Renting vs. Owning in Georgetown: What You’ll Pay
When deciding between renting an apartment or buying a house in Georgetown, the cost of living in an apartment vs house is a key consideration. On average, the monthly rent for a 2-bedroom apartment in Georgetown is around $1,200, while a 3-bedroom house typically rents for $1,800 per month. The average rent for a 3BR house in Georgetown is $1,800/month. However, these base prices are just part of the overall cost equation.
Homeownership comes with additional expenses like property taxes, insurance, and maintenance that can add hundreds of dollars to the monthly budget. Renters may have some of these costs covered by the landlord, but often pay for utilities separately. Lifestyle factors, such as the need for more space or a desire for urban walkability, also impact the decision between renting an apartment or buying a house in Georgetown.
Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Georgetown:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,200 | $1,800 |
| Utilities | $150 | $250 |
| Internet | $60 | $75 |
| Insurance | $20 | $100 |
| Maintenance | $0 | $150 |
| HOA Fees | $0 | $50 |
| Total | $1,430 | $2,425 |
Estimates are for mid-range units with typical usage
As shown above, the total monthly cost for a 2BR apartment averages $1,430, while a 3BR house runs about $2,425 per month. That’s a difference of nearly $1,000/month, or $12,000 per year. Of course, these are just estimates based on typical units and usage. Your actual costs may vary depending on the age, size, location and amenities of the property. All income figures are expressed in gross monthly income (pre-tax).
Utility and Upkeep Differences
In addition to higher base rent or mortgage payments, houses in Georgetown tend to have greater utility and maintenance costs compared to apartments:
- Larger floor plans mean more space to heat and cool
- Older homes may have less efficient HVAC, insulation and appliances
- Outdoor irrigation and pools increase water usage
- Lawns, gutters and exterior upkeep require regular attention
While some apartments include water, trash, and even internet service in the monthly rent, most houses leave those bills to the owner. Repair and replacement of major systems like plumbing, electrical and roofing also fall on homeowners. Renters are usually only responsible for maintaining the interior of their unit.
Lifestyle Tradeoffs
Aside from hard costs, there are quality of life factors to consider when choosing between an apartment or house in Georgetown. Houses offer more privacy, square footage and storage space. They’re better for families who need room to spread out, and often come with outdoor space for kids and pets to play. Many Georgetown residents choose apartments for their affordability, walkability and low-maintenance lifestyle, while families prefer houses for the extra bedrooms and yard space.
Apartments tend to be closer to jobs, shopping and entertainment in the city center. They’re ideal for single professionals or couples without children who prioritize location over size. Some complexes offer amenities like gyms, pools and dog parks that would be costly to maintain in a single-family home. However, apartments come with less control over noise, parking and pet restrictions.
Which Is Cheaper Long Term in Georgetown?
While renting is almost always cheaper than owning on a monthly basis, homeownership can be more cost-effective long term. Let’s compare the 5-year cost of renting a 2BR apartment vs. buying a 3BR house in Georgetown, assuming 2% annual rent increases and 3% annual appreciation:
| Year | 2BR Apartment | 3BR House |
|---|---|---|
| 1 | $17,160 | $29,100 |
| 2 | $17,503 | $29,973 |
| 3 | $17,853 | $30,872 |
| 4 | $18,210 | $31,798 |
| 5 | $18,575 | $32,752 |
| Total | $89,301 | $154,495 |
After 5 years, the renter will have paid $89,301 in rent, while the homeowner will have paid $154,495 on their mortgage, taxes, insurance and maintenance. However, assuming 3% annual appreciation, the homeowner will have gained $82,992 in equity over that period. So even though they paid more out of pocket, their net cost was actually lower than renting long term.
Of course, this is a simplified example and actual results will depend on the specific home, financing terms, upkeep costs and market conditions. Renters may be able to invest their savings and come out ahead. But in general, owning becomes more financially advantageous the longer you stay in one place.
FAQs About Housing Costs in Georgetown
How much more does a house cost per month?
In Georgetown, a typical 3BR house costs about $1,000 more per month than a 2BR apartment when you factor in rent/mortgage, utilities, insurance, maintenance and fees.
Do houses come with higher utility bills?
Yes, houses in Georgetown tend to have higher utility costs than apartments due to their larger size, older systems and exterior upkeep needs like irrigation and pools.
Are apartments cheaper even with pet fees?
While many Georgetown apartments charge monthly pet rent around $30-$50 plus a deposit, they are still usually cheaper overall than houses when you consider the full cost of utilities, insurance and maintenance.
Making the Right Housing Choice in Georgetown
So is it better to rent an apartment or buy a house in Georgetown? While there’s no universally right answer, apartments offer renters a lower-cost, lower-commitment option, with the tradeoff of less space and control. Houses provide more room and freedom, but come with higher monthly costs and maintenance responsibilities. Be sure to weigh the full financial picture as well as your lifestyle needs and long-term goals.
For a more personalized cost comparison, check out these Monthly Budget Examples for Georgetown Residents. And don’t forget to factor in Property Tax and HOA Fees when considering homeownership in Georgetown.