Renting vs. Owning in Cary: What You’ll Pay
When comparing the cost of living in an apartment vs house in Cary, housing is the biggest factor. The average rent for a 2-bedroom apartment in Cary is around $1,450 per month. The average rent for a 3BR house in Cary is $2,100/month. Buying a home requires a hefty down payment, but builds equity over time.
Apartments often include some utilities and maintenance in the rent. Houses have separate, and often higher, monthly bills for utilities, insurance, property tax, and upkeep. Homeowners must also budget 1-3% of their home’s value annually for repairs and improvements.
Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Cary:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,450 | $2,100 |
| Utilities | $150 | $280 |
| Internet | $65 | $65 |
| Insurance | $15 | $80 |
| Maintenance | $0 | $210 |
| HOA | $0 | $50 |
| Total | $1,680 | $2,785 |
*Mortgage based on $400K home with 20% down. Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
Houses in Cary tend to have higher utility costs than apartments, due to:
- More square footage to heat and cool
- Larger water heaters and plumbing systems
- Outdoor irrigation and pools that increase water usage
- Older, less efficient HVAC systems and appliances
Apartments benefit from newer construction, shared walls, and centralized systems. Residents also avoid direct costs for exterior and common area upkeep. However, those services may be reflected in higher rents.
Lifestyle Tradeoffs
Cost is just one factor in the apartment vs house decision. Apartments offer low-maintenance living, often in walkable locations near dining and shopping. They may have attractive amenities like pools, gyms and social events. However, apartments mean less space, limited storage, shared walls, and pet restrictions.
Houses provide more privacy, space for families, yards for kids and pets, and freedom to renovate. The tradeoffs are higher costs, more upkeep, and longer commutes. Many Cary residents choose apartments for walkability, while families prefer houses for yard space.
Which Is Cheaper Long Term in Cary?
While renting is cheaper month-to-month, owning can be more cost-effective long term. Assuming 2% annual rent increases, a $1,450 apartment grows to $1,600/month after 5 years. That’s $96,000 in total rent paid.
By contrast, a $1,600 mortgage stays fixed. Even with $500/month for utilities, insurance, and upkeep, the total 5-year cost is $126,000. However, $60,000 of that goes toward the loan principal – building equity. Plus, the home may appreciate in value. Use this Monthly Budget Examples for Cary Residents to crunch your own numbers.
FAQs About Housing Costs in Cary
How much more does a house cost per month?
In Cary, a 3BR house costs about $1,100 more per month than a 2BR apartment, when you include utilities, insurance, and maintenance. However, a house offers more space and builds equity.
Do houses come with higher utility bills?
Yes, houses in Cary typically have higher utility costs for heating, cooling, water, and trash. The exact difference depends on the size, age, and efficiency of each home.
Are apartments cheaper even with pet fees?
Usually, yes. While pet rent and deposits add to the cost of an apartment, it’s still cheaper than the total monthly cost of owning a house. See our guide to Understanding Property Tax and HOA Fees in Cary.
Making the Right Housing Choice in Cary
For most Cary residents, renting an apartment is cheaper than owning a house by $500 to $1,000 per month. The savings can be invested or used to enjoy local amenities and travel. However, a house offers more space, freedom, and long-term financial benefits.
Ultimately, the right choice depends on your budget, family size, lifestyle, and goals. Crunch the numbers, weigh the tradeoffs, and choose the option that fits your finances and phase of life.