Closing Costs are a crucial aspect of buying a home and in its third annual study, financial technology company SmartAsset shows where they are lowest.
The study measures closing costs as a percentage of median home value at the county level. Douglas County had the lowest closing costs as a percentage of home value among Nevada counties with populations over 5,000 residents, followed by Washoe and Carson City counties.
The average closing costs in Douglas County were actually the highest in terms of raw dollar amount at $5,117 for the period???. With a median home value of $272,000, the closing costs as a percentage of the home value was 1.9 percent, according to the study.
Washoe County average closing costs were $4,642; 2.2 percent of the median home value of $213,100.
Carson City's average closing costs were $4,291; 2.3 percent of the median home value of $186,000.
Clark County at seventh in the rankings had an average closing cost of $4,354; 2.6 percent of the average home value of $170,400.
To calculate closing costs, SmartAsset assumed a 30-year fixed-rate mortgage on each county’s median home value and a 20 percent down payment. Researchers considered all applicable closing costs, including the mortgage tax, transfer tax and both fixed and variable fees.
Once the typical closing costs in each county were calculated SmartAsset divided that figure by the county’s median home value.
For a complete list of Nevada counties surveyed as well as national data, go here.
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