Closing costs compared.
Side-by-side total closing costs across the 14 markets we model, from Manhattan and its suburbs in New York, New Jersey and Connecticut to Florida and the West. Each row runs the per-market math module with representative inputs ( 30% down, 6% commission, primary residence) at three price tiers. The spread is more dramatic than most buyers and sellers realize — Jackson Hole’s seller side on a $10M sale costs about 6% (essentially just broker commission); the equivalent City of LA seller pays approximately 12% once Measure ULA hits.
Buyer closing costs by market.
Total buyer-side closing costs at 30% down, primary residence, financed purchase. Percentages are of purchase price.
| Market | $2M | $5M | $10M | $20M |
|---|---|---|---|---|
| Manhattan condo | $80,720 4.04% | $227,975 4.56% | $538,400 5.38% | $1,159,250 5.80% |
| Palm Beach County (Palm Beach, Boca Raton, Delray Beach) single family | $20,819 1.04% | $44,181 0.88% | $82,994 0.83% | $160,181 0.80% |
| Miami condo | $28,344 1.42% | $59,206 1.18% | $109,269 1.09% | $206,456 1.03% |
| Hamptons (East Hampton) single family | $97,070 4.85% | $257,520 5.15% | $508,270 5.08% | $1,009,770 5.05% |
| Greenwich single family | $23,545 1.18% | $49,645 0.99% | $93,145 0.93% | $180,145 0.90% |
| Long Island (Manhasset, Nassau County) single family | $57,665 2.88% | $133,115 2.66% | $258,865 2.59% | $510,365 2.55% |
| Westchester (Scarsdale) single family | $60,395 3.02% | $141,095 2.82% | $275,595 2.76% | $544,595 2.72% |
| New Jersey (Millburn–Short Hills) single family | $19,610 0.98% | $36,110 0.72% | $63,610 0.64% | $118,610 0.59% |
| Aspen (City of Aspen) single family | $48,350 2.42% | $118,250 2.37% | $234,750 2.35% | $467,750 2.34% |
| Los Angeles (City of LA, Measure ULA) single family | $13,070 0.65% | $27,650 0.55% | $51,950 0.52% | $100,550 0.50% |
| Beverly Hills (no Measure ULA) single family | $13,070 0.65% | $27,650 0.55% | $51,950 0.52% | $100,550 0.50% |
| Nantucket single family | $63,000 3.15% | $149,100 2.98% | $292,600 2.93% | $579,600 2.90% |
| Martha's Vineyard single family | $63,000 3.15% | $149,100 2.98% | $292,600 2.93% | $579,600 2.90% |
| Jackson Hole single family | $19,710 0.99% | $44,310 0.89% | $85,310 0.85% | $167,310 0.84% |
Seller closing costs by market.
Total seller-side closing costs at 6% broker commission. The broker commission is roughly constant across markets — the spread comes from transfer-tax structure. Percentages are of sale price.
| Market | $2M | $5M | $10M | $20M |
|---|---|---|---|---|
| Manhattan condo | $162,500 8.13% | $409,750 8.20% | $813,500 8.13% | $1,621,000 8.11% |
| Palm Beach County (Palm Beach, Boca Raton, Delray Beach) single family | $144,500 7.22% | $353,000 7.06% | $699,250 6.99% | $1,389,250 6.95% |
| Miami condo | $135,325 6.77% | $333,325 6.67% | $663,325 6.63% | $1,323,325 6.62% |
| Hamptons (East Hampton) single family | $132,400 6.62% | $324,400 6.49% | $644,400 6.44% | $1,284,400 6.42% |
| Greenwich single family | $148,850 7.44% | $398,850 7.98% | $823,850 8.24% | $1,673,850 8.37% |
| Long Island (Manhasset, Nassau County) single family | $131,000 6.55% | $323,000 6.46% | $643,000 6.43% | $1,283,000 6.42% |
| Westchester (Scarsdale) single family | $131,000 6.55% | $323,000 6.46% | $643,000 6.43% | $1,283,000 6.42% |
| New Jersey (Millburn–Short Hills) single family | $163,675 8.18% | $534,975 10.70% | $1,070,475 10.70% | $2,141,475 10.71% |
| Aspen (City of Aspen) single family | $128,500 6.42% | $320,500 6.41% | $640,500 6.40% | $1,280,500 6.40% |
| Los Angeles (City of LA, Measure ULA) single family | $141,600 7.08% | $352,800 7.06% | $1,104,800 11.05% | $2,508,800 12.54% |
| Beverly Hills (no Measure ULA) single family | $132,600 6.63% | $330,300 6.61% | $659,800 6.60% | $1,318,800 6.59% |
| Nantucket single family | $132,920 6.65% | $326,600 6.53% | $649,400 6.49% | $1,295,000 6.48% |
| Martha's Vineyard single family | $132,920 6.65% | $326,600 6.53% | $649,400 6.49% | $1,295,000 6.48% |
| Jackson Hole single family | $120,800 6.04% | $300,800 6.02% | $600,800 6.01% | $1,200,800 6.00% |
What the numbers actually say.
Manhattan carries the heaviest combined load
Mansion tax cliffs (1–3.9%, buyer-paid) layered with NYC RPTT (1.425% on residential above $500K, seller-paid) and NYS transfer tax (0.4%, or 0.65% at $3M and above, seller-paid) produces the highest combined transfer-tax burden of any market we model. On a $10M Manhattan condo, the buyer pays 3.25% in mansion tax alone; the seller carries 2.075% in combined RPTT + NYS transfer.
New York vs New Jersey vs Connecticut: the same house, three structures
On a $5M house, total closing costs (buyer plus seller, with 6% commission) come to about $448,000 in Greenwich, $456,000 on Long Island, $464,000 in Westchester and $571,000 in Millburn–Short Hills. The difference is who pays the transfer tax.
New York suburbs put it on the buyer: the 1% mansion tax on the whole price at $1M and above, plus mortgage recording tax (0.80% of the loan in Nassau and Suffolk, 1.05% in Westchester). The seller pays only the 0.4% state transfer tax; NYC’s extra layers stop at the city line.
New Jersey puts it on the seller. Since July 10, 2025, the graduated percent fee (the former mansion tax) is seller-paid and applies to the entire price: 1% above $1M, rising to 3.5% above $3.5M, on top of the realty transfer fee. The buyer pays no transfer tax. A $5M seller in Millburn pays about 10.7% in total, the heaviest seller side in this table at that price. Each threshold is a cliff: $2,000,000 stays at 1%; $2,000,001 pays 2% on everything. New Jersey’s mansion tax cliffs →
Connecticut also puts it on the seller, but lighter: the state conveyance tax (0.75% to 2.25% by price tier) plus a 0.25% municipal tax in Greenwich, Darien, New Canaan and Westport. The buyer pays no transfer tax and no mortgage recording tax, about 1% all in at $5M.
Each region’s own calculators run the numbers by town: Long Island, Westchester, New Jersey and Connecticut.
City of LA matches Manhattan once Measure ULA fires
Below $5.3M, City of LA sellers pay ~0.56% in transfer tax (LA County 0.11% + LA City 0.45%). Above $5.3M, that jumps to 4.56% (adding Measure ULA’s 4%). Above $10.6M, it jumps again to 6.06% (5.5% ULA + 0.56% base). On a $10M City of LA sale, the transfer-tax line is roughly the same as Manhattan’s combined RPTT + NYS transfer; on a $20M City of LA sale, it materially exceeds Manhattan.
Beverly Hills, Malibu, and Jackson Hole are the lightest
Beverly Hills sellers escape Measure ULA — the $20M transfer-tax line drops from $1.1M (City of LA, ULA) to about $22K (LA County 0.11% only). Jackson Hole has zero transfer tax at any level, so the entire seller-side spread is broker commission. For Manhattan-trained buyers/sellers, these are the "what am I missing?" markets.
Hamptons + the MA islands occupy the middle
The Peconic Bay CPF in the Hamptons (2.5%, buyer-paid; the $400K East Hampton exemption applies only at $2M or less) and the 2% Land Bank fees on Nantucket and Martha’s Vineyard (buyer-paid, subject to exemptions) dominate the buyer side at roughly 2–2.5% of purchase price. The MA islands carry a lighter seller side (~0.456% MA deed excise) versus the Hamptons (0.4% NYS transfer tax).
The math doesn’t capture the residency conversation
For HNW clients moving from NY/CA to FL/WY/TN/TX/NV/NH/SD, the closing-cost arithmetic is a rounding error against the annual income-tax delta. On a $5M annual income, the NY → FL move saves ~$540K per year in state income tax. The $50K closing-cost differential between markets is the tail; residency is the dog.
Considering a trans-market transaction?
The closing-cost spread is the visible math. The structuring conversation — entity choice, timing relative to capital events, residency posture, the bicoastal / primary-secondary-home split — is where the dollar value lives for HNW clients. A 30-minute consultation gets you the framework.
