Westchester vs. Fairfield County: Cost Analysis

When you buy or sell a home, there are costs associated with the process. Often known as closing costs, this amount can vary based on state, attorney, bank, and other factors. When individuals are looking to move out of New York City, many explore a range of towns that fall in both Fairfield County, Connecticut, and Westchester County, New York. However, they may not realize there are different costs associated with buying in one county over another. Check out the comparison of typical closing costs in Fairfield and Westchester County.

As you can see, there is a substantial difference between closing costs in Connecticut and New York. Currently, New York state has a mansion tax for any sale over 1 million dollars. In the above example, for a $1,000,000 purchase, the tax is $12,500. This tax increases with the purchase price. There is also a mortgage tax for purchases, equalling $10,470 in this example. These two items alone equate to a $22,000+ difference when comparing closing costs in Westchester to Fairfield County. In Fairfield County, there is no mortgage or mansion tax.

When you are making a large purchase such as a house, you are often putting forth a large sum of money for down payments and attorney fees. It is important to understand the costs associated with buying to ensure that you are prepared to pay that amount and to see where you can save money.