1. Homeowners Insurance Rates
| Market | Annual Rate | Monthly Rate (÷12) | County / Geography | Source |
|---|---|---|---|---|
| National | 0.704% | 0.0587% | National average | Derived from national avg premium data |
| Seattle | 0.329% | 0.0274% | King County, WA | Bankrate/MoneyGeek Washington state avg |
| Phoenix | 0.559% | 0.0466% | Maricopa County, AZ | Bankrate/MoneyGeek Arizona avg |
| Charlotte | 0.693% | 0.0578% | Mecklenburg County, NC | Insure.com ($2,079 avg premium / $300,000 home) |
| Chicago | 0.710% | 0.0592% | Cook County, IL | Bankrate/MoneyGeek Illinois avg |
| Dallas | 1.290% | 0.1075% | Dallas County, TX | Bankrate/MoneyGeek Texas avg |
| Atlanta | 0.770% | 0.0642% | Fulton County, GA | Insure.com Atlanta avg |
| New York | 0.370% | 0.0308% | NYC metro (~$2,579 / $700K home) | Insure.com NYC avg |
| LA | 0.170% | 0.0142% | LA County, CA (pre-2025 wildfire rate — may need revision) | Policygenius LA avg (~$1,566 / $950K). Note: pre-2025 wildfire rate |
| Honolulu | 0.400% | 0.0333% | Honolulu County, HI | MoneyGeek/ValuePenguin — comprehensive rate including hurricane coverage |
Notes
- Honolulu rate includes mandatory hurricane coverage (required by lenders). Base-only rate ~0.17%.
2. Property Tax Rates
| Market | Annual Rate | Monthly Rate (÷12) | County / Geography | Source |
|---|---|---|---|---|
| National | 1.100% | 0.0917% | US national average | SmartAsset national average |
| Seattle | 0.930% | 0.0775% | King County, WA | SmartAsset King County |
| Phoenix | 0.610% | 0.0508% | Maricopa County, AZ | SmartAsset Maricopa County |
| Charlotte | 0.473% | 0.0394% | Mecklenburg County, NC | SmartAsset Mecklenburg County |
| Chicago | 2.100% | 0.1750% | Cook County, IL | SmartAsset Cook County |
| Dallas | 1.930% | 0.1608% | Dallas County, TX | SmartAsset Dallas County |
| Atlanta | 1.050% | 0.0875% | Fulton County, GA | SmartAsset / Ownwell Fulton County |
| New York | 0.880% | 0.0733% | NYC residential effective rate | SmartAsset NYC residential effective rate (5-borough avg; lower than statewide due to NYC assessment rules) |
| LA | 0.680% | 0.0567% | LA County, CA (Prop 13 effective rate) | SmartAsset LA County effective rate; reflects Prop 13 (assessed value may be well below market value) |
| Honolulu | 0.350% | 0.0292% | Honolulu County, HI | SmartAsset Honolulu County; Hawaii has lowest effective property tax rates in US |
Notes
- Chicago / Cook County has the highest property tax rate in the model (2.10%), consistent with Illinois being a high-tax state.
- LA rate reflects Prop 13 — assessed value is often well below market value for long-term owners; new buyers face rates closer to 1.1–1.25%.
- New York rate (0.88%) reflects NYC residential Class 1 properties; Manhattan condos may face higher effective rates.
3. Closing Costs
| Market | Rate | Key Driver | Notes / Source |
|---|---|---|---|
| National | 1.500% | Standard lender / title / escrow fees; transfer taxes mostly seller-paid | LodeStar 2025: national avg buyer share ~1.25%. Using 1.5% conservative. Most transfer taxes paid by seller. |
| Seattle | 1.500% | WA REET paid by seller; standard buyer lender / title fees only | WA REET (1.1–3.0% graduated) paid by seller. Buyer costs: origination, lender title, appraisal, escrow ~1.5%. |
| Phoenix | 1.500% | No AZ transfer tax; standard buyer lender / title fees | AZ has no transfer tax. Standard buyer lender/title/escrow ~1.5%. LodeStar: AZ among lowest-cost states. |
| Charlotte | 1.250% | NC among lowest closing cost states; transfer tax paid by seller | LodeStar 2025: NC 0.56% total closing costs (3rd lowest in US). NC transfer tax paid by seller. Buyer costs ~1.25%. |
| Chicago | 2.000% | Chicago city transfer tax ~0.375% to buyer + attorney fee | Chicago city transfer tax buyer share ~0.375%. IL attorney-required adds ~$500-1,500. Total buyer costs ~2.0%. |
| Dallas | 1.500% | No TX transfer tax; standard buyer lender / title fees | TX has no transfer tax. Standard buyer costs only ~1.5%. |
| Atlanta | 1.500% | GA attorney state; standard otherwise | GA attorney-required; fee ~$500-1,000 on median home. GA transfer tax minimal and split. Total ~1.5%. |
| New York | 2.750% | NYC mortgage recording tax (buyer); applies to 5 boroughs only; MSA-weighted rate | NYC mortgage recording tax = 1.925% applies within the 5 boroughs (~40% of MSA). Suburban areas (NJ counties, CT, most of Westchester/Nassau/Suffolk) face standard buyer costs ~1.5-2.0%. MSA-weighted: 40% @ ~3.5% + 60% @ ~1.5% ≈ 2.3%, rounded to 2.75% as conservative estimate. Note: NY State also levies a separate mortgage recording tax of 0.5-1.0% in suburban NY counties. |
| LA | 1.500% | CA transfer taxes paid by seller; standard buyer costs only | CA + LA County transfer taxes paid by seller. Standard lender / title fees for buyer ~1.5%. |
| Honolulu | 1.500% | HI transfer tax paid by seller; standard buyer costs | HI conveyance tax paid by seller. Standard buyer lender / title / escrow costs ~1.5%. |
Notes
- Rates are buyer-only closing costs, excluding down payment and agent commissions (negotiated separately post-Aug 2024 NAR settlement). Source: LodeStar 2025 Purchase Mortgage Closing Cost Data Report.
- New York MSA — see Notes/Source column. Income proxy is Kings County (Brooklyn), subject to full NYC mortgage recording tax, consistent with 2.75% rate.
- Chicago (2.0%) reflects Chicago city transfer tax to buyer + attorney fees. Charlotte (1.25%) is among lowest closing cost states nationally per LodeStar 2025.
- All rates are approximate metro averages as of 2024-2025. Individual transactions vary by lender, loan type, and negotiation.
- Sources: LodeStar Software Solutions 2025 Purchase Mortgage Closing Cost Report; Bankrate; NAR transfer tax data; WA DOR, IL DOR, NYC Dept of Finance; Houzeo; Yoreevo (2024-2025).
4. Geographic Coverage — Metro Area Definitions & Income Proxies
| Market | Zillow Metro Name | MSA Full Name | Counties / States | Population (2020) | FRED MHI Series | Income Geography | Notes |
|---|---|---|---|---|---|---|---|
| National | United States | United States (national) | All 50 states + DC | 331,449,281 | MEHOINUS A646N | US national median HH income | Home prices: Zillow national ZHVI. NAR (HOSMEDUSM052N) used in LR sheet. |
| Seattle | Seattle, WA | Seattle-Tacoma-Bellevue, WA | King, Pierce, Snohomish counties (WA) | 4,018,762 | MHIWA53033A052NCEN | King County (Seattle) — largest county in MSA | King County is ~50% of MSA population. Pierce (Tacoma) and Snohomish (Everett) are included in Zillow price data but not income. |
| Phoenix | Phoenix, AZ | Phoenix-Mesa-Chandler, AZ | Maricopa, Pinal counties (AZ) | 4,845,832 | MHIAZ04013A052NCEN | Maricopa County — contains Phoenix, Scottsdale, Mesa, Chandler, Tempe | Maricopa County is ~90% of MSA population; strong proxy for full MSA. |
| Charlotte | Charlotte, NC | Charlotte-Concord-Gastonia, NC-SC | Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Union (NC); Chester, Lancaster, York (SC) | 2,660,329 | MHINC37119A052NCEN | Mecklenburg County (Charlotte) — core county of MSA | MSA spans NC-SC state line. Mecklenburg (~45% of MSA pop) is the primary urban core. |
| Chicago | Chicago, IL | Chicago-Naperville-Elgin, IL-IN-WI | Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, Will (IL); Jasper, Lake, Newton, Porter (IN); Kenosha (WI) | 9,618,502 | MHIIL17031A052NCEN | Cook County (Chicago) — core county of MSA | MSA spans 3 states. Cook County (~55% of MSA pop) dominates the metro economically. |
| Dallas | Dallas, TX | Dallas-Fort Worth-Arlington, TX | Collin, Dallas, Denton, Ellis, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant, Wise counties (TX) | 7,637,387 | MHITX48113A052NCEN | Dallas County — largest county; excludes Fort Worth (Tarrant County) | Dallas-Fort Worth is a binuclear metro. Dallas County (~28% of MSA pop). Tarrant County (Fort Worth) not included in income proxy. |
| Atlanta | Atlanta, GA | Atlanta-Sandy Springs-Alpharetta, GA | 29 counties in GA including Fulton, DeKalb, Cobb, Gwinnett, Cherokee, Clayton, Forsyth, Henry, Paulding, Rockdale | 6,144,050 | MHIGA13121A052NCEN | Fulton County (Atlanta) — core urban county | Atlanta MSA is one of the largest by land area. Fulton County (~17% of MSA pop) is the core but MSA extends far into exurbs. |
| New York | New York, NY | New York-Newark-Jersey City, NY-NJ-PA | NY: Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester; NJ: Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union; PA: Pike | 19,567,410 | MHINY36047A052NCEN | Kings County (Brooklyn) — proxy for NYC/MSA median buyer | Brooklyn chosen as most representative of typical homebuyer in metro (MHI ~$76K). Manhattan (~$106K) rejected as outlier. Zillow price covers full tri-state MSA. See closing costs note re: mortgage recording tax. |
| LA | Los Angeles, CA | Los Angeles-Long Beach-Anaheim, CA | Los Angeles, Orange counties (CA) | 13,200,998 | MHICA06037A052NCEN | Los Angeles County — contains LA city, Long Beach, many other cities | One of only 2-county MSAs among major metros. LA County is ~75% of MSA pop. Orange County (Anaheim/Irvine) not included in income proxy. Note: insurance rate is pre-2025 wildfire season and may need revision. |
| Honolulu | Urban Honolulu, HI | Urban Honolulu, HI | Honolulu County (City & County of Honolulu) — covers entire island of Oahu | 1,016,508 | MHIHI15003A052NCEN | Honolulu County — coextensive with the MSA (entire Oahu) | Unique: Honolulu County and the MSA are the same geography — the entire island of Oahu. No geographic mismatch between income and price data. |
Notes
- All Zillow ZHVI metro series use official OMB Metropolitan Statistical Area (MSA) definitions as the geographic unit.
- Zillow ZHVI All Homes Middle Tier (35th–65th percentile, smoothed, seasonally adjusted) is used for all metros. Series:
Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv - FRED MHI series use Census Bureau SAIPE (Small Area Income and Poverty Estimates) county-level data, available 1989-2024.
- State PCPI (BEA) is used to extrapolate MHI forward when current-year county MHI is not yet available. National PI used as fallback.
- New York: Income proxy (Brooklyn/Kings County) and price data (full tri-state MSA) cover different geographies — a known limitation. Brooklyn is preferred over Manhattan (too high) and Queens (similar but smaller). See also closing costs section re NYC mortgage recording tax.
- Dallas: Dallas County income proxy excludes Fort Worth metro (Tarrant County); full MSA Zillow price data includes Fort Worth.
- Atlanta: MSA spans 29 counties; Fulton County is a partial proxy for a very dispersed metro area.
- Source: U.S. Census Bureau OMB MSA definitions; Wikipedia MSA articles; Zillow Research metro area definitions.