Renting vs. Owning in Apex: What You’ll Pay
When comparing the cost of living in an apartment vs house in Apex, the biggest difference is usually the monthly rent or mortgage payment. According to recent data, the average rent for a 2-bedroom apartment in Apex is around $1,450 per month. The average rent for a 3-bedroom house in Apex is $2,100/month. Mortgage payments on a median-priced home are similar, assuming a 20% down payment.
Of course, these are just averages – actual costs can vary quite a bit depending on the size, age, and location of the property. Newer luxury apartments and larger single-family homes will be on the higher end, while older units and those further from downtown may be more affordable.
Beyond the base rent or mortgage, there are several other monthly costs to consider when deciding between an apartment and a house in Apex. Utilities, insurance, maintenance, and other fees can add up quickly. Let’s break it down.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Apex:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,450 | $2,100 |
| Electricity | $80 | $150 |
| Water/Sewer | Included | $80 |
| Internet | $50 | $60 |
| Renters/Home Insurance | $15 | $80 |
| Maintenance/Repairs | Included | $150 |
| HOA Fees | Included | $50 |
| Total | $1,595 | $2,670 |
*Mortgage estimate assumes 20% down. Estimates are for mid-range units with typical usage.
As you can see, the total monthly cost to rent a 2-bedroom apartment in Apex averages around $1,595, while a 3-bedroom house runs about $2,670 per month, or over $1,000 more. The biggest drivers of this difference are the higher base rent, increased utility costs, and additional homeowner expenses like insurance, maintenance, and HOA fees.
Utility and Upkeep Differences
In general, houses cost more to maintain and power than apartments. Some factors that impact utility and upkeep costs:
- Square footage: More space means more area to heat, cool, light, and clean
- Yard maintenance: Lawn mowing, tree trimming, and landscaping add to the cost and time required
- Age and efficiency: Older houses may have dated appliances, HVAC, and insulation
- Water usage: Watering lawns and gardens can significantly increase a house’s water bill
In Apex, many apartment complexes include water, trash, and sometimes even internet service in the monthly rent. Renters insurance is also cheaper than homeowners insurance. All of this helps keep apartment utility and upkeep costs lower.
Lifestyle Tradeoffs
Of course, choosing between an apartment and a house isn’t just about the hard costs. There are also lifestyle factors to consider:
Apartments offer convenience, flexibility, and amenities. They’re often located closer to jobs, shopping, and entertainment. Many have on-site fitness centers, pools, and social events. And with less space to maintain, apartment life can mean more free time.
Houses provide more privacy, space, and control. They often have private yards for kids and pets to play in. Parking is easier with a garage or driveway. And homeowners can renovate and decorate however they want. Many Apex residents choose apartments for walkability, while families prefer houses for yard space.
Which Is Cheaper Long Term in Apex?
While renting is often cheaper than owning month-to-month, owning a home can be a smart financial move in the long run. Let’s compare the 5-year cost of renting a 2BR apartment vs. owning a 3BR house in Apex, assuming 2% annual rent increases and 3% home value appreciation:
- Total rent paid over 5 years: $98,500
- Total mortgage paid over 5 years (assuming 20% down): $126,000
- Minus estimated appreciation: -$40,000
- Effective 5-year cost to own: $86,000
In this scenario, owning becomes cheaper than renting after about 4 years. But this can vary a lot depending on the specific home, down payment, interest rate, and more. Plug in your own numbers with our [Monthly Budget Examples for Apex Residents](/apex-nc/monthly-budget/) to see which option fits your finances best.
FAQs About Housing Costs in Apex
How much more does a house cost per month?
On average, a 3BR house in Apex costs about $1,000 more per month than a 2BR apartment when you include rent/mortgage, utilities, insurance, and maintenance.
Do houses come with higher utility bills?
Yes, houses typically have higher utility costs due to more space to heat and cool, higher water usage for yards, and less efficient appliances and fixtures in older homes.
Are apartments cheaper even with pet fees?
In most cases, yes. Even with a pet fee of $25-$50 per month, apartments in Apex are usually cheaper than houses when you factor in all costs. However, some apartments may have breed or size restrictions.
Making the Right Housing Choice in Apex
As this breakdown shows, apartments in Apex are generally cheaper than houses on a monthly basis. The average renter can expect to pay around $1,595 per month for a 2-bedroom, while homeowners pay closer to $2,670 for a 3-bedroom house. That’s a difference of over $1,000 every month.
However, owning a home is often the better financial choice in the long term. With each mortgage payment, you build a little more equity. And as home values rise, so does your wealth. In Apex, homeownership can start to pay off in as little as 4-5 years.
Ultimately, the right choice depends on your budget, family size, lifestyle, and goals. Use our guide to [Understanding Property Tax and HOA Fees in Apex](/apex-nc/property-tax-hoa/) to get a full picture of the costs. Then weigh the tradeoffs to find the best fit for you.