Most Expensive States for Closing Costs

Bankrate.com released a rankiing today of the states with the highest real estate closing costs. The site states:

“Bankrate.com researchers gathered closing-cost information from at least eight lenders in all 50 states and the District of Columbia. Researchers requested a good faith estimate for a $200,000 loan, assuming a 20-percent down payment and good credit. Below, ranked from most expensive to least expensive, are the average closing costs charged by the lending industry for a mortgage in each state. Your costs will be higher than shown here because the most highly variable costs are not included: Taxes, other governmental fees and escrow fees. They vary almost infinitely, by locale and by which day of the month the closing occurs. With one exception, the quotes were gathered for the largest city in each state. Because of the unique nature of New York City’s real estate market, Buffalo was used. ”

Here are the rankings;

2006 rank

2005 rank State Closing costs
1 1 New York $3,887
2 15 Texas $3,578
3 2 Hawaii $3,407
4 10 Ohio $3,354
5 5 Florida $3,349
6 6 Connecticut $3,284
7 3 Alaska $3,265
8 11 New Mexico $3,239
9 18 Kentucky $3,206
10 12 Alabama $3,189
11 33 Oklahoma $3,181
12 7 Pennsylvania $3,175
13 4 New Jersey $3,158
14 14 Massachusetts $3,143
15 45 Oregon $3,137
16 37 Mississippi $3,102
17 8 California $3,097
18 16 Louisiana $3,056
19 28 Idaho $3,049
20 19 Georgia $3,046
21 42 Tennessee $3,016
22 22 Nevada $2,993
23 23 Colorado $2,988
23 40 South Carolina $2,988
25 13 Delaware $2,984
26 48 Wisconsin $2,972
27 20 Maine $2,961
27 26 Rhode Island $2,961
29 38 Vermont $2,950
30 36 Minnesota $2,919
31 41 Illinois $2,918
32 46 Utah $2,913
32 29 Virginia $2,913
34 43 North Carolina $2,905
35 24 Arkansas $2,904
36 44 North Dakota $2,895
37 39 Washington $2,887
38 9 Maryland $2,876
39 34 Nebraska $2,874
40 35 Iowa $2,841
41 30 West Virginia $2,823
42 50 South Dakota $2,817
43 47 Indiana $2,793
44 49 Kansas $2,787
45 25 Arizona $2,784
46 17 Washington, D.C. $2,772
46 51 Wyoming $2,772
48 21 Montana $2,737
49 32 New Hampshire $2,734
50 31 Michigan $2,714
51 27 Missouri $2,713
    2006 average $3,024
    2006 median $2,978
    2005 average $2,748
    2005 median $2,669
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