Renting vs. Owning in Commerce City: What You’ll Pay
When deciding between renting an apartment or buying a house in Commerce City, it’s important to understand the cost of living in an apartment vs house. The average rent for a 2-bedroom apartment in Commerce City is around $1,800 per month, while the average rent for a 3-bedroom house is closer to $2,450 monthly. The average rent for a 3BR house in Commerce City is $2,450/month. These figures represent gross monthly costs before taxes.
Of course, rent is just one piece of the puzzle. Homeowners also need to factor in costs like property taxes, insurance, maintenance, and potentially HOA fees. Renters may have some of these costs included, but will still need to budget for utilities and renter’s insurance. Let’s break down the numbers.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Commerce City:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $150 | $250 |
| Internet | $60 | $80 |
| Insurance | $15 | $100 |
| Maintenance | $0 | $150 |
| HOA | $0 | $250 |
| Total | $2,025 | $3,280 |
Estimates are for mid-range units with typical usage and represent gross monthly costs before taxes.
As the table shows, houses in Commerce City tend to come with significantly higher monthly costs than apartments. The gap widens further when you factor in expenses like lawn care, pest control, and major repairs that are often covered by apartment complexes or landlords.
Utility and Upkeep Differences
In addition to higher base rent or mortgage payments, houses typically have larger utility bills than apartments. Standalone homes have more exterior surface area, so they require more energy to heat and cool. They also tend to use more water for lawns, and may have additional utility costs like trash or sewer that are sometimes included with apartments.
Some other cost differences to keep in mind:
- In Commerce City, many homes use swamp coolers which can help reduce A/C bills in the summer compared to central air.
- Newer apartment complexes in Commerce City often include trash service and internet in the base rent.
- Older houses may have less efficient appliances, windows, and insulation, leading to higher utility usage.
- Apartments generally have lower maintenance costs since the building exterior, roof, landscaping, etc. are handled by property management.
Lifestyle Tradeoffs
Of course, monthly cost is just one factor in the decision between renting an apartment or buying a house. There are also important lifestyle considerations. Houses offer more space and privacy, but come with more upkeep and less flexibility to move. Many Commerce City residents choose apartments for their convenient locations and included amenities, while families often prefer houses for the extra bedrooms and yard space.
Apartments may be the more affordable option even when you factor in costs like pet rent, parking fees, and storage. However, houses provide the opportunity to build equity and potentially generate rental income down the line. It’s a tradeoff between short-term savings and long-term investment.
Which Is Cheaper Long Term in Commerce City?
Assuming a 2-bedroom apartment renting for $1,800 and a 3-bedroom house with a $2,450 mortgage payment, here’s how the costs compare over 5 years:
- Total rent paid: $1,800 x 12 months x 5 years = $108,000
- Total mortgage paid: $2,450 x 12 months x 5 years = $147,000
- With the mortgage, roughly $28,000 would go to principal, building equity
- Maintenance and repairs on the house may cost $500-1000 per year
- Renter’s insurance is cheaper than homeowner’s insurance by about $500 per year
Assuming 3% annual rent increases, after 5 years the total cost of renting would be around $118,000 while the cost of owning, including equity, would be closer to $155,000. So purely from a monthly cost perspective, renting is likely cheaper, even long term. But owning provides the opportunity to build wealth as the home value appreciates.
FAQs About Housing Costs in Commerce City
How much more does a house cost per month?
On average, a house in Commerce City costs about $1,200 more per month than an apartment when you include mortgage, taxes, insurance, utilities, and maintenance.
Do houses always have higher utility bills?
Houses usually have higher utility costs than apartments since they are larger and have more exposure to the elements. However, upgraded windows and appliances can help mitigate the difference.
Are apartments still cheaper with pet rent and parking fees?
Even with extra costs like pet rent, parking, and storage, apartments in Commerce City tend to be significantly cheaper than houses when you look at total monthly expenses. The exact difference depends on the age, size, and location of the apartment and house in question.
Making the Right Housing Choice in Commerce City
So, is it better to rent or buy in Commerce City? While renting an apartment tends to be cheaper on a monthly basis, buying a house provides the opportunity to build equity and potentially profit from rising home values. The right choice depends on your budget, lifestyle, and long-term financial goals.
If you’re looking to minimize monthly expenses, renting is likely the way to go, especially if you can find an apartment with some utilities included. Check out these monthly budget examples for Commerce City residents to get a sense of how your housing costs might fit in.
If you’re leaning towards buying a house, be sure to budget for the full cost of ownership, not just the sticker price. Understanding property taxes and HOA fees in Commerce City can help you avoid costly surprises and make an informed decision.
Ultimately, the choice between renting an apartment and buying a house is a personal one, involving your finances, family situation, and future plans. But running the numbers and considering the full picture can help you find the best fit. The cost of living in an apartment vs house in Commerce City is just the beginning.