High home prices are high in many areas in the Northeast, which is perhaps a reason why it also has some of the highest priced closing costs.
Driven by rising home prices, the Pending Home Sales Index in the Northeast decreased 5.3% to 93 in May, unchanged from last year, according to the National Association of Realtors.
Bankrate, a personal finance destination that provides consumers with advice and tools, surveyed up to 10 lenders in all 50 states and the District of Columbia in June. Researchers obtained online loan estimates for a $200,000 mortgage to buy a single-family home with a 20% down payment.
Based on that survey, here are the top five states with the most expensive closing costs, in the order of highest on down:
New York: $2,560
North Carolina: $2,409
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South Carolina: $2,322
On the other hand, these were the states with the lowest closing costs, in order of lowest on up:
South Dakota: $1,904