Another Reason Housing Costs Are So High In New York: Government Taxes And Requirements On Closing Costs

Daily News

Homebuyers know and stats show that closing costs you a ton in New York

State is No. 1 in closing expenses for a third year in a row, Bankrate surveys

BY / NEW YORK DAILY NEWS

PUBLISHED: MONDAY, AUGUST 6, 2012, 11:42 PM
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BILL TURNBULL FOR NEW YORK DAILY NEWS. Would this Elmhurst, Queens, house work for you? Keep in mind that average closing costs total $5,435 for a $200,000 mortgage on a single-family home purchased with a 20% down payment. The cheapest state to get in the door with a mortgage is Missouri, with average costs of 3,006.

 

HERE’S ONE more reason why it’s so ridiculously expensive to live in New York: We have the highest mortgage closing costs in the country.

For the third year in a row, New York State leads the way in fees associated with getting a home loan, according to a new survey from Bankrate.com.

The average closing cost here is a whopping $5,435 for a $200,000 mortgage on a single-family home purchased with a 20% down payment.

Compare that with Missouri, the state with the lowest closing costs, where they pay an average of $3,006. The national average is $3,754. Continue reading