Renting vs. Owning in Concord: What You’ll Pay
When evaluating the cost of living in an apartment vs house in Concord, the first factor to consider is rent or mortgage payments. According to recent data, the average rent for a 2-bedroom apartment in Concord is around $1,450 per month, while the typical mortgage payment on a 3-bedroom house is closer to $1,800. The average rent for a 3BR house in Concord is $2,100/month. Of course, these figures can vary significantly based on location, age of the property, and included amenities.
Beyond the base housing payment, renters and owners face different ongoing costs. Apartment dwellers usually pay for some utilities, renter’s insurance, and sometimes parking or pet fees. Homeowners have to budget for property taxes, higher insurance premiums, regular maintenance, and repairs. They may also belong to a Homeowners Association (HOA) with additional monthly or annual dues.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Concord:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,450 | $1,800 |
| Utilities | $180 | $320 |
| Internet | $65 | $65 |
| Insurance | $15 | $80 |
| Maintenance | $0 | $150 |
| HOA | $0 | $35 |
| Total | $1,710 | $2,450 |
*Mortgage estimate assumes 10% down on a $300,000 home at 6.5% APR. Estimates are for mid-range units with typical usage.
As the table shows, houses in Concord tend to cost around $740 more per month than apartments when accounting for all expenses. The bulk of this difference comes from the higher base rent/mortgage and increased utility costs. To better understand your total housing budget, be sure to read our guide on [Understanding Property Tax and HOA Fees in Concord](/concord-nc/property-tax-hoa/).
Utility and Upkeep Differences
In general, houses consume more utilities than apartments due to their larger size. Heating and cooling a multi-room house requires more energy than a compact apartment. Houses also tend to have more water-hungry appliances and fixtures, like multiple bathrooms, a dishwasher, and an in-unit washer and dryer.
Some other factors that impact utility costs in Concord homes include:
- Older, less efficient HVAC systems and appliances
- Lack of shade trees or good insulation
- Irrigation for lawns and landscaping
Apartment dwellers usually face lower utility bills overall. Many Concord complexes even include water, trash, and sometimes heat in the base rent. However, apartments located in older buildings may be drafty or have poor temperature control, leading to higher bills. Newer, energy-efficient units are often the most affordable to heat and cool.
Lifestyle Tradeoffs
Of course, the decision between renting an apartment or buying a house involves more than just dollars and cents. Lifestyle fit is equally important. Many Concord residents choose apartments for their convenient location, included amenities, and freedom from maintenance. Young professionals, empty nesters, and those who travel frequently often prefer the “lock and leave” ease of apartment life.
On the flip side, growing families tend to favor houses for the extra space, relative privacy, and ability to personalize their home. Having a private yard for kids and pets to play, a garage for storage and projects, and dedicated rooms for specific activities holds a strong appeal. Many also view owning a home as an investment that can build wealth over time.
Which Is Cheaper Long Term in Concord?
While renting is almost always cheaper than owning on a monthly basis, the long-term cost comparison depends on how long you plan to stay in the home and how much the property appreciates. In Concord, houses have historically gained around 4% in value each year. If you buy a $300,000 home with a 10% down payment and 6.5% mortgage, you’ll spend around $29,400 on housing in the first year when including mortgage, taxes, insurance, and maintenance.
Assuming 3% annual rent increases, a comparable apartment would cost about $20,520 for the year. However, after 5 years, the homeowner’s mortgage balance would be $16,500 lower and the home would be worth around $364,000. Even after subtracting 8% in selling costs, the homeowner would likely walk away with a net gain, while the renter would have spent over $100,000 on rent with no equity to show for it. The longer you own the home, the better the financial outcome.
FAQs About Housing Costs in Concord
How much more does a house cost per month?
In Concord, a typical house costs around $740 more per month than a comparable apartment when factoring in rent/mortgage, utilities, insurance, maintenance, and other housing expenses.
Do houses come with higher utility bills?
Yes, houses usually have higher utility costs than apartments due to their larger size, higher HVAC demands, and amenities like in-unit laundry. The exact difference depends on the age and efficiency of each property.
Are apartments cheaper even with pet fees?
For most Concord residents, apartments are still cheaper than houses even when adding in pet rent and deposits. The savings on utilities, insurance, and maintenance tend to outweigh pet fees, which average $35 per month.
Making the Right Housing Choice in Concord
As this cost comparison shows, renting an apartment in Concord is significantly cheaper than buying a house on a monthly basis. The average renter can expect to save around $740 per month compared to a homeowner, adding up to nearly $9,000 per year. However, houses can be a better deal long-term for those who plan to stay put for at least 5 years. Ultimately, the right choice depends on your budget, lifestyle, and financial goals.
For more help with budgeting for your Concord housing costs, check out our guide on [Monthly Budget Examples for Concord Residents](/concord-nc/monthly-budget/). By understanding all the costs involved, you can make an informed decision that fits your needs and resources.