Report: Closing Costs In Dearborn Co. Among Lowest In Indiana

Tuesday, June 6, 2017 at 7:27 AM

By Travis Thayer (Lawrenceburg, Ind.) – If you are looking to buy a home, you may want to settle down in Dearborn County. The 3rd Annual Closing Cost Study by financial technology company SmartAsset shows that Dearborn County is ranked 8th statewide for the lowest average closing cost for home-buying. The report suggests that most financial advisors and websites give closing costs between 2 and 5 percent of the home value, meaning closing costs could be anywhere from $3,000 to $7,500. In Dearborn County, the closing cost as a percentage of the home value is at 1.6 percent, which is below the state average of 2 percent. According to the report, the average closing cost in Dearborn County is $2,612, for a median home worth $159,100. Statewide, the median home value is $124,200 with an average closing cost is $2,524. Hamilton County's 1.3 percent closing cost was thh best in the state. 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, and divided that figure by the county’s median home value. You can find the full report at www.smartasset.com.