Renting vs. Owning in Aurora: What You’ll Pay
When comparing the cost of living in an apartment vs house in Aurora, the first factor to consider is rent or mortgage payments. According to local data, the average gross monthly rent for a 2-bedroom apartment in Aurora is around $1,450. The average rent for a 3-bedroom house, on the other hand, is closer to $2,100 per month. Of course, this can vary based on location, amenities, and property condition.
For those looking to buy, the median home price in Aurora is $325,000 as of 2023. Assuming a 20% down payment and 6% interest rate, that translates to a monthly mortgage of roughly $1,850 before taxes, insurance, and PMI. Keep in mind, these are just ballpark figures – your actual costs will depend on your specific property and financial situation.
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 | $1,450 | $2,100 |
| Utilities (Electric, Gas, Water) | $120 | $250 |
| Internet | $65 | $65 |
| Renter’s/Homeowner’s Insurance | $15 | $100 |
| Maintenance & Repairs | $0* | $200 |
| HOA Fees | $200 | $0-300 |
| Total | $1,850 | $2,715+ |
*Typically covered by landlord. Estimates are for mid-range units with typical usage.
As you can see, renting an apartment in Aurora tends to be more affordable on a monthly basis, to the tune of $800+ per month. However, this doesn’t account for the long-term benefits of homeownership, such as building equity and potential appreciation. For a deeper dive, check out our guide to understanding property tax and HOA fees in Aurora.
Utility and Upkeep Differences
Another key factor in the cost of living between apartments and houses is utility expenses. In general, houses tend to have higher utility bills due to their larger size and greater exposure to the elements. Some specific differences include:
- Heating & Cooling: Houses have more square footage to climate control and often less efficient HVAC systems or insulation. In Aurora, many homes rely on window AC units or swamp coolers, which can drive up summer electric bills.
- Water: Houses usually mean more bathrooms, higher occupancy, and outdoor watering needs. Apartments typically have just 1-2 toilets, showers and sinks.
- Electricity: In addition to HVAC, houses tend to have more appliances, lighting fixtures, and outlets in use. Some Aurora apartments include electricity.
- Maintenance: Homeowners are fully responsible for repairs, yard work, snow removal, and upkeep. Renters can rely on their landlord or property manager to handle most issues.
Of course, a lot depends on the age and efficiency of the property, as well as your personal usage habits. But in general, expect to pay more in utilities for a single-family house compared to an apartment of similar vintage.
Lifestyle Tradeoffs
Aside from hard costs, it’s important to consider the lifestyle implications of renting vs. owning in Aurora. Apartments offer greater flexibility, mobility, and convenience – many newer complexes include trash service, fitness centers, pools, and covered parking. They also tend to be located closer to downtown amenities and public transit. The tradeoff is limited space, potential noise from neighbors, and a lack of private outdoor areas.
Houses, on the other hand, provide more privacy, space, and control over your environment. They’re better suited for families, pets, and anyone who wants a yard or garden. Many Aurora residents choose houses for the extra bedrooms, basement storage, and garage parking. However, this comes with added responsibility for maintenance, higher bills, and often a longer commute.
As one Aurora local put it: “I rented downtown for years and loved the walkability. But once we had a baby, the extra space and yard of a house made more sense, even with the added costs.”
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 your time horizon and how much the property appreciates. In Aurora, the average home price has risen 6% per year over the past decade. If that trend continues, a $325,000 house would be worth over $500,000 in 10 years.
Assuming a 20% down payment, 6% interest rate, and 2% annual rent increases, here’s how the costs stack up over 5 years:
- Total rent paid on a $1,450 apartment: $93,150
- Total mortgage paid on a $325,000 house: $111,000
- Equity built in house (assuming 6% appreciation): $125,000
So while the renter would save over $17,000 in monthly cash flow, the homeowner would come out ahead by $14,000 thanks to rising property values and principal paydown. Of course, this ignores differences in utilities, maintenance, insurance, and other costs. But it illustrates how owning can be cheaper than renting long-term, especially in a rising market like Aurora.
FAQs About Housing Costs in Aurora
How much more does a house cost per month?
On average, a 3BR house in Aurora costs about $850 more per month than a 2BR apartment when you factor in rent/mortgage, utilities, insurance, and maintenance. However, the exact difference depends on the specific properties and your lifestyle.
Do houses come with higher utility bills?
Yes, houses typically have higher utility costs than apartments due to their larger size, higher occupancy, and greater exposure to the elements. Expect to pay more for heating, cooling, water, and electricity in a single-family home.
Are apartments cheaper even with pet fees?
In most cases, yes. While many Aurora apartments charge pet rent or deposits, the monthly fees are usually less than the added utility and maintenance costs of a house. And some newer complexes offer pet amenities like dog parks and washing stations.
Making the Right Housing Choice in Aurora
As you can see, the cost difference between renting an apartment and owning a house in Aurora is significant – often $800 or more per month. For many residents, the added space, privacy and control of a house is worth the premium. But others prefer the flexibility, convenience, and savings of apartment living.
Ultimately, the right choice depends on your budget, lifestyle, and long-term goals. Use the monthly budget examples for Aurora residents to get a clearer picture of your housing costs and tradeoffs. And remember, whether you rent or own, Aurora offers a great quality of life with a lower cost of living than nearby Chicago.