Renting vs. Owning in Edmond: What You’ll Pay
When deciding between renting an apartment or buying a house in Edmond, it’s crucial to understand the cost differences. Renting a 2BR apartment in Edmond typically costs $1,100-$1,400/month, while a 3BR house may cost $1,800-$2,450/month. The average rent for a 3BR house in Edmond is $2,100/month. The cost of renting a 3BR house in Edmond has increased by 6% over the last year, with more affordable options in the Kickingbird area.
For homebuyers, the median home price in Edmond is $350,000, which translates to a monthly mortgage payment around $2,000 (assuming 20% down). However, this does not include additional costs like property taxes, insurance, and maintenance. Homeownership provides more space and privacy but comes with more financial responsibilities.
Ultimately, the decision between renting and owning in Edmond depends on your budget, lifestyle preferences, and long-term goals. Renting offers more flexibility and predictable monthly costs, while owning builds equity and allows for more customization. Consider your unique situation and crunch the numbers to determine the best fit.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Edmond:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,250 | $2,000 |
| Utilities | $150 | $250 |
| Internet | $60 | $80 |
| Insurance | $15 | $150 |
| Maintenance | $0 | $200 |
| HOA | $0 | $50 |
| Total | $1,475 | $2,730 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
Utility costs tend to be higher in houses due to more space to heat and cool. In Edmond, expect to pay around $150/month for apartment utilities vs $250/month for a house. Key differences include:
- Water/sewer: Often included in apartment rent but paid separately in houses
- Electricity: Higher in houses due to more square footage and appliances
- Gas: Used more in houses for heating, fireplaces, and cooking
- Trash: Usually covered by apartment complexes but a separate bill for houses
- Lawn care: Not applicable to apartments but can cost $50-150/month for houses
- Pest control: Handled by apartment staff but homeowner’s responsibility in houses
Houses also have more maintenance needs like HVAC tune-ups, gutter cleaning, and appliance repairs. Homeowners should budget at least 1% of the home’s value annually for upkeep. Apartments have on-site maintenance teams to handle issues at no extra cost to tenants.
Lifestyle Tradeoffs
Aside from costs, consider how apartments and houses fit different lifestyles. Many Edmond residents choose apartments for walkability, while families prefer houses for yard space and privacy. Apartments offer amenities like pools and fitness centers, but houses provide more room to spread out and entertain.
Noise is another factor – apartments have shared walls and more neighbor sounds, while houses are generally quieter. However, some may prefer the sense of community and security in apartment complexes. Parking is often more convenient at houses with private garages and driveways.
Pet owners face tradeoffs too. Many apartments charge monthly pet rent and have breed/size restrictions. Houses offer more pet-friendly space but also require fencing and yard cleanup. Ultimately, the right choice depends on your stage of life and personal preferences.
Which Is Cheaper Long Term in Edmond?
While renting is cheaper month-to-month, buying can be more economical long-term. Assuming a $350,000 house with 20% down, a 3% interest rate, and 3% annual appreciation, the total cost over 5 years is around $148,000 (including down payment, mortgage, taxes, insurance, and maintenance). Renting a comparable $1,800/month house for 5 years costs around $115,000 total.
However, after 5 years the homeowner has accumulated over $75,000 in equity and can likely sell for a profit. The renter has no ownership but more flexibility to move. In cities like Edmond, buying a home could be more economical over time, especially considering rising rents. Crunch the numbers using a monthly budget to evaluate the best option for you.
FAQs About Housing Costs in Edmond
How much more does a house cost per month?
In Edmond, a house costs about $1,000 more per month than an apartment when you factor in mortgage, taxes, insurance, utilities, and maintenance. However, a portion of the mortgage payment builds equity.
Do houses come with higher utility bills?
Yes, houses typically have higher utility costs due to more space to heat and cool. Expect to pay $100-200 more per month for house utilities in Edmond compared to an apartment.
Are apartments cheaper even with pet fees?
Even with monthly pet fees (typically $25-50), apartments are usually cheaper overall than houses in Edmond. However, houses offer more space and fewer pet restrictions. Consider the total costs and your pet’s needs.
Making the Right Housing Choice in Edmond
The cost difference between renting an apartment and owning a house in Edmond is significant – around $1,000 per month. Renting is more affordable short-term, but owning can be cheaper long-term and builds equity. Factor in lifestyle elements like space, maintenance, and amenities to find the best fit.
Before deciding, get familiar with Edmond’s property taxes and HOA fees to understand the full cost of homeownership. Evaluate your budget, career plans, and housing goals to make a confident choice. Whether you rent or own, Edmond offers a high quality of life with diverse housing options for every phase.