Benton County has the lowest closing costs as a percentage of median home value in Arkansas, but it also had the highest average closing costs in the state, according to a new study.
Financial technology company SmartAsset recently released its sixth annual study on closing costs that shows Benton County’s closing costs as a percentage of home value were 1.9%, the same as Washington County.
The study determined closing costs using a 30-year fixed-rate mortgage on each U.S. county’s median home value and a 20% down payment. After calculating closing costs, the number was divided by the county’s median home value. Counties in which the closing costs accounted for the smallest percentage of the median home value were ranked the highest.
Benton and Washington counties were ranked first and second, respectively. Faulkner County was third with closing costs at 2% of median home value.
Benton County also was No. 1 when it came to average closing costs. Closing costs in the county were $3,217, the highest in the state. Closing costs in Washington and Faulkner counties were $3,191 and $3,134, respectively.
Median home value was $172,000 in Benton County. It was $167,600 in Washington County and $157,600 in Faulkner County.
Statewide, closing costs as a percentage of home value were 2.3%. Average closing costs were $2,798, and median home value was $123,300.
Nationwide, Teton County, Wyo., was ranked No. 1, with the lowest closing costs as a percentage of home value at 0.7%. Average closing costs in the county were $5,346, and median home value was $827,400.
The U.S. average closing costs as a percentage of home value was 1.9%, with average closing costs of $3,977. The U.S. median home value was $204,900.