When deciding whether to rent an apartment or buy a house in Edmonds, WA, it’s important to consider not just the monthly rent or mortgage, but the full picture of housing costs. As an urban lifestyle expert, I’ll walk you through the key differences in layout and expenses to help you make an informed choice for your budget and way of life.
Apartment vs House: Visualizing the Layout and Cost Impact
Picture yourself in a typical 2-bedroom apartment in Edmonds. At around 900 square feet, the layout is efficient and low-maintenance. The kitchen, living area, and bedrooms are all under one roof, with shared walls to neighbors on either side. Utilities are often bundled, and the property is maintained by on-site staff.
Now imagine a 3-bedroom craftsman house nearby. With 1,500+ square feet spread across multiple floors, it offers far more living space and storage. You’ll enjoy the privacy of detached walls and your own outdoor area – but that means more space to heat, cool, and maintain yourself. Expenses like property taxes, insurance, and repairs are solely the owner’s responsibility.
While the house provides more room to spread out, it comes with higher monthly costs across the board. Let’s break down the numbers.
Renting vs. Owning in Edmonds: What You’ll Pay
In Edmonds, the average rent for a 2-bedroom apartment is around $1,950 per month. For a 3-bedroom house, expect to pay closer to $2,800 monthly if renting or $3,400 for a typical mortgage, taxes, and insurance.
The cost of renting a house in Edmonds has risen about 5% in the last year, with more affordable options concentrated in the Westgate and Firdale neighborhoods. But apartments remain the more budget-friendly choice for most.
Cost Comparison: Apartment vs House
Here’s a side-by-side breakdown of common monthly costs for a renter vs homeowner in Edmonds:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent / Mortgage | $1,950 | $2,400 |
| Utilities | $150 | $290 |
| Internet | $65 | $75 |
| Insurance | $15 (renters) | $80 (homeowners) |
| Maintenance & Repairs | $0 | $415 |
| Property Tax & HOA | $0 | $640 |
| Total | $2,180 | $3,900 |
Estimates are for mid-range units with typical usage and reflect gross monthly costs.
As you can see, owning a house in Edmonds costs about $1,720 more per month than renting an apartment, largely due to the added expenses that come with homeownership.
Utility and Upkeep Differences
In addition to the sticker price, houses and apartments have very different utility and maintenance needs:
- Houses use 2.5X more water and electricity on average than apartments
- Heating and cooling a larger space, especially an older home, is far pricier
- Houses have added costs like yard upkeep, gutter cleaning, and exterior maintenance that apartments don’t
- Major systems like plumbing and HVAC are the owner’s responsibility in a house, while apartments handle that for you
All in all, utility bills for a house in Edmonds average about $290 per month, nearly double the $150 typical for an apartment. And upkeep costs can add $300-500 on top of that.
Lifestyle Tradeoffs
Of course, choosing between an apartment and a house is about more than just the monthly bill. There are key lifestyle factors to consider:
Apartments offer a low-maintenance, often walkable lifestyle with amenities like gyms and package lockers on site. But you’ll have less space and privacy, and may face pet restrictions or fees. Noise from close neighbors is also a factor.
Houses provide much more room to spread out, plus a yard for pets and kids to play. You’ll have space to host guests and the freedom to renovate as you please. However, that comes with a longer commute, more upkeep, and less access to urban conveniences.
Many young professionals in Edmonds opt for apartments near downtown for the walkable lifestyle. Families tend to prefer the space and school districts that come with houses, especially in the Bowl and Seaview neighborhoods. Consider your stage of life and daily needs.
Which Is Cheaper Long Term?
While renting is almost always cheaper than owning on a monthly basis, buying can be more cost-effective long term. Let’s project the cost of each over 5 years in Edmonds:
- Renting an apartment: $2,180 x 60 months = $130,800
- Owning a house: $3,900 x 60 months = $234,000
Assuming a 4% annual rent increase, your total 5-year cost to rent would be closer to $142,000. For the house, if your property appreciates at the national average of 3.8% per year, after 5 years you will have gained $82,000 in equity.
So while you’ll pay more per month for the house, owning could come out $30,000 ahead after 5 years compared to renting. But it requires good credit and a sizable down payment to get started.
FAQs About Housing Costs in Edmonds
How much more does a house cost than an apartment in Edmonds?
Owning a house in Edmonds costs about $1,720 more per month on average than renting an apartment, largely due to added costs like property taxes, insurance, maintenance, and higher utilities.
Do houses always have higher utility bills?
Yes, houses in Edmonds have utility costs around 90% higher than apartments on average. Heating, cooling, and powering a larger space is more expensive, plus houses often have older, less efficient systems.
Are apartments still cheaper even with pet rent?
Even with a pet fee of $50/month, apartments in Edmonds are far cheaper than houses. The average rent difference is $850 per month, so a pet fee is still much more affordable than the added costs of owning a house.
Making the Right Choice for You
Ultimately, the decision between an apartment and a house in Edmonds is a personal one that depends on your monthly budget, lifestyle priorities, and long-term goals.
If you value urban walkability and prefer a low-maintenance lifestyle, renting an apartment is likely the better choice. You’ll save considerably on monthly costs while still enjoying the perks of living in Edmonds.
For those who prioritize space, privacy, and don’t mind the added responsibilities of upkeep and property taxes and HOA fees, buying a house can be a great investment. While it costs more per month, you’ll build equity over time.
Whichever option you choose, you’ll get to enjoy the natural beauty, tight-knit community, and high quality of life that Edmonds offers. For more info on budgeting for your Edmonds home, check out our guide to average monthly expenses in Edmonds.