Renting vs. Owning in Lakewood: What You’ll Pay
When comparing the cost of living in an apartment vs house in Lakewood, the biggest difference is usually the monthly rent or mortgage payment. In Lakewood, the average rent for a 2-bedroom apartment is around $1,800 per month, while a 3-bedroom house typically rents for about $2,450 monthly. The average rent for a 3BR house in Lakewood is $2,450/month.
Of course, buying a home means taking on a mortgage instead of rent. With a 10% down payment, the typical monthly mortgage on a Lakewood house would be around $2,200 (not including property taxes or insurance). Over time, owning can be cheaper than renting, but it requires a significant upfront investment.
Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Lakewood:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $120 | $220 |
| Internet | $65 | $65 |
| Renter’s/Homeowner’s Insurance | $15 | $80 |
| Maintenance & Repairs | $0 | $150 |
| HOA Fees | $200 | $0 |
| Total | $2,200 | $2,965 |
Estimates are for mid-range units with typical usage
As the table shows, houses tend to have higher monthly costs across the board. The extra square footage means more space to heat, cool, and maintain. Houses also come with additional expenses like homeowners insurance, property taxes, and repair costs that renters don’t have to worry about.
Utility and Upkeep Differences
In addition to higher base rent, houses often come with steeper utility bills. Some factors that can drive up costs in a Lakewood house vs. apartment:
- More bathrooms and faucets means higher water/sewer charges
- Larger floor plans require more electricity for lighting and cooling
- Older, less efficient HVAC systems are common in houses
- Yards and driveways add to water and maintenance expenses
Apartments are generally cheaper to heat, cool and power than houses. Newer apartment complexes in Lakewood often include trash service and shared amenities like pools and fitness centers. However, older apartments may lack dishwashers or in-unit laundry, which can add to your monthly expenses.
Lifestyle Tradeoffs
Of course, choosing between an apartment and a house involves more than just comparing prices. Houses offer more privacy, outdoor space for kids and pets, and room to spread out and entertain. The tradeoff is often a longer commute, more yardwork, and higher utility bills.
Apartments work well for singles, couples and downsizers who want less upkeep and easier access to urban amenities. Many Lakewood residents choose apartments for their walkability and low-maintenance lifestyle, while families tend to prefer houses with private yards and garage parking.
Which Is Cheaper Long Term in Lakewood?
While renting is almost always cheaper than owning on a monthly basis, buying can be the better deal long-term. Assuming a 4% annual rent increase, a Lakewood apartment that costs $2,200 today would run about $2,650 in five years. That’s $31,800 per year in rent, or nearly $160,000 spent over five years – money that could have gone toward building equity.
By contrast, the monthly payment on a fixed-rate mortgage stays the same over time. Even with the added costs of taxes, insurance and upkeep, owning is often cheaper than renting after 5-7 years. Use this [Monthly Budget Examples for Lakewood Residents](/lakewood-co/monthly-budget/) to crunch the numbers for your situation.
FAQs About Housing Costs in Lakewood
How much more does a house cost per month?
In Lakewood, a typical house costs about $750 more per month than a comparable apartment when you factor in the mortgage, taxes, insurance, and maintenance. But a portion of that “expense” is actually going toward equity in the home.
Do houses come with higher utility bills?
Yes, houses in Lakewood tend to have higher utility costs than apartments. The average house uses about 30% more electricity and 50% more water/sewer than an apartment, adding $100+ to the typical monthly utility bill.
Are apartments cheaper even with pet fees?
Most apartments in Lakewood charge pet rent ranging from $35-$50 per month. Even with this added cost, apartments are usually cheaper than houses when you consider the total monthly expenses. See our [Understanding Property Tax and HOA Fees in Lakewood](/lakewood-co/property-tax-hoa/) to estimate your total housing costs.
Making the Right Housing Choice in Lakewood
So, is it better to rent an apartment or buy a house in Lakewood? The answer depends on your finances, lifestyle and long-term goals. While renting is cheaper in the short term, buying a home can be a smart investment if you plan to stay put for a while.
Ultimately, the right choice is the one that fits your budget and lets you enjoy the perks of Lakewood living, whether that’s walking to your favorite coffee shop or barbecuing in your private backyard. Weigh the total monthly costs against your ideal lifestyle to find the best fit.