Study: Closing costs in Richland County are sizable

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Richland County homebuyers pay a sizable chunk of their home’s median value in closing costs, according to a new study by personal finance website WalletHub.

Homebuyers in the county fork over an average of $3,624 in closing costs on a home valued at $154,100, That’s 2.4% of the home’s value, the highest percentage among S.C. counties with the top 10 median home values.

Richland ranks 10th in the state in both median home value and average closing costs, according to the study.

Statewide, the survey found the median home value to be $148,600, with closing costs of $3,037, or 2% of that value.

In Beaufort County, which ranks first in the state with a median home value of $283,800, average closing costs are $4,561, or 1.6% of a home’s value. Charleston County buyers pay an average of $4,489, or 1.6% of the median home value of $273,100, second-highest in the state.

Greenville County ranks eighth with a median home value of $165,600 and average closing costs of $3,701, or 2.2% of a home’s value.

The study assumed a 30-year fixed-rate mortgage and a 20% down payment.