Renting vs. Owning in Bolingbrook: What You’ll Pay
When evaluating the cost of living in an apartment vs house in Bolingbrook, the first factor to consider is monthly rent or mortgage payments. According to local data, the average rent for a 2-bedroom apartment in Bolingbrook is around $1,800 per month. The average rent for a 3-bedroom house in Bolingbrook is $2,450 per month. Mortgage costs for a comparable home purchase would be similar, depending on your down payment and interest rate.
Of course, monthly housing costs encompass more than just rent or mortgage payments. Utilities, insurance, maintenance, and other fees can add hundreds of dollars to your monthly expenses. Let’s break down the key differences between renting an apartment and owning a house in Bolingbrook.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Bolingbrook*:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities (Electric, Gas, Water) | $150 | $250 |
| Internet | $60 | $60 |
| Renter’s/Homeowner’s Insurance | $15 | $100 |
| Maintenance/Repairs | $0 | $150 |
| HOA Fees | $0 | $250 |
| Total | $2,025 | $3,260 |
*Estimates are for mid-range units with typical usage, expressed in gross monthly figures.
Utility and Upkeep Differences
In general, houses have higher utility costs than apartments of similar size. Some key differences that impact monthly bills include:
- Water: Apartments often include water in rent, while houses have a separate meter and bill.
- Electricity: Houses typically have higher electricity usage for cooling/heating larger square footage.
- Gas: While some apartments are all-electric, houses more commonly use gas for heating, cooking, and hot water.
- Maintenance: Homeowners are solely responsible for repairs, yard work, pest control, and upkeep costs. Renters have most maintenance covered by their landlord or property manager.
These added costs can easily amount to a few hundred dollars per month for houses compared to apartments. However, newer and higher-end apartments in Bolingbrook may bundle utilities like trash, water, and internet into monthly rent.
Lifestyle Tradeoffs
Aside from hard costs, there are several lifestyle factors to consider when choosing between an apartment and a house in Bolingbrook:
- Space: Houses typically offer more interior and exterior space, including yard access. Apartments are more compact but require less cleaning and upkeep.
- Noise: Apartment living often means sharing walls with neighbors and dealing with more ambient noise. Houses provide greater privacy and quiet.
- Pets: Many apartments charge monthly pet rent or restrict certain breeds/sizes. Houses give pet owners more flexibility.
- Parking: Apartments usually have shared lot parking, while houses include a private garage and driveway.
- Amenities: Some Bolingbrook apartment complexes offer pools, gyms, package lockers and other perks. Houses provide more autonomy but fewer included extras.
Many Bolingbrook residents choose apartments for their convenient location and included amenities, while growing families often prefer detached homes for the extra space and privacy.
Which Is Cheaper Long Term in Bolingbrook?
While renting an apartment in Bolingbrook has a lower monthly cost, owning a house can be cheaper in the long run. Let’s compare the five-year cost of renting a $1,800 2BR apartment vs. buying a $300,000 house with a 4.5% mortgage:
- Total rent paid over 5 years: $108,000
- Total mortgage paid over 5 years: $82,500 (builds $36K in equity)
Even factoring in maintenance, insurance, and property tax, owning becomes more cost-effective than renting after about 7 years in Bolingbrook. However, this assumes home values appreciate over time. Renting remains the cheaper option for those planning to stay in Bolingbrook less than 5 years.
FAQs About Housing Costs in Bolingbrook
How much more does a house cost per month?
In Bolingbrook, the average rent for a house is about $650 more per month than an apartment. With added utilities and upkeep, houses typically cost $1,000+ more monthly.
Do houses come with higher utility bills?
Yes, detached houses in Bolingbrook usually have higher electric, gas, and water bills due to larger square footage and lawn watering. Bundled utilities in apartments keep costs down.
Are apartments cheaper even with pet fees?
For most pet owners, choosing an apartment will be cheaper even with a monthly pet rent fee, due to overall lower rent and included utilities. However, size and breed restrictions may require some dog owners to rent a house instead.
Making the Right Housing Choice in Bolingbrook
As this cost comparison shows, living in an apartment is significantly cheaper than a house in Bolingbrook – about $1,235 less per month on average. For a 5-year stay, renting an apartment saves over $74,000 compared to owning a house. The tradeoff is less space and privacy.
Ultimately, the right choice depends on your budget, family size, and long-term plans. Be sure to consider the full picture of monthly expenses, including utilities, maintenance, and insurance. If you plan to stay in Bolingbrook for 7+ years, buying a house may be more cost-effective. But for short-term residents, renting an apartment is the clear financial winner.
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