According to data from ClosingCorp, the average closing cost in Rhode Island is $4,618.81 after taxes, or approximately 1.15% to 1.54% of the final home sale price.
Closing cost stats in Rhode Island
Across the state, the average home sells for between $300,000 and $400,000. If you buy a property in that range, expect to pay between $3,464.11 and $6,158.41 in closing costs after taxes.
Data
Value
Average home sale price
$300,000 to $400,000
Average total closing cost
$4,618.81
Expected closing cost range
$3,464.11 to $6,158.41
Percentage of closing cost to home sale price
1.15% to 1.54%
Remember, these averages are based on sample data. Your closing costs may vary based on your lender, the size of your loan and whether or not you're paying in cash.
How much does tax affect the closing cost?
Buyers and sellers in Rhode Island pay an average of $1,638.85 in tax combined for the closing. This accounts for 35.48% of the total average closing cost in Rhode Island.
Value
Average tax paid
$1,638.85
Percentage of total closing cost
35.48%
SoFi
(NMLS #1121636)
Buyers and sellers in Rhode Island pay an average of $4,619 in closing costs.
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How do closing costs in Rhode Island compare nationally?
The closing costs for buying a home in Rhode Island are
above the national average
after accounting for taxes. It’s 26 in our rankings which rates states from lowest to highest closing cost.
Average total closing cost in Rhode Island
Ranking*
Before taxes
$2,979.96
25
After taxes
$4,618.81
26
*Ranked from lowest to highest of the 50 states plus Washington DC
Bottom line
Closing costs are inevitable when you're buying or selling a property. The exact amount will vary depending on where the property is located in Rhode Island.
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Britny Lawhorn is a technical SEO analyst at Regal and a former publisher at Finder, specializing in mortgages. She holds a BA in rhetoric and composition from the University of Tennessee, Knoxville.
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