Choosing between an apartment or house in Golden, CO means weighing costs, conveniences, and your ideal lifestyle. As you debate renting vs. owning, consider these key factors:
- Apartment Pros: Lower upfront costs, included amenities, less maintenance
- Apartment Cons: Less space and privacy, pet restrictions, rising rents
- House Pros: More space and freedom, stable monthly costs, build equity
- House Cons: Higher upfront costs, more upkeep, less walkability
Let’s take a closer look at the cost of living in an apartment vs house in Golden to help you make a smart housing choice.
Renting vs. Owning in Golden: What You’ll Pay
In general, renting an apartment in Golden costs less per month than owning a house, but doesn’t build long-term equity. Renting a 2BR apartment in Golden typically costs $1,800/month, while a 3BR house may cost $2,450/month. Of course, exact prices depend on the unit’s size, age, and neighborhood.
Golden’s desirable location and strong job market put upward pressure on housing costs. The average rent for a 3BR house in Golden is $2,450/month. The cost of renting a 3BR house in Golden has increased by 6% over the last year, with more affordable options in northern neighborhoods like Golden Hills.
For homebuyers, the median home price in Golden is $575,000. Assuming a 10% down payment and 3.5% interest rate, that translates to a monthly mortgage of about $2,600 (before taxes, insurance, and HOA fees). While higher than renting, owning builds equity over time.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Golden:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,600 |
| Utilities | $120 | $250 |
| Internet | $60 | $80 |
| Insurance | $15 (renters) | $80 (homeowners) |
| Maintenance | $0* | $150 |
| HOA | $200 | $50** |
| Total | $2,195 | $3,210 |
*Included in rent. **If applicable. Estimates are for mid-range units with typical usage.
As the table shows, renting an apartment in Golden tends to cost about $1,000 less per month than owning a house, largely due to the difference in rent/mortgage payments. However, houses offer more space and independence for the extra cost.
Utility and Upkeep Differences
In addition to rent or mortgage payments, housing costs include recurring bills like utilities and maintenance. These expenses tend to be higher for houses than apartments:
- Water/Sewer: Often included in rent for apartments but paid separately for houses. Golden residents pay $50-75/month on average.
- Electricity: Houses use more power for lighting and cooling larger spaces. A 3BR house may cost $150/month vs. $80 for an apartment.
- Heating: Many Golden homes use efficient swamp coolers in summer but rely on gas heat in winter, adding $50-100/month.
- Maintenance: From leaky faucets to exterior paint, houses have more systems that require upkeep. Budget 1-2% of the home’s value annually.
The age and efficiency of the unit play a big role. Newer apartments in Golden often include trash service and feature efficient appliances and windows, helping control utility costs. Older houses may have dated systems that use more energy.
Lifestyle Tradeoffs
Of course, housing is about more than just costs. Apartments and houses offer distinct lifestyle benefits that may sway your decision:
Apartments offer a low-maintenance, amenity-rich lifestyle. Many Golden residents choose apartments for walkability to shops, restaurants and trails. Complexes often include fitness centers, pools and social events. However, apartments typically mean less space, more noise, and pet restrictions.
Houses provide more privacy, space, and autonomy. Families often prefer houses for the extra bedrooms, private yard, and freedom to personalize the property. However, this space comes with added upkeep like lawn care and snow removal. And in Golden’s competitive market, saving for a down payment can take years.
Ultimately, the right choice depends on your budget, family size, and personal preferences. Some may love the convenience of a downtown Golden apartment, while others need the elbow room of a house in a quieter neighborhood.
Which Is Cheaper Long Term in Golden?
While renting an apartment in Golden carries lower monthly costs, owning a house can be cheaper long-term. Let’s compare the 5-year cost of renting a 2BR apartment vs. owning a 3BR house, assuming 3% annual rent increases and 2% property appreciation:
- Renting (5 years): $138,600 in rent, with no equity gained
- Owning (5 years): $189,000 in mortgage payments, $18,000 in maintenance and repairs, but $60,000 in equity gained
In this scenario, owning actually costs about $8,000 less over 5 years while also building $60,000 in equity. Of course, this assumes you can afford the upfront down payment and closing costs. Understanding property taxes and HOA fees is also key.
In cities like Golden with strong housing demand, buying a home can be a smart long-term investment, especially considering average monthly expenses in Golden. But renting remains attractive for those who value flexibility and convenience.
FAQs About Housing Costs in Golden
How much more does a house cost per month?
In Golden, a 3BR house costs about $1,000 more per month than a 2BR apartment when you factor in mortgage payments, utilities, maintenance, and insurance. But houses also build equity over time.
Do houses come with higher utility bills?
Yes, houses in Golden typically have higher utility costs than apartments since they have more space to heat, cool, and power. Expect to pay $250+/month for a 3BR house vs. $120/month for a 2BR apartment.
Are apartments cheaper even with pet fees?
Most apartments in Golden charge pet rent around $35/month plus a $200-500 deposit. Even with these costs, apartments still tend to be cheaper than houses when you consider the total monthly expenses.
Making the Right Housing Choice in Golden
As this cost comparison shows, both renting an apartment and owning a house in Golden have their perks and price points. Apartments offer an affordable, amenity-rich lifestyle with less upkeep. Houses provide more space and freedom but come with higher monthly costs and maintenance.
If you’re debating between an apartment or house in Golden, start with your budget. Calculate your total monthly expenses including rent/mortgage, utilities, insurance, and upkeep to see what you can comfortably afford. Factor in your space needs, location preferences, and long-term financial goals too.
Whether you choose the convenience of a Golden apartment or the autonomy of a house, you’ll enjoy this friendly foothills town known for its recreation, restaurants, and mountain views. Explore your options to find the right rental or purchase for your lifestyle and budget.