Renting vs. Owning in Broomfield: What You’ll Pay
When deciding between renting an apartment or buying a house in Broomfield, the cost of living is a major factor. On average, the monthly rent for a 2-bedroom apartment in Broomfield is around $1,800, while the average rent for a 3BR house in Broomfield is $2,450/month. Of course, prices can vary significantly based on location, age, and amenities.
For Broomfield resident Sarah, the choice came down to a newer 2BR apartment near work for $1,950/month or an older 3BR house with a yard for $2,300. “I loved the idea of more space and a backyard for my dog,” Sarah explained, “but the convenience of the apartment and cheaper utilities were hard to pass up.”
Let’s break down the typical monthly costs Sarah and other Broomfield residents face when choosing between an apartment and a house. Keep in mind these are gross figures based on pre-tax income.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Broomfield:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $150 | $250 |
| Internet | $60 | $75 |
| Renter’s/Homeowner’s Insurance | $15 | $100 |
| Maintenance & Repairs | $0* | $150 |
| HOA Fees | $0* | $250 |
| Total | $2,025 | $3,275 |
*Typically 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 and maintenance needs. Some key differences in Broomfield include:
- Water/sewer is often included in apartment rent but paid separately in houses
- Apartments have lower electricity costs due to smaller square footage
- Houses have higher heating and cooling costs, especially those with older HVAC
- Lawn care and snow removal are handled by apartments but fall on homeowners
- Older Broomfield homes may use swamp coolers which reduce A/C bills
- Newer Broomfield apartments often include trash and sometimes internet
These differences can really add up. An apartment renter might pay $150/month in utilities while a house renter pays closer to $250/month – a $1,200 difference per year. Maintenance and repairs are another big line item for houses.
Lifestyle Tradeoffs
Of course, monthly costs are just one part of the apartment vs house decision. Lifestyle fit is equally important. Apartments offer perks like less upkeep, greater walkability to shops and restaurants, and amenities like gyms and pools. However, they come with less space, more noise, and pet restrictions.
Houses provide much more space, both indoors and out, making them attractive to families and pet owners. They also allow for more privacy, quieter neighborhoods, and the ability to customize the property. However, this comes with a longer commute, more yardwork, and higher utility costs.
Many Broomfield residents choose apartments for walkability, while families prefer houses for yard space. Young professionals often opt for luxury apartments near major employers like Oracle and Ball Corporation. Empty nesters downsize to low-maintenance townhomes or condos.
Which Is Cheaper Long Term in Broomfield?
While renting an apartment is cheaper on a monthly basis, owning a house can be more cost-effective long-term. Assuming a 2BR apartment rent of $1,800/month and 5% annual increases, a renter would spend $116,500 over 5 years. Owning a $400,000 house with 10% down, 3% mortgage, and 3% annual appreciation would cost $112,000 (after tax benefits).
However, this doesn’t account for maintenance and repair costs which can add up quickly in houses – around 1% of the home value per year is a good rule of thumb. It also assumes the homeowner will stay put for at least 5 years to recoup closing costs and build equity.
For a more personalized cost comparison, Broomfield residents can check out our guide on [Monthly Budget Examples for Broomfield Residents](/broomfield-co/monthly-budget/).
FAQs About Housing Costs in Broomfield
How much more does a house cost per month?
On average, a 3BR house costs about $650 more per month than a 2BR apartment when you factor in rent/mortgage, utilities, insurance, maintenance, and HOA fees. That’s around $7,800 more per year.
Do houses come with higher utility bills?
Yes, houses typically have higher utility costs than apartments due to larger square footage, older appliances, and more exposure to the elements. Expect to pay $100-$150 more per month on average.
Are apartments cheaper even with pet fees?
In most cases, yes. While pet rent and deposits can add up, apartments are still cheaper than houses when you look at the total monthly cost. The exception would be a luxury apartment vs an inexpensive house.
Making the Right Housing Choice in Broomfield
At the end of the day, the choice between an apartment and a house depends on your budget, lifestyle, and long-term goals. Apartments offer flexibility and simplicity at a lower monthly cost. Houses provide space and autonomy with the potential for long-term savings.
Be sure to look beyond just the sticker price and factor in utilities, maintenance, and HOA fees which can significantly impact your total cost of living. Our guide on [Understanding Property Tax and HOA Fees in Broomfield](/broomfield-co/property-tax-hoa/) is a helpful resource.
Whether you choose the sleek loft apartment or charming craftsman bungalow, Broomfield has plenty of housing options to fit your needs and budget. The key is to crunch the numbers and determine what matters most to you.