Renting vs. Owning in Buckeye: What You’ll Pay
When evaluating the cost of living in an apartment vs house in Buckeye, it’s important to look at the full picture. The average rent for a 2-bedroom apartment in Buckeye is around $1,450 per month, while the typical rent for a 3-bedroom house is higher at roughly $1,950 monthly. The average rent for a 3BR house in Buckeye is $1,950/month. However, these base costs are just part of the equation.
Homeownership comes with additional expenses like property taxes, insurance, and maintenance that can add hundreds to the monthly bill. Renters, on the other hand, often have some utilities and amenities included. To truly compare costs, we need to dig into the details.
Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Buckeye:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,450 | $1,950 |
| Utilities | $150 | $250 |
| Internet | $60 | $75 |
| Insurance | $15 | $100 |
| Maintenance | $0 | $150 |
| HOA Fees | $0 | $50 |
| Total | $1,675 | $2,575 |
Estimates are for mid-range units with typical usage
As the table shows, apartments in Buckeye tend to be around $900 cheaper per month than houses when accounting for all housing expenses. The lower utilities, insurance, and maintenance costs help balance out the base rent difference. Of course, this varies based on the exact property and lifestyle.
Utility and Upkeep Differences
In Buckeye, houses typically come with higher utility bills than apartments. Some key reasons include:
- More square footage to heat and cool
- Older, less efficient appliances and HVAC systems
- Water-intensive lawns and landscaping
- Separate meters for utilities like trash and water
Homeowners also need to budget for repairs and upkeep, like fixing leaky faucets, repainting, or servicing the air conditioner. In Buckeye, many homes use swamp coolers which can help reduce cooling bills in the dry climate. But they still require regular maintenance. Apartments typically include basic upkeep in the rent.
Lifestyle Tradeoffs
Of course, the cost difference between renting and owning is only part of the story. Houses and apartments each offer unique lifestyle benefits that may be worth paying more for.
Houses provide more space, privacy, and freedom to customize the property. They’re great for families who want a yard for kids and pets to play in. And many homeowners feel a sense of pride and stability in owning property. The tradeoff is more responsibility for maintenance, yardwork, and repairs.
Apartments offer greater flexibility, convenience, and amenities. They often have desirable locations close to jobs, shopping, and entertainment. Many newer complexes in Buckeye include community features like pools, fitness centers, and covered parking. And the maintenance-free lifestyle is great for busy professionals. The downside is less space, privacy, and control over the property.
Many Buckeye residents choose apartments for walkability, while families prefer houses for yard space. It ultimately depends on your budget, lifestyle, and priorities.
Which Is Cheaper Long Term in Buckeye?
While renting is cheaper on a monthly basis, owning a home can be more cost-effective long term. Let’s say you plan to stay in Buckeye for at least 5 years. A $1,950 rent payment comes out to $117,000 over that period. But if you bought a $350,000 house with a 4.5% interest rate, your monthly mortgage would be around $1,770.
Over 5 years, the total mortgage paid would be $106,200. Even with an extra $300/month for taxes, insurance, and upkeep, owning would cost around $124,200. The $7,200 difference could easily be made up through home value appreciation. Plus, owners can take advantage of tax deductions and equity building.
However, renting may still make sense for those who value flexibility or can’t afford the upfront costs of buying. Closing costs, down payments, and moving expenses can add up quickly. And in shorter time frames, owning is riskier if home values decline or maintenance issues pop up.
FAQs About Housing Costs in Buckeye
How much more does a house cost per month?
In Buckeye, houses typically cost $800-1,000 more per month than apartments when including utilities, insurance, and upkeep. But the exact difference depends on property size, age, and amenities.
Do houses come with higher utility bills?
Yes, houses in Buckeye usually have higher utility costs due to more space, older systems, and water-hungry landscaping. But energy-efficient upgrades and swamp coolers can help control bills.
Are apartments cheaper even with pet fees?
For most Buckeye renters, apartments are still cheaper than houses even with pet rent and deposits factored in. A $50/month pet fee adds up to $3,000 over 5 years – far less than the extra costs of owning a home. And some complexes offer discounts or waivers for well-behaved pets.
Making the Right Housing Choice in Buckeye
As this cost comparison shows, apartments in Buckeye are generally cheaper than houses by a significant margin. Renters can save around $900 per month on housing costs. That adds up to over $50,000 in 5 years – a substantial difference for most budgets.
However, the lifestyle perks of houses, like more space and privacy, may be worth the added expense for some. Young professionals might prefer a low-maintenance apartment close to work and play. Growing families often value the yard space and stability of a house, even with the extra costs and upkeep.
Ultimately, the right choice depends on your finances, family situation, and future plans. Use tools like a monthly budget calculator to determine what you can comfortably afford. And don’t forget to factor in expenses like property taxes and HOA fees.
By running the numbers and weighing the tradeoffs, you can find the Buckeye home that fits both your budget and lifestyle. The cost difference between apartments and houses is just one factor in creating your ideal living situation.