on the purchase price in most markets are typically paid by the seller, but there is one notable exception: the so-called ‘Mansion Tax,’ which is prevalent throughout New York and is paid by the buyer. The Mansion Tax of 1 percent applies when the purchase price is $1 million or more and it applies to the entire purchase price. Thus, a price increase of one thousand dollars from $999k to $1 million triggers a $10,000 Mansion Tax, which can be a big surprise if you are not a well-informed borrower.”

The following markets had average closing costs above $10,000, according to the analysis:

  • New York (Manhattan), N.Y.: $48,153
  • Kings County (Brooklyn), N.Y.: $20,832
  • Queens County, N.Y.: $15,908
  • District of Columbia: $12,898
  • Suffolk County (Long Island), N.Y.: $11,794
  • Alameda County (East Bay Area), Calif.: $10,798
  • Bronx County, N.Y.: $10,330

Meanwhile, the following markets with the lowest closing costs were all located in Missouri, including:

  • Jasper County/Joplin, Mo.: $1,720
  • Jackson County/Kansas City, Mo.: $1,730
  • Greene County/Springfield, Mo.: $1,738
  • Franklin County/St. Louis, Mo.: $1,740
  • Jefferson County/St. Louis, Mo.: $1,745

Source:  RealtyTrac


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