Hawaii, New York Top States With Highest Closing Costs

August 11, 2016

After dropping big money on a home, buyers in Hawaii pay a premium in closing cost fees.

Realtor.com looked at a Bankrate.com study of the highest and lowest average closing costs in the nation, and the island state ranked first, with a cost of $2,655. The median list price in Hawaii is $510,000.

New York ($2,560 average in closing costs) was the second-highest, followed by North Carolina ($2,409), Delaware ($2,358), and South Carolina ($2,322). Pennsylvania, at $1,837, had the lowest average closing costs.

The findings are based on closing cost quotes from lenders in each state and Washington, D.C. The rate assumes a $200,000 home price and that borrowers paid a 20 percent down payment and had excellent credit. Closing costs quotes factored in home appraisals, credit reports, and attorney fees.