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Bernalillo County Home Closing Costs Lowest in State

Bernalillo County Home Closing Costs Lowest in State

Why are closing costs relatively low in certain New Mexico counties – and why does that matter?

BY RENE THOMPSON

Here’s some good news for home buyers in Bernalillo County: the county has some of the lowest closing costs in the state, according to a study by financial technology company SmartAsset.

Bernalillo County ranked fourth in the state, with an average closing cost of $3,530 and median home value of $185,500.

The study measures closing costs as a percentage of median home value. Los Alamos County ranked the highest at $4,122, with more than double the median home value at $280,700. Dona Ana County was the cheapest at $3,262 with a median value of $137,300.

Closing costs are a crucial aspect of buying a home because they include accrued miscellaneous costs such as loan processing, land surveyor fees, as well title and deed costs. Closing costs are usually between 2 and 5 percent of the purchase price, but can range from 1 to 8 percent.

Here are the top 10 New Mexico counties for closing costs:

 

cheap homes table

To learn more about closing costs, affordable housing or average annual mortgage payments by county nationwide, visit smartasset.com.

Rene is a staff writer at ABQ Free Press. Reach her at rene@freeabq.com.

(Photo credit: thestar.com)

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Rene Thompson is a staff reporter at ABQ Free Press. Email her at rene@freeabq.com.

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