When deciding between an apartment or house in Matthews, NC, it’s important to weigh the total cost of living, including rent, utilities, upkeep, and lifestyle factors. For example, while a house may have higher HOA fees, an older apartment could require more frequent maintenance and repairs. Let’s break down the key differences to help you make an informed choice.
Renting vs. Owning in Matthews: What You’ll Pay
In general, renting an apartment in Matthews tends to be more affordable than owning a house, at least in terms of monthly payments. Renting a 2BR apartment typically costs around $1,500/month, while a 3BR house may run closer to $2,200/month. The average rent for a 3BR house in Matthews is $2,175/month.
However, the cost of renting a house in Matthews has increased by nearly 10% over the last year. More affordable options can often be found in neighborhoods like Crestdale and Idlewild. Newer luxury apartments near downtown command higher rents but may include additional amenities.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Matthews:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,500 | $2,200 |
| Utilities | $150 | $250 |
| Internet | $65 | $65 |
| Insurance | $20 | $100 |
| Maintenance | $50 | $200 |
| HOA | $0 | $150 |
| Total | $1,785 | $2,965 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to rent, apartments and houses have different utility and maintenance costs to consider:
- Water/Sewer: Often included in apartment rent but paid separately for houses
- Electricity: Lower in apartments due to smaller space and shared walls
- Heating & Cooling: Many Matthews homes rely on heat pumps or gas furnaces, while apartments may have central HVAC included
- Lawn Care: Handled by apartment complexes but the homeowner’s responsibility
- Pest Control: Typically covered in apartment fees but not for houses
The age and size of the property also impacts upkeep costs. Older apartments may have higher maintenance fees, while larger houses generally cost more to heat, cool, and maintain. Newer, energy-efficient properties can help keep utility costs in check.
Lifestyle Tradeoffs
Of course, choosing between an apartment and a house in Matthews is about more than just the monthly bills. There are key lifestyle factors to consider as well:
- Space: Houses offer more square footage and storage
- Noise: Apartments have shared walls and less sound insulation
- Outdoor Access: Houses usually include private yards and patios
- Pets: Many apartments charge pet rent or have breed restrictions
- Location: Apartments are often closer to downtown and amenities
- Parking: Houses typically have private garages or driveways
Many Matthews residents choose apartments for the walkability and low-maintenance lifestyle, while families often prefer houses for the extra space and privacy. Some enjoy the convenience of an apartment near shops and restaurants, while others appreciate the elbow room a suburban house provides.
Which Is Cheaper Long Term in Matthews?
While renting an apartment is usually cheaper month-to-month, owning a house can be more cost-effective in the long run. Assuming a 1.5% annual rent increase, a $1,500/month apartment would cost $9,000 more over 5 years compared to a house with a fixed $2,200 mortgage payment.
However, this doesn’t account for the upfront costs of buying a house, like the down payment, closing costs, and any initial repairs or upgrades. Renters should also budget for potential rent hikes each year. Can You Afford to Live in Matthews? Monthly Budget Guide can help you crunch the numbers.
Ultimately, the longer you plan to stay in Matthews, the more financial sense it likely makes to buy a house. But renting can be the better choice if you value flexibility or may relocate within a few years. Talking to a local realtor or property manager can give you a clearer picture of the market.
FAQs About Housing Costs in Matthews
How much more does a house cost than an apartment in Matthews?
On average, a 3BR house in Matthews costs about $700 more per month than a 2BR apartment when you factor in rent/mortgage, utilities, insurance, and upkeep. However, this can vary widely depending on the age, location, and amenities of the property.
Do houses always have higher utility bills than apartments?
In general, yes. Houses are larger and have more exposed walls, so they cost more to heat and cool. Water bills may also be higher due to lawn care. But newer, energy-efficient houses can help offset this difference.
Are apartments still cheaper than houses even with pet fees?
It depends on the apartment and the pet fee. A typical pet rent of $35/month adds up to $420/year. For a small dog or cat, this is likely still cheaper than the extra utilities and upkeep of a house. But a large dog in a luxury apartment could tip the scales. See our guide to Understanding Property Tax & HOA Fees in Matthews, NC.
Making the Right Housing Choice in Matthews
When comparing the cost of an apartment vs. a house in Matthews, it’s important to look beyond the monthly rent. Utilities, insurance, maintenance, and even lifestyle preferences can greatly impact your total living expenses.
For many, the affordability and convenience of an apartment make the most sense. But if you plan to stay a while and have room in your budget, a house can offer more space and long-term savings. Weigh the tradeoffs to find the right fit for your finances and lifestyle.