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Mortgage closing costs by state: 2006

Closing Costs » Mortgage Closing Costs By State: 2006

For the second year in a row, New York is the state with the highest mortgage-related fees in Bankrate.com's annual closing costs comparison survey.

New York's high title and settlement costs lifted the state well above No. 2 Texas. The Lone Star State was followed in the top five by Hawaii, Ohio and Florida.

Home buyers in Missouri pay the lowest closing costs, according to this year's study. The Show Me State was followed by Michigan, New Hampshire and Montana. Wyoming, which was last year's lowest-cost state, was fifth-lowest this year.

The difference between New York and Missouri was $1,174 in this year's survey. That's a hefty sum to first-time buyers who typically scrimp to save for a down payment and closing costs.

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.

Closing costs by state

2006 rank2005 rankStatesClosing costs
11New York$3,887
215Texas$3,578
32Hawaii$3,407
410Ohio$3,354
55Florida$3,349
66Connecticut$3,284
73Alaska$3,265
811New Mexico$3,239
918Kentucky$3,206
1012Alabama$3,189
1133Oklahoma$3,181
127Pennsylvania$3,175
134New Jersey$3,158
1414Massachusetts$3,143
1545Oregon$3,137
1637Mississippi$3,102
178California$3,097
1816Louisiana$3,056
1928Idaho$3,049
2019Georgia$3,046
2142Tennessee$3,016
2222Nevada$2,993
2323Colorado$2.988
2323Colorado$2,988
2340South Carolina$2,988
2513Delaware$2,984
2648Wisconsin$2,972
2720Maine$2,961
2726Rhode Island$2,961
2938Vermont$2,950
3036Minnesota$2,919
3141Illinois$2,918
3246Utah$2,913
3229Virginia$2,913
3443North Carolina$2,905
3524Arkansas$2,904
3644North Dakota$2,895
3739Washington$2,887
389Maryland$2,876
3934Nebraska$2,874
4035Iowa$2,841
4130West Virginia$2,823
4250South Dakota$2,817
4347Indiana$2,793
4449Kansas$2,787
4525Arizona$2,784
4617Washington, D.C.$2,772
4821Montana$2,737
4932New Hampshire$2,734
5031Michigan$2,714
5127Missouri$2,713
  2006 average$3,024
  2006 media$2,978
  2005 average$2,748
  2005 median$2,669

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