Renting vs. Owning in Aurora: What You’ll Pay
When evaluating the cost of living in an apartment vs house in Aurora, the biggest factor is usually housing. The average rent for a 2-bedroom apartment in Aurora is around $1,800 per month, while the typical mortgage payment on a 3-bedroom house is closer to $2,450. The average rent for a 3BR house in Aurora is $2,600/month. Of course, these are just averages – actual costs can vary widely based on location, size, age and amenities.
Beyond the base housing payment, apartments and houses have very different ongoing costs. Renters need to budget for utilities, internet and renter’s insurance, while homeowners must factor in property taxes, homeowner’s insurance, HOA fees, maintenance and repairs. Over time, these extra expenses can really add up.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Aurora:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,800 | $2,450 |
| Utilities | $150 | $250 |
| Internet | $65 | $65 |
| Insurance | $15 | $100 |
| Maintenance | $0 | $200 |
| HOA | $0 | $250 |
| Total | $2,030 | $3,315 |
*Mortgage payment based on 10% down, 30-year fixed @ 3.5%. Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In general, houses have higher utility costs than apartments due to their larger size. Key differences include:
- Water – Houses use 2-3X more
- Electricity – Larger HVAC load in houses
- Gas – Used for heat, cooking, hot water
- Trash – Often included in apartment rent
- Lawn care – $50-100/month for houses
In Aurora, many homes use swamp coolers which can reduce A/C bills in the dry climate. Newer apartment complexes often include trash service and sometimes even internet in the base rent. This can help offset the higher per-square-foot utility costs in apartments.
Lifestyle Tradeoffs
Of course, monthly costs are just one factor in the apartment vs house decision. Lifestyle considerations carry a lot of weight too. Apartments offer greater flexibility, mobility and convenience – many Aurora residents choose them for their walkability and low-maintenance living. Houses provide more space, privacy and control, which appeals to families who want room to spread out and personalize their space.
Noise is another consideration – apartments have shared walls, while houses are more insulated. Outdoor space is limited to a balcony or shared courtyard in most apartments, whereas houses usually include a private yard. Many apartments charge pet rent or restrict dog breeds and sizes. Parking is often more convenient at a house, although some Aurora apartments include a garage or reserved space. The right fit depends on your stage of life and personal preferences.
Which Is Cheaper Long Term in Aurora?
While renting is almost always cheaper than owning on a monthly basis, the long-term cost comparison depends on how long you stay and how much the property appreciates. In Aurora, the breakeven point where buying becomes cheaper than renting is around 3 years.
Assuming a purchase price of $450,000, 10% down, and 3% annual appreciation, a house would accumulate $40,500 in equity over 5 years, while saving around $5,000 in rent. However, the homeowner would have paid $32,000 more in monthly costs, $9,000 in closing costs and $10,000 in maintenance and repairs. So the net savings would only be about $4,500 – a fairly small margin.
Of course, this scenario assumes steadily rising home values. If prices were to dip, renting could easily come out ahead. Every situation is different, so it’s important to run the numbers for your specific circumstances and risk tolerance.
FAQs About Housing Costs in Aurora
How much more does a house cost per month?
On average, houses in Aurora cost about $1,285 more per month than apartments when you include mortgage, taxes, insurance, HOA and maintenance. The exact difference depends on the size, age, location and condition of the property.
Do houses come with higher utility bills?
Yes, houses typically have higher utility costs than apartments due to their larger square footage. In Aurora, expect to pay around $250/month for electricity, gas, water and trash on a 3-bedroom house, compared to $150/month on a 2-bedroom apartment.
Are apartments cheaper even with pet fees?
It depends how much the pet fees are. Many Aurora apartments charge $35-50 per month in pet rent, plus a $200-500 upfront deposit. For a large dog, this could add up to $600+ per year. However, this is still less than the extra $1,285 per month it costs to rent a house, on average. Of course, some houses allow pets too, so it’s not an apples-to-apples comparison.
Making the Right Housing Choice in Aurora
At the end of the day, the cheapest option comes down to your personal situation and priorities. A good starting point is to calculate your monthly budget and see what you can comfortably afford, factoring in upfront costs like a down payment and moving expenses. Then think about your lifestyle needs and how long you plan to stay in the home.
If you value flexibility and convenience, renting an apartment may be the better choice, even if it means paying a bit more each month. If you’re ready to plant roots and build equity, buying a house can be a smart long-term investment, as long as you understand the true costs and risks. Don’t forget to budget for property taxes and HOA fees if you go the homeownership route.
The good news is that Aurora offers a wide range of housing options for different budgets and preferences. By doing your homework upfront, you can find the right fit for your finances and lifestyle. The key is to go in with eyes wide open and choose the path that aligns with your goals.
Renting vs. Owning in Aurora: What You’ll Pay
When evaluating the cost of living in an apartment vs house in Aurora, the biggest factor is usually housing. The average rent for a 2-bedroom apartment in Aurora is around $1,800 per month, while the typical mortgage payment on a 3-bedroom house is closer to $2,450. The average rent for a 3BR house in Aurora is $2,600/month. Of course, these are just averages – actual costs can vary widely based on location, size, age and amenities.
Beyond the base housing payment, apartments and houses have very different ongoing costs. Renters need to budget for utilities, internet and renter’s insurance, while homeowners must factor in property taxes, homeowner’s insurance, HOA fees, maintenance and repairs. Over time, these extra expenses can really add up.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Aurora:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,800 | $2,450 |
| Utilities | $150 | $250 |
| Internet | $65 | $65 |
| Insurance | $15 | $100 |
| Maintenance | $0 | $200 |
| HOA | $0 | $250 |
| Total | $2,030 | $3,315 |
*Mortgage payment based on 10% down, 30-year fixed @ 3.5%. Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In general, houses have higher utility costs than apartments due to their larger size. Key differences include:
- Water – Houses use 2-3X more
- Electricity – Larger HVAC load in houses
- Gas – Used for heat, cooking, hot water
- Trash – Often included in apartment rent
- Lawn care – $50-100/month for houses
In Aurora, many homes use swamp coolers which can reduce A/C bills in the dry climate. Newer apartment complexes often include trash service and sometimes even internet in the base rent. This can help offset the higher per-square-foot utility costs in apartments.
Lifestyle Tradeoffs
Of course, monthly costs are just one factor in the apartment vs house decision. Lifestyle considerations carry a lot of weight too. Apartments offer greater flexibility, mobility and convenience – many Aurora residents choose them for their walkability and low-maintenance living. Houses provide more space, privacy and control, which appeals to families who want room to spread out and personalize their space.
Noise is another consideration – apartments have shared walls, while houses are more insulated. Outdoor space is limited to a balcony or shared courtyard in most apartments, whereas houses usually include a private yard. Many apartments charge pet rent or restrict dog breeds and sizes. Parking is often more convenient at a house, although some Aurora apartments include a garage or reserved space. The right fit depends on your stage of life and personal preferences.
Which Is Cheaper Long Term in Aurora?
While renting is almost always cheaper than owning on a monthly basis, the long-term cost comparison depends on how long you stay and how much the property appreciates. In Aurora, the breakeven point where buying becomes cheaper than renting is around 3 years.
Assuming a purchase price of $450,000, 10% down, and 3% annual appreciation, a house would accumulate $40,500 in equity over 5 years, while saving around $5,000 in rent. However, the homeowner would have paid $32,000 more in monthly costs, $9,000 in closing costs and $10,000 in maintenance and repairs. So the net savings would only be about $4,500 – a fairly small margin.
Of course, this scenario assumes steadily rising home values. If prices were to dip, renting could easily come out ahead. Every situation is different, so it’s important to run the numbers for your specific circumstances and risk tolerance.
FAQs About Housing Costs in Aurora
How much more does a house cost per month?
On average, houses in Aurora cost about $1,285 more per month than apartments when you include mortgage, taxes, insurance, HOA and maintenance. The exact difference depends on the size, age, location and condition of the property.
Do houses come with higher utility bills?
Yes, houses typically have higher utility costs than apartments due to their larger square footage. In Aurora, expect to pay around $250/month for electricity, gas, water and trash on a 3-bedroom house, compared to $150/month on a 2-bedroom apartment.
Are apartments cheaper even with pet fees?
It depends how much the pet fees are. Many Aurora apartments charge $35-50 per month in pet rent, plus a $200-500 upfront deposit. For a large dog, this could add up to $600+ per year. However, this is still less than the extra $1,285 per month it costs to rent a house, on average. Of course, some houses allow pets too, so it’s not an apples-to-apples comparison.
Making the Right Housing Choice in Aurora
At the end of the day, the cheapest option comes down to your personal situation and priorities. A good starting point is to calculate your monthly budget and see what you can comfortably afford, factoring in upfront costs like a down payment and moving expenses. Then think about your lifestyle needs and how long you plan to stay in the home.
If you value flexibility and convenience, renting an apartment may be the better choice, even if it means paying a bit more each month. If you’re ready to plant roots and build equity, buying a house can be a smart long-term investment, as long as you understand the true costs and risks. Don’t forget to budget for property taxes and HOA fees if you go the homeownership route.
The good news is that Aurora offers a wide range of housing options for different budgets and preferences. By doing your homework upfront, you can find the right fit for your finances and lifestyle. The key is to go in with eyes wide open and choose the path that aligns with your goals.