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Richland ranked 10th in state in closing costs

Staff Report //March 29, 2018//

Richland ranked 10th in state in closing costs

Staff Report //March 29, 2018//

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Richland County is listed in the top 10 of lowest home closing costs in South Carolina, according to a report from SmartAsset.com.

Richland ranked 10th in the state and 1,082nd in the nation with average closing costs listed at $3,606, or 2.4% of a median house value of $151,500.

To calculate closing costs, SmartAsset assumed a 30-year fixed-rate mortgage on each county’s median home value and a 20% down payment. The formula considered all applicable closing costs, including the mortgage tax, transfer tax and both fixed and variable fees. Typical closing costs in each county were then divided by the county’s median home value.

The company found closing costs are normally 2% to 5% of the home value.

Lexington County ranked 12th in the state and 1,247th in the country with $3,556 average closing costs, or 2.5% of a median house value of $143,900.

Other Midlands counties included Kershaw (19th in the state), Fairfield (23rd), Sumter (25th) and Newberry (34th).

Beaufort averaged a state-low of 1.6%, with $4,489 in closing costs on a median home value of $273,000.

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