Renting vs. Owning in Centennial: What You’ll Pay
When evaluating the cost of living in an apartment vs house in Centennial, the first factor to consider is monthly rent or mortgage. The average rent for a 2BR apartment in Centennial is around $1,800 per month, while a typical 3BR single-family home rents for closer to $2,450. The average rent for a 3BR house in Centennial is $2,450/month. Of course, buying a home means taking on a mortgage payment instead of rent. With a 10% down payment and today’s interest rates, the monthly cost of owning a $500K house would be around $2,800 including property taxes and insurance.
Beyond the base housing payment, apartments and houses come with different monthly costs. Apartments often include some utilities and services in the rent, while homeowners need to budget for things like lawn care, trash pickup, and major repairs. Factoring in all the expenses of each housing type gives a clearer picture of the true monthly cost.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Centennial:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,800 |
| Electricity | $60 | $120 |
| Gas | $30 | $60 |
| Water/Sewer | Included | $80 |
| Trash | Included | $30 |
| Internet | $60 | $60 |
| Renter’s/Homeowner’s Insurance | $15 | $100 |
| Maintenance/Repairs | $0 | $200 |
| HOA Fees | Included | $250 |
| Total | $1,965 | $3,700 |
Estimates are for mid-range units with typical usage
Utility and Upkeep Differences
Apartments and houses have some key differences in monthly utility costs and maintenance responsibilities:
- Water/sewer is usually included in apartment rent but paid separately by homeowners
- Houses have higher electricity and gas bills due to more space to heat and cool
- Homeowners need to budget for lawn care, snow removal, and trash pickup
- Houses have costlier maintenance like roof repairs, plumbing fixes, and appliance replacement
In Centennial, many homes use swamp coolers which can help reduce summer A/C bills compared to central air. Newer apartment complexes in the area often include trash service and even internet in the monthly rent. So while houses come with more utility accounts to manage and higher base costs, the exact cost difference depends on the unit.
Lifestyle Tradeoffs
Along with the hard costs, apartments and houses offer different lifestyles. Apartments generally mean less space and more noise from neighbors, but they offer greater flexibility and included amenities. Houses provide more room to spread out, private outdoor space, and the freedom to customize the property.
Many Centennial residents choose apartments for the convenient location and walkability, while families often prefer houses for the extra bedrooms and yard. Apartments may charge pet rent or restrict dog breeds, while houses give more flexibility for animal companions. Parking is another consideration, as some apartments charge extra for a reserved space and single-family homes usually include a private garage or driveway.
Which Is Cheaper Long Term in Centennial?
Comparing the monthly cost is one piece of the puzzle, but it’s also important to consider the long-term picture. Assuming a 2BR apartment rent of $1,800 and a 3BR house mortgage of $2,800, the apartment would cost $108,000 over a 5-year period, while the house would cost $168,000 in payments. However, the house would build around $40,000 in equity over that time, while the renter would have zero ownership.
Of course, the house also comes with more variable costs like repairs and upkeep that can add up over time. A good rule of thumb is to budget 1-2% of the home’s value per year for maintenance. So for a $500K house, that’s $5,000 to $10,000 annually, or $400 to $800 per month. Renters have much more predictable monthly costs, but also tend to face annual rent increases of 3-5%.
FAQs About Housing Costs in Centennial
How much more does a house cost per month?
On average, a house in Centennial costs about $1,000 more per month than an apartment when you factor in the full cost of utilities, upkeep, and insurance.
Do houses always have higher utility bills?
In general, yes. Houses are larger than apartments, so they use more electricity and gas for heating, cooling, and lighting. They also often have additional utility costs like water and trash that apartments bundle into the rent.
Are apartments still cheaper with pet fees?
It depends on the apartment, but pet rent and deposits can add up. For example, a $50 monthly pet fee would cost $600 per year. However, that’s still less than the typical cost difference between an apartment and a house, and renters avoid the cost of potential pet damage repairs.
Making the Right Housing Choice in Centennial
So is it cheaper to rent an apartment or own a house in Centennial? The answer depends on your situation and priorities. Renting an apartment offers more affordable and predictable monthly costs, but owning a house builds long-term wealth through equity. Apartments are often more convenient for location and included services, while houses provide more space and independence.
Ultimately, the right choice comes down to your budget, lifestyle, and goals. For a more personalized cost comparison, check out these Monthly Budget Examples for Centennial Residents. And don’t forget to factor in expenses like Property Tax and HOA Fees in Centennial when considering the true cost of homeownership.