Vermont Purchasing Cost Estimate
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How to fill out Purchasing Cost Estimate?
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FAQ
Home buyers can typically expect to pay 2% 5% of the loan amount in closing costs. One of the main costs is a title fee.
Generally speaking, the cost of living in Vermont is relatively low, making the living wage in Vermont $14.93 per hour for a single adult. This is the basic wage needed to pay for housing, food, and necessities. The average salary index in Vermont is $59,000 per year, roughly $18.16 per hour.
In general, buyers should expect to pay between 2% and 5% of the closing price in closing costs. The median home value in Vermont is $202,300, so buyers should budget at least between $4,046 and $10,115 in closing costs. While closing costs can be expensive, one of the largest mortgage expenses is the interest rate.
According to a new joint report by the National Low Income Housing Coalition and the Vermont Affordable Housing Coalition, the hourly wage a Vermonter should earn to afford a safe two-bedroom apartment is a whole $9.35 higher than the average Vermonter's hourly wage, making Vermont among the most expensive states for
Closing costs are the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction. Those costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, and credit report charges.
Not only is Vermont housing affordable compared to its expensive east coast neighbors, but the Green Mountain State even falls below the national average. Overall, Vermont housing costs are 11.5% cheaper than the national average. The median home value in the state is $254,307.
Average Cost of Living in Vermont: $47,397 per year MERIC ranked Vermont 40th in its cost of living index, largely due to the above-average cost of housing and utilities in the Green Mountain State.
When a home purchase closes, the home buyer is required to pay, among other closing costs, the Vermont Property Transfer Tax. The buyer is taxed is at a rate of 0.5% of the first $100,000 of the home's value and 1.45% of the remaining portion of the value.
In general, average closing costs in Vermont will range from about 2% to 3% of the total loan/value of the house, although the percentage will be lower with higher priced homes since certain costs (ie, appraisals and credit reports) don't vary much in price regardless of the type of home you are buying.
