Compare Apartment and House Costs in Corona, CA

Renting vs. Owning in Corona: What You’ll Pay

When deciding between an apartment or house in Corona, cost is a key factor. On average, renting a 2BR apartment in Corona typically costs around $2,100 per month, while a 3BR house may cost closer to $2,800 monthly. The median rent for a 3BR house in Corona is $2,750. However, the cost of renting a house has increased by nearly 8% over the last year, with more affordable options found in neighborhoods like El Cerrito.

For homebuyers, the equation looks a bit different. The median home price in Corona is $650,000, which translates to a monthly mortgage payment around $3,400 (assuming 20% down on a 30-year fixed loan). Interestingly, over 60% of new buyers in Corona opt for single-family houses over townhomes or condos. While buying costs more per month, many see it as an investment in building equity.

Table: Cost Comparison – Apartment vs House

Here’s a side-by-side breakdown of common monthly costs in Corona:

*Included in rent. Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

In addition to the base rent or mortgage, apartments and houses have very different utility costs. Some key differences in Corona:

• Water/Sewer: Often included in apartment rent, but paid separately in houses. Expect $80-120/month in a house.
• Electricity: Apartments usually have lower bills due to smaller space and shared walls. Cooling a house in Corona summers can add $150+/month.
• Gas: Many Corona apartments have gas stoves and heating, adding $20-40/month. Houses with gas can see $50-80/month.
• Trash: Typically included for apartments, but runs $20-35/month for houses.
• Landscaping: Houses require lawn care, adding $75-150/month if outsourced. Apartments include outdoor maintenance.

In general, houses have more space to heat and cool, increasing utility costs. They also have more direct upkeep costs, like landscaping, pest control, and appliance repairs. Apartments bundle many of these costs into the monthly rent for simplicity.

Lifestyle Tradeoffs

Aside from costs, apartments and houses offer very different lifestyles in Corona. Apartments are often located in more walkable areas, with nearby dining and shopping. They’re also lower maintenance, with no yard work or repair responsibilities. However, they offer less privacy and space, with shared walls and limited outdoor areas.

Houses, on the other hand, provide more room to spread out, making them popular with families. They often have private yards, garages, and space for pets. However, that space comes with added upkeep and less access to public transit or walkable amenities. Many Corona residents choose houses for the extra square footage and investment potential, but face longer commutes.

“The decision really depends on your stage of life,” notes Tiana Reynolds, a local market specialist. “Young professionals may prefer a convenient apartment near downtown, while growing families often need the extra bedrooms and yard space a house provides.”

Which Is Cheaper Long Term in Corona?

While renting is cheaper month-to-month, buying can be more cost-effective long term. Assuming a 1.5% annual rent increase, a $2,100/month apartment will cost $137,000 over a 5-year period. Meanwhile, a $2,800/month house will have a total 5-year cost of $195,000 including typical maintenance and repairs.

However, $65,000 of those house payments will go towards equity (assuming 3% annual appreciation). Plus, the owner can take advantage of tax deductions and fixed housing costs. For those planning to stay 5+ years, buying can lead to significant savings, especially considering Corona’s rising rents. See more in our guide to property taxes and HOA fees in Corona.

FAQs About Housing Costs in Corona

How much more does a house cost per month?
In Corona, a typical house costs about $1,315 more per month than an apartment when you factor in mortgage, taxes, insurance, and maintenance. However, some of that goes towards building equity.

Do houses always have higher utility bills?
Houses generally have higher utility costs due to more space, higher cooling needs, and direct billing of water and trash. Expect to pay $140-300 more per month compared to an apartment.

I’m planning to rent. Are houses ever cheaper than apartments?
In some cases, renting a small house can be cheaper than an apartment on a per-square-foot basis. However, the total monthly cost is usually higher with added utilities and upkeep.

Making the Right Housing Choice in Corona

Ultimately, the choice between an apartment and house in Corona depends on your budget, lifestyle, and long-term goals. Apartments offer convenience and lower monthly costs, but less space and outdoor access. Houses provide room to grow and an investment opportunity, but come with higher bills and maintenance.

For a typical renter, an apartment will cost $1,000-1,500 less per month. However, a house can be a better deal long-term, especially if you plan to stay over 5 years and can handle the upfront costs. Weigh the tradeoffs and crunch the numbers using our sample monthly budgets for Corona in 2023.

Whether you choose to rent or buy, Corona offers diverse housing options to fit a variety of needs. Take your time, tour different properties, and find the right fit for your lifestyle and budget.