Americans paid more to close a mortgage transaction in 2020, according to a new report released by ClosingCorp. In 2020, national average closing costs for a single-family property were $6,087 including taxes, and $3,470 excluding taxes. These were 5.9 percent and 3.9 percent year-over-year increases, respectively, according to the study.

ClosingCorp uses home price data from CoreLogic to estimate closing costs for an average home at the state, core-based statistical area (CBSA) and county levels. It includes cost calculations for lender’s title policy, owner’s title policy, appraisal, settlement, recording fees, land surveys and transfer tax. 

The 2020 report shows the states with the highest average closing costs, including taxes, were: 

  • District of Columbia ($29,329)
  • Delaware ($17,727)
  • New York ($13,261)
  • Maryland ($11,709)
  • Washington ($11,513). 

The states with the lowest closing costs, including taxes, were: 

  • Missouri ($1,571)
  • Indiana ($2,100)
  • Kentucky ($2,229)
  • Iowa ($2,272)
  • South Dakota ($2,276).

The states with the highest average closing costs, excluding taxes, were: 

  • District of Columbia ($6,250)
  • Hawaii ($5,599)
  • New York ($5,571)
  • California ($5,366)
  • Illinois ($4,893). 

The states with the lowest closing costs, excluding taxes, were: 

  • Missouri ($1,571)
  • Iowa ($2,020)
  • South Dakota ($2,023)
  • Arkansas ($2,053)
  • Kentucky ($2,069).
NEXT Mortgage News logo

Stay in the know

Get the daily intel that impacts your customers, employees and market. 

Up NEXT eNewsletter — Industry news

Thank you!

Share This