Popular Stories

These are the most expensive states for taking out a mortgage

These are the most expensive states for taking out a mortgage

These are the most expensive states for taking out a mortgage

Buying a house can be exciting and terrifying. The negotiations, the inspections, the costs — they can all be overwhelming. And getting a mortgage means you’ll be paying a number of fees when you finally reach the closing table.

These fees vary from state to state. Some can be more than a quarter of an average person’s annual income, and others just a fraction of it, a MoneyWise analysis finds.

Wherever you may be buying — or refinancing — here are estimates of what it will cost you in all 50 states and the District of Columbia to get a mortgage — starting from the cheapest places to the most expensive.

Our methodology: To determine the most and least affordable states for taking out a mortgage, MoneyWise took the average closing costs for the states and D.C. from ClosingCorp and divided those into the latest median household income numbers from the U.S. Census. The higher the resulting number, the less affordable the state.

51. Missouri

City of St. Louis skyline at twilight.

f11photo / Shutterstock

Taking out a mortgage — or refinancing one — is more affordable in Missouri than any other state.

Closing costs in the Show-Me State average $1,571. That’s 2.74% of the state’s median household income of $57,409.

If you’re refinancing a mortgage, closing costs will average $1,290.

50. Indiana

Morton statue in front of Indiana Statehouse, USA

Sergey Novikov / Shutterstock

Closing costs in the Hoosier State average $2,101. That’s 3.65% of the state’s median household income of $57,603.

If you’re refinancing a mortgage, closing costs will average $1,396.

49. Iowa

view of beautiful rural farm land at Northeast Iowa

QZ / Shutterstock

Closing costs in the Hawkeye State average $2,272. That’s 3.68% of the state’s median household income of $61,691.

If you’re refinancing a mortgage, closing costs will average $1,803.

48. North Dakota

North Dakota Sunflowers

Brian A Wolf / Shutterstock

Closing costs in the Peace Garden State average $2,381. That’s 3.69% of the state’s median household income of $64,577.

If you’re refinancing a mortgage, closing costs will average $1,894.

47. South Dakota

Mount Rushmore National Memorial, South Dakota, USA

K.choktravel / Shutterstock

Closing costs in the Mount Rushmore State average $2,276. That’s 3.82% of the state’s median household income of $59,533.

If you’re refinancing a mortgage, closing costs will average $1,828.

46. Wyoming

Devil's Tower National Monument in Wyoming Under the Early Morning Cloudy Sky with the forest in the foreground

Sulae / Shutterstock

Closing costs in the Equality State average $2,572. That’s 3.69% of the state’s median household income of $65,003.

If you’re refinancing a mortgage, closing costs will average $1,982.

45. Kansas

Sunflowers blooming under a beautiful summer sky. The sunflower is the state flower of Kansas.

Chris Rubino / Shutterstock

Closing costs in the Sunflower State average $2,548. That’s 4.1% of the state’s median household income of $62,087.

If you’re refinancing a mortgage, closing costs will average $2,042.

44. Kentucky

Beautiful chestnut horses on a farm in Central Kentucky at sunset

Alexey Stiop / Shutterstock

Closing costs in the Bluegrass State average $2,229. That’s 4.26% of the state’s median household income of $52,295.

If you’re refinancing a mortgage, closing costs will average $1,887.

43. Nebraska

Nebraska corn fields with wind turbines

Cavan-Images / Shutterstock

Closing costs in the Cornhusker State average $2,715. That’s 4.29% of the state’s median household income of $63,229.

If you’re refinancing a mortgage, closing costs will average $2,007.

42. Alaska

Majestic caribou bull in front of the mount Denali, ( mount Mckinley), Alaskal

Martin Capek / Shutterstock

Closing costs in the Last Frontier average $2,442. That’s 4.56% of the state’s median household income of $75,463.

If you’re refinancing a mortgage, closing costs will average $2,582.

41. Alabama

Welcome to Sweet Home Alabama Road Sign along Interstate 10 in Robertsdale, Alabama USA, near the State Border with Florida

Allard One / Shutterstock

Closing costs in the Yellowhammer State average $2,371. That’s 4.58% of the state’s median household income of $51,735.

If you’re refinancing a mortgage, closing costs will average $1,885.

40. Colorado

Rocky Mountain National Park

@cafealternativo via Twenty20

Closing costs in the Centennial State average $3,659. That’s 4.74% of the state’s median household income of $63,229.

If you’re refinancing a mortgage, closing costs will average $2,906.

39. North Carolina

Duke University

@eep33 via Twenty20

Closing costs in the Tar Heel State average $2,803. That’s 4.89% of the state’s median household income of $57,341.

If you’re refinancing a mortgage, closing costs will average $2,776.

38. Wisconsin

Milwaukee Art Museum

@SueNorthey via Twenty20

Closing costs in the Badger State average $3,221. That’s 5.02% of the state’s median household income of $64,168.

If you’re refinancing a mortgage, closing costs will average $1,883.

37. Minnesota

Minneapolis

@JessicaKaplanPhotography via Twenty20

Closing costs in the North Star State average $3,843. That’s 5.15% of the state’s median household income of $74,593.

If you’re refinancing a mortgage, closing costs will average $2,331.

36. Arkansas

Arkansas Ozarks

@keri.landers via Twenty20

Closing costs in the Natural State average $2,578. That’s 5.27% of the state’s median household income of $48,952.

If you’re refinancing a mortgage, closing costs will average $1,785.

35. Montana

Montana

@davep via Twenty20

Closing costs in the Treasure State average $3,021. That’s 5.29% of the state’s median household income of $57,153.

If you’re refinancing a mortgage, closing costs will average $2,496.

34. Oklahoma

Oklahoma

@JBL via Twenty20

Closing costs in the Sooner State average $2,943. That’s 5.41% of the state’s median household income of $54,449.

If you’re refinancing a mortgage, closing costs will average $2,511.

33. New Mexico

New Mexico

@ssenka via Twenty20

Closing costs in the Land of Enchantment average $2,825. That’s 5.44% of the state’s median household income of $51,945.

If you’re refinancing a mortgage, closing costs will average $2,676.

32. Mississippi

Mississippi

@dcallahan83 via Twenty20

Closing costs in the Magnolia State average $2,578. That’s 5.63% of the state’s median household income of $45,792.

If you’re refinancing a mortgage, closing costs will average $2,016.

31. Ohio

River through the City - a look at Dayton, Ohio from above the confluence of the Great Maimi and Mad Rivers

Beeline Aerial / Shutterstock

Closing costs in the Buckeye State average $3,319. That’s 5.66% of the state’s median household income of $58,642.

If you’re refinancing a mortgage, closing costs will average $2,160.

30. Idaho

Idaho

@groveayers via Twenty20

Closing costs in the Gem State average $3,544. That’s 5.81% of the state’s median household income of $60,999.

If you’re refinancing a mortgage, closing costs will average $2,789.

29. South Carolina

Charleston, S.C.

@kristin12 via Twenty20

Closing costs in the Palmetto State average $3,269. That’s 5.81% of the state’s median household income of $56,227.

If you’re refinancing a mortgage, closing costs will average $2,944.

28. Georgia

Georgia

@amyimazzone via Twenty20

Closing costs in the Peach State average $3,610. That’s 5.83% of the state’s median household income of $61,980.

If you’re refinancing a mortgage, closing costs will average $2,727.

27. Oregon

Oregon

@jonryanjohnson via Twenty20

Closing costs in the Beaver State average $3,911. That’s 5.83% of the state’s median household income of $67,058.

If you’re refinancing a mortgage, closing costs will average $3,149.

26. Texas

Texas

Photo by Vivian Arcidiacono on Unsplash

Closing costs in the Lone Star State average $3,754. That’s 5.86% of the state’s median household income of $64,034.

If you’re refinancing a mortgage, closing costs will average $3,494.

25. Utah

Utah

Photo by Jaxon Lott on Unsplash

Closing costs in the Beehive State average $4,612. That’s 6.09% of the state’s median household income of $74,780.

If you’re refinancing a mortgage, closing costs will average $2,157.

24. Maine

Maine

Photo by Keith Luke on Unsplash

Closing costs in the Pine Tree State average $3,761. That’s 6.38% of the state’s median household income of $58,924.

If you’re refinancing a mortgage, closing costs will average $1,961.

23. Rhode Island

Rhode Island

Photo by Rusty Watson on Unsplash

Closing costs in the Ocean State average $4,619. That’s 6.49% of the state’s median household income of $71,169.

If you’re refinancing a mortgage, closing costs will average $1,968.

22. Arizona

arizona resort with cactus

jdross75 / Shutterstock

Closing costs in the Grand Canyon State average $4,190. That’s 6.75% of the state’s median household income of $62,055.

If you’re refinancing a mortgage, closing costs will average $1,662.

21. Tennessee

Tennessee

Photo by Tanner Boriack on Unsplash

Closing costs in the Volunteer State average $3,790. That’s 6.76% of the state’s median household income of $56,071.

If you’re refinancing a mortgage, closing costs will average $2,080.

20. West Virginia

West Virginia

Photo by Sandra Seitamaa on Unsplash

Closing costs in the Mountain State average $3,352. That’s 6.86% of the state’s median household income of $48,850.

If you’re refinancing a mortgage, closing costs will average $3,039.

19. Michigan

Michigan

Photo by Brad Switzer on Unsplash

Closing costs in the Great Lake State average $4,211. That’s 7.07% of the state’s median household income of $59,584.

If you’re refinancing a mortgage, closing costs will average $2,844.

18. Louisiana

Louisiana

Photo by Robson Hatsukami Morgan on Unsplash

Closing costs in the Pelican State average $3,827. That’s 7.49% of the state’s median household income of $51,073.

If you’re refinancing a mortgage, closing costs will average $2,681.

17. Virginia

Richmond, Virginia

Photo by STEPHEN POORE on Unsplash

Closing costs in the Old Dominion average $6,186. That’s 8.09% of the state’s median household income of $76,456.

If you’re refinancing a mortgage, closing costs will average $2,735.

16. Massachusetts

Boston, Mass.

Photo by Michael Browning on Unsplash

Closing costs in the Bay State average $7,035. That’s 8.2% of the state’s median household income of $85,843.

If you’re refinancing a mortgage, closing costs will average $2,689.

15. California

California

Photo by David Vives on Unsplash

Closing costs in the Golden State average $6,879. That’s 8.55% of the state’s median household income of $80,440.

If you’re refinancing a mortgage, closing costs will average $3,474.

14. Hawaii

Maui Hawaii

Photo by Nayab Faheem on Unsplash

Closing costs in the Aloha State average $7,127. That’s 8.58% of the state’s median household income of $83,102.

If you’re refinancing a mortgage, closing costs will average $4,154.

13. Nevada

Hoover Dam in Nevada

Photo by Cédric Dhaenens on Unsplash

Closing costs in the Silver State average $5,586. That’s 8.83% of the state’s median household income of $63,276.

If you’re refinancing a mortgage, closing costs will average $2,915.

12. New Jersey

New Jersey

Photo by Valeria Capettini on Unsplash

Closing costs in the Garden State average $7,828. That’s 9.13% of the state’s median household income of $85,751.

If you’re refinancing a mortgage, closing costs will average $4,645.

11. Connecticut

Connecticut

Photo by Rusty Watson on Unsplash

Closing costs in the Constitution State average $7,303. That’s 9.26% of the state’s median household income of $78,833.

If you’re refinancing a mortgage, closing costs will average $2,717.

10. Illinois

The Bean in Chicago

Photo by Lewis J Goetz on Unsplash

Closing costs in the Prairie State average $6,530. That’s 9.44% of the state’s median household income of $69,187.

If you’re refinancing a mortgage, closing costs will average $1,955.

9. Vermont

Vermont

Photo by Cameron Venti on Unsplash

Closing costs in the Green Mountain State average $5,947. That’s 9.44% of the state’s median household income of $63,001.

If you’re refinancing a mortgage, closing costs will average $2,387.

8. New Hampshire

New Hampshire

Photo by Balazs Busznyak on Unsplash

Closing costs in the Granite State average $8,039. That’s 10.32% of the state’s median household income of $77,933.

If you’re refinancing a mortgage, closing costs will average $2,183.

7. Maryland

Baltimore

Photo by Brendan Beale on Unsplash

Closing costs in the Old Line State average $11,710. That’s 13.5% of the state’s median household income of $86,738.

If you’re refinancing a mortgage, closing costs will average $3,476.

6. Florida

Miami Beach

Photo by Joël de Vriend on Unsplash

Closing costs in the Sunshine State average $8,213. That’s 13.87% of the state’s median household income of $59,227.

If you’re refinancing a mortgage, closing costs will average $4,606.

5. Washington

Seattle, Washington

Photo by Thom Milkovic on Unsplash

Closing costs in the Evergreen State average $11,513. That’s 14.63% of the state’s median household income of $78,687.

If you’re refinancing a mortgage, closing costs will average $4,687.

4. Pennsylvania

Philadelphia, Pennsylvania

Photo by ActionVance on Unsplash

Closing costs in the Keystone State average $9,437. That’s 14.87% of the state’s median household income of $63,463.

If you’re refinancing a mortgage, closing costs will average $6,376.

3. New York

New York City

Photo by Michael Discenza on Unsplash

Closing costs in the Empire State average $13,262. That’s 18.39% of the state’s median household income of $72,108.

If you’re refinancing a mortgage, closing costs will average $8,256.

2. Delaware

Delaware

Photo by Josefina Lacroze on Unsplash

Closing costs in the First State average $17,727. That’s 25.26% of the state’s median household income of $70,176.

If you’re refinancing a mortgage, closing costs will average $2,676.

1. District of Columbia

Washington D.C.

Photo by Grant Czerwinski on Unsplash

Taking out a mortgage — or refinancing one — is least affordable in D.C. than any other state.

Closing costs in the Capitol average $29,330. That’s 31.79% of the state’s median household income of $92,266.

If you’re refinancing a mortgage, closing costs will average $13,722.

View Article Origin Here

Related Articles

Back to top button