Renting vs. Owning in El Mirage: What You’ll Pay
When deciding between renting an apartment or buying a house in El Mirage, the cost of living is a key factor. On average, the monthly rent for a 2-bedroom apartment in El Mirage is around $1,450. In comparison, the average rent for a 3-bedroom house in El Mirage is $2,100 per month. Of course, these are just averages – actual prices will vary based on location, age, and amenities.
Beyond the base rent or mortgage payment, there are several other monthly expenses to consider when comparing the cost of an apartment vs house in El Mirage. Utilities, maintenance, insurance, and other fees can add up quickly. Let’s break down the numbers to see how much you can expect to pay.
Cost Comparison – Apartment vs House in El Mirage
Here’s a side-by-side breakdown of common monthly costs in El Mirage:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,450 | $2,100 |
| Electricity | $120 | $180 |
| Water/Sewer | $40 | $80 |
| Internet | $60 | $60 |
| Renter’s/Homeowner’s Insurance | $15 | $100 |
| Maintenance/Repairs | $0 | $150 |
| HOA Fees | $0 | $50 |
| Total | $1,685 | $2,720 |
Estimates are for mid-range units with typical usage, based on gross monthly income (pre-tax).
As you can see, the total monthly cost of living in a house is over $1,000 more than renting an apartment in El Mirage. Houses come with higher utility bills, insurance premiums, and maintenance expenses. Apartments tend to be more affordable overall, even when adding in potential costs like pet rent, parking fees, or rental insurance.
Utility and Upkeep Differences
In addition to higher base rents, houses in El Mirage typically have greater utility and upkeep costs compared to apartments:
- Cooling a larger space requires more electricity, although many El Mirage homes use efficient swamp coolers to reduce A/C bills
- Watering a lawn and maintaining a pool adds to the monthly water bill
- Houses have more appliances, plumbing, and HVAC components that may need repair
- Cleaning gutters, repainting, and other routine maintenance falls on the homeowner
Newer apartment complexes in El Mirage often include trash service, internet, and sometimes even electricity in the base rent. They also handle all major repairs and upkeep. This can provide substantial savings and fewer surprise expenses compared to homeownership.
Lifestyle Tradeoffs to Consider
Of course, the decision between renting an apartment or buying a house goes beyond just the monthly cost. There are important lifestyle factors to consider as well:
Apartments offer greater flexibility and convenience. They often have prime locations close to shopping, dining and entertainment. Many complexes provide amenities like pools, gyms and clubhouses. Maintenance is handled by on-site staff. However, apartments have less space, more noise from neighbors, limited parking, and restrictions on pets and renovations.
Houses provide more privacy, space and control over your living environment. They usually have private yards for kids and pets to play. You can paint, renovate and customize to your heart’s content. However, all that space means more cleaning and upkeep. Yards require time-consuming maintenance. And houses are often further from city centers, meaning longer commutes.
Many El Mirage residents choose apartments for their affordability, convenience and walkability, while families prefer houses for the extra space and suburban lifestyle. Consider your budget, family size, pets, commute and desire for amenities when deciding which option is right for you.
Which is Cheaper Long-Term?
While renting is almost always cheaper than buying on a monthly basis, owning a home can be a smart financial move long-term. Let’s say you buy a $300,000 house in El Mirage with a 30-year mortgage at 3.5% interest. Your monthly payment would be around $1,350. After 5 years, you’ll have paid $81,000 in mortgage payments – but $25,000 of that is equity you’ve built in the home. You’ll also benefit from rising property values over time.
On the flip side, if you rent a $1,450 apartment for those same 5 years, you’ll have paid $87,000 in rent. That’s $6,000 more in total housing costs, with zero equity to show for it. Even if rents increase a modest 2% per year, you’ll pay over $90,000 after 5 years.
Of course, buying a home means budgeting for down payments, closing costs, property taxes, insurance, maintenance, and repairs. But if you plan to stay put for a while, owning can be cheaper than renting long-term. Crunch the numbers using a monthly budget calculator for El Mirage to see which option fits your finances.
FAQs About El Mirage Housing Costs
How much more does a house cost per month compared to an apartment in El Mirage?
On average, a house in El Mirage costs about $1,000 more per month than an apartment when you factor in rent/mortgage, utilities, insurance, maintenance and other housing expenses. However, this varies based on the size, age, location and amenities of each property.
Do houses always have higher utility bills than apartments?
In most cases, yes. Houses are larger, so they use more electricity and water. They also have more appliances and systems that consume energy. However, the utility cost difference depends on the efficiency of the home. Newer houses with good insulation, LED lighting and smart thermostats can help keep bills manageable.
Are apartments still cheaper than houses even with extra fees?
Generally speaking, apartments have a lower total cost of living than houses even when you add in expenses like pet rent, parking fees, rental insurance, and deposits. They have lower utility costs, no maintenance/repair expenses, and no property taxes or HOA dues. Of course, it’s important to read your lease carefully and budget for any additional apartment fees.
Making the Right Choice
So, is it cheaper to rent an apartment or buy a house in El Mirage? When you compare the total monthly costs, apartments are the clear winner. They’re over $1,000 less per month on average. However, houses can be a better long-term investment. Carefully weigh the upfront costs and consider your timeline for staying in the home.
In similar cities, apartments typically cost $900-$1,200 less per month than houses. But the exact cost of living difference depends on your specific property. Be sure to understand property taxes and HOA fees when budgeting for your El Mirage home. Compare your options to find the most affordable, comfortable fit for your needs and lifestyle.