Renting vs. Owning in Goodyear: What You’ll Pay
When deciding between renting an apartment or buying a house in Goodyear, the cost of living is a major factor. On average, the monthly rent for a 2-bedroom apartment in Goodyear is around $1,800. The average rent for a 3BR house in Goodyear is $2,450/month. While a house provides more space, apartments often include amenities like pools, fitness centers, and covered parking.
Beyond the base rent or mortgage, there are several other monthly expenses to consider. Utilities, insurance, maintenance, and HOA fees can add hundreds of dollars to your housing costs. Let’s take a closer look at the typical cost of living in an apartment vs house in Goodyear.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Goodyear:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $150 | $250 |
| Internet | $60 | $80 |
| Insurance | $15 | $120 |
| Maintenance | $0 | $150 |
| HOA Fees | $250 | $75 |
| Total | $2,275 | $3,125 |
Estimates are for mid-range units with typical usage
As you can see, the total monthly cost for a house is about $850 higher than an apartment in Goodyear. Houses have higher utility bills, insurance premiums, and maintenance expenses. However, apartments often come with substantial HOA fees that can offset some of those costs.
Utility and Upkeep Differences
Houses in Goodyear typically have higher utility costs than apartments for a few key reasons:
- More square footage means more space to heat and cool
- Older homes may have less efficient appliances and insulation
- Water bills are higher with lawns and landscaping to maintain
- Trash and recycling may be an additional fee instead of included in rent
In Goodyear, many homes use swamp coolers which can help reduce summer A/C bills compared to central air. Apartments, especially newer complexes, tend to have more efficient cooling systems and appliances.
Maintenance and repairs are another big difference in the cost of living between apartments and houses. As a renter, most interior upkeep is covered by the landlord. Homeowners are responsible for all appliance repairs, plumbing issues, yard work, pest control, and other property maintenance.
Lifestyle Tradeoffs
Of course, housing costs are just one part of the equation. Apartments and houses offer very different lifestyles that are worth considering.
Apartments are often located in more walkable areas, with easier access to dining, shopping, and entertainment. They require less upkeep and offer amenities like pools, gyms, and community spaces. However, apartments provide less privacy, with shared walls and limited outdoor space.
Houses give you more room to spread out, often with private yards for kids and pets to play. Many have garages and driveways for convenient parking. However, that space comes with added responsibilities like lawn care, snow removal, and general upkeep. Houses are more likely to be located in residential areas, which can mean longer commutes.
Many Goodyear residents choose apartments for walkability and low-maintenance living, while families prefer houses for more space and privacy.
Which Is Cheaper Long Term in Goodyear?
While renting an apartment is cheaper on a monthly basis, owning a home can be more cost-effective in the long run. Let’s say you plan to live in Goodyear for at least 5 years. Here’s how the costs compare:
Renting a $1,800 apartment for 5 years would cost approximately $114,000, assuming 3% annual rent increases. That breaks down to $22,800 per year or $1,900 per month.
Buying a $400,000 house with a 4.5% mortgage rate would cost around $167,000 over 5 years, including the down payment, mortgage, insurance, taxes, and 1% annual maintenance. That averages to $33,400 per year or $2,783 per month.
So while renting is cheaper in the short term, buying becomes more affordable after about 7 years in Goodyear. Plus, homeowners are building equity over time instead of paying rent to a landlord.
FAQs About Housing Costs in Goodyear
How much more does a house cost per month?
On average, a 3BR house costs about $850 more per month than a 2BR apartment in Goodyear. That includes rent/mortgage, utilities, insurance, maintenance, and HOA fees.
Do houses come with higher utility bills?
Yes, houses in Goodyear typically have higher utility costs for heating, cooling, water, and trash. The exact difference depends on the size and age of the home.
Are apartments cheaper even with pet fees?
In most cases, yes. Even with monthly pet rent and initial fees, apartments are usually cheaper than houses of a comparable size. However, houses offer more space and fewer pet restrictions overall.
Making the Right Housing Choice in Goodyear
As you can see, the cost difference between renting an apartment and owning a house in Goodyear is significant. For a typical 2BR apartment vs a 3BR house, renters pay around $850 less per month including utilities, insurance, and upkeep. That can add up to over $10,000 in annual savings.
However, the long-term costs are more comparable. Assuming you plan to stay in Goodyear for 5+ years, owning a home can be a smart financial move. You’ll build equity over time and may pay less in total housing costs.
Ultimately, the right choice depends on your budget, lifestyle, and goals. Be sure to factor in the full cost of living, not just the monthly rent or mortgage payment. If you’re looking to save on monthly expenses, renting an apartment is likely the way to go. But if you value space, privacy, and long-term stability, buying a house may be worth the added costs.
For more info and tools for managing your expenses in Goodyear, check out these helpful resources: