Upfront Home Costs Add Up – Especially if Downpayment is Included
Posted To: MND NewsWireTwo Zillow subsidiaries are estimating it will cost the average U.S. homebuyer $40,000 to get in the door of their new home. Depending on where the home is located, according to a new analysis from RealEstate.com and Thumbtack, the number could be $26,641 (in Cleveland) or $202,834 (San Jose.) That headline number however is a little misleading. The study looked at the one-time fees that homebuyers can expect as they close and move into those homes, and the largest chunk is, of course, the downpayment . In their analysis the two companies estimated the amount needed for a 15 percent downpayment on a typical U.S. home ($32,700 in July 2018) plus additional costs. First there are closing costs, including the origination fee, appraisal, transfer taxes, title insurance, the first year of homeowners…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.