Apartment vs. House in Everett: Which Costs More?

Renting vs. Owning in Everett: What You’ll Pay

When deciding between an apartment or house in Everett, the cost difference is a key factor. Renting a 2BR apartment in Everett typically costs around $1,800 per month, while a 3BR house may run closer to $2,450 monthly. The average rent for a 3BR house in Everett is $2,450 per month. However, the cost of renting a house has increased by nearly 8% over the last year, with more affordable options found in neighborhoods like Pinehurst.

For homeowners, monthly costs look a bit different. While a mortgage payment may be similar to rent, houses come with additional expenses like property taxes, insurance, and maintenance. In Everett, annual property taxes average 1.1% of the assessed home value. For a $500,000 house, that’s an extra $458 per month. Many neighborhoods also have HOA fees, which can range from $200-500 monthly, covering amenities and exterior upkeep. When you add up property taxes and HOA fees in Everett, owning a house carries some often-overlooked costs.

Table: Cost Comparison – Apartment vs House

Here’s a side-by-side breakdown of common monthly costs in Everett:

Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

In addition to the base rent or mortgage, apartments and houses have notably different utility costs. Some key differences in Everett include:

• Water/sewer: Often included in apartment rent, but paid separately in houses, adding $80-120/month.
• Electricity: Houses use more power for heating, cooling, and lighting larger spaces. Expect $150/month for a house vs. $80 for an apartment.
• Gas: Used more in houses for heat, hot water, cooking and laundry. Budget $100/month for a house, but only $40 in an apartment.
• Trash: Usually covered by apartment rent or HOA fees. House dwellers pay $20-40/month for city pickup.
• Yard care: Not applicable to apartments, but vital for houses. DIY lawn mowing, trimming and weeding takes time and equipment, or costs $100+ per month for a service.

These extra costs add up quickly in a house. While a newer, energy-efficient home helps control utility bills, older Everett houses may have costly drafts or outdated systems. Apartments offer more predictable, budget-friendly utility expenses, since the smaller space, shared walls, and landlord oversight keep things efficient.

Lifestyle Tradeoffs

Of course, choosing between an apartment or house involves more than just money. There are key lifestyle factors to consider:

• Space: Houses provide more elbow room, storage, and separation between bedrooms. Apartments make efficient use of limited space.
• Noise: Shared walls mean more neighbor noise in apartments. Houses offer greater quiet and privacy (unless your block has lots of barking dogs).
• Yard: Don’t plan on a private yard in an apartment. For gardening or play space, a house is a must – but that means yardwork too.
• Pets: Many Everett apartments allow cats and small dogs, but often with breed restrictions and extra fees. Houses give more pet flexibility.
• Location: Apartments cluster in central, walkable areas. Houses are more spread out, so a work commute may be longer.
• Parking: Apartments usually include 1-2 designated spots. Houses have private driveways and garages, but street parking can be limited.

Many Everett residents choose apartments for the walkability and low-maintenance perks, especially in neighborhoods like Riverside and Bayside. Families often prefer houses for the yard space, in-home laundry, and room to spread out. Some enjoy the convenience of an apartment near downtown, while others appreciate the privacy and project space a house provides. Consider your daily routine and priorities.

Which Is Cheaper Long Term in Everett?

While renting an apartment is often cheaper month-to-month, owning a house could be more economical over time. Let’s simulate the costs over 5 years for a 2BR apartment vs. a 3BR house:

Assuming 3% annual rent increases, total apartment costs over 5 years would be:

• Year 1: $24,000
• Year 2: $24,720
• Year 3: $25,462
• Year 4: $26,225
• Year 5: $27,012

5-year apartment total: $127,419

For a $500,000 house with a 4% mortgage, 1.1% property tax, $350/month HOA, and $3,000/year for maintenance, the 5-year total is:

• Mortgage payments: $137,585
• Property taxes: $27,500
• HOA fees: $21,000
• Maintenance: $15,000

5-year house total: $201,085

At first glance, the apartment is cheaper by $73,666 over 5 years. However, the house builds $36,000 in equity over that period, narrowing the gap. Plus, the mortgage interest and property taxes are deductible, saving a homeowner in the 22% bracket about $12,000. Assuming 3% annual appreciation, the house would be worth $579,637 after 5 years – a $79,637 gain. Suddenly, the house comes out ahead by $54,000, even after sales costs.

Granted, this scenario depends on home appreciation, tax benefits, and staying put for 5+ years. Renting remains popular for its flexibility. But in cities like Everett, buying a home could be more economical long-term, especially considering rising rents. Crunch the numbers for your situation to decide.

FAQs About Housing Costs in Everett

How much more does a house cost per month?
In Everett, a 3BR house costs about $1,400 more per month than a 2BR apartment, after accounting for rent/mortgage, taxes, insurance, HOA, and maintenance. Utilities add another $150/month to the house budget.

Do houses always have higher utility bills?
Yes, houses in Everett typically have higher utility costs for water, electric, gas, and trash – to the tune of $150 more per month than apartments. The larger space, yard, and older systems are less efficient.

Are apartments still cheaper with pet rent?
Most likely, yes. While many Everett apartments charge pet rent (around $25-50/month), they’re still more affordable overall than houses, considering the lower rent, utilities, and upkeep costs.

Making the Right Housing Choice in Everett

Choosing between an apartment or house in Everett is a blend of budget and lifestyle. Apartments offer lower monthly costs, less upkeep, and central locations. Houses provide more space, yard access, and long-term equity. Considering all expenses, houses cost about $1,400 more per month than apartments in Everett.

Your life stage and goals matter too. Young professionals, frequent movers, and tight budgets may prefer apartments. Growing families, DIY enthusiasts, and those ready to plant roots often favor houses. And in some cases, the perfect fit is a happy medium, like a townhouse or condo.

Weigh the tradeoffs and crunch the numbers for your situation. Tally up how much it costs to live in Everett each month, and see what housing type fits that budget. The right choice aligns your finances, lifestyle, and future plans. With some careful comparison, you’ll find the Everett home that’s right for you.