Compare Apartment and House Costs in Gresham, OR

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

When deciding between renting an apartment or buying a house in Gresham, cost is a key factor. On average, renting a 2BR apartment in Gresham runs about $1,450 per month, while a 3BR house may cost closer to $2,200 monthly. The typical rent for a 3BR house in Gresham is $2,150/month. Over the past year, the cost of renting a 3BR house in Gresham has risen by 6%, with more affordable options found in the Rockwood neighborhood.

For homebuyers, the median sale price for a single-family house in Gresham is $450,000. With a 10% down payment and 3.5% 30-year fixed mortgage, that translates to a monthly payment around $2,700 including property taxes and insurance. Of course, this varies based on the specific home and loan terms.

Table: Cost Comparison – Apartment vs House

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

*Included in rent. 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 different utility and maintenance costs:

• Water/sewer: Often included in apartment rent, but paid separately for houses. Expect $80-100/month for a Gresham house.
• Electricity: Houses use more power for lighting and cooling larger spaces. Typical electric bills are $60 for apartments, $120 for houses.
• Heating: Many Gresham apartments include heat, while houses use gas furnaces. Gas bills run $40-80/month in winter.
• Cooling: Central A/C is rare in Gresham apartments but common in houses. This can add $50/month to summer electric bills.
• Lawn care: Not applicable to most apartments. Budget $30-50/month for mowing and yard maintenance at a house.

The age and efficiency of appliances, windows, and mechanicals also impact utility costs. Newer, energy-efficient houses may have lower bills than older or poorly maintained apartments.

Lifestyle Tradeoffs

Aside from hard costs, apartments and houses offer different lifestyles in Gresham. Apartments are often located in more walkable areas near shops and restaurants, with on-site amenities like gyms and pools. They provide a low-maintenance, lock-and-leave lifestyle with no yard work or repair worries.

Houses, on the other hand, offer more privacy, space, and control. They typically have private garages, full-size kitchens, dedicated parking, and room for kids or pets to roam. Many Gresham residents choose houses for the extra bedrooms, storage, and quiet neighborhoods.

Some prefer the turnkey convenience of renting an apartment close to downtown and MAX light rail. Others value the autonomy and long-term investment potential of owning a detached home. Young professionals may favor apartments, while families often need the square footage of a house.

Which Is Cheaper Long Term in Gresham?

While renting is cheaper up front, buying can be more economical over time. Assuming a $1,650 apartment and $3,305 house payment, here’s how the costs compare over 5 years:

• Total rent paid: $99,000 ($1,650 x 60 months)
• Total mortgage paid: $198,300 ($3,305 x 60 months)

However, $500-600 of each mortgage payment goes toward the loan principal — building equity. After 5 years, a homeowner will have $30-36K in equity, while a renter has zero.

Plus, that $450K house will likely appreciate to $500-550K in that period. Even subtracting the 5% realtor fee to sell, the homeowner could walk away with a net worth boost of $80-100K after 5 years. The renter is unlikely to save that much.

Of course, this assumes home values continue rising and the owner stays put for several years. Renting is often better for those who may relocate within 2-3 years. As a rule of thumb, buying a home in Gresham only makes financial sense if you plan to live there 5+ years.

FAQs About Housing Costs in Gresham

How much more does a house cost per month?
In Gresham, the typical house payment is about $1,600 higher than renting an apartment, largely due to the added square footage and higher utilities.

Do houses always have higher utility bills?
While houses often have higher utility costs to heat, cool, and power more space, energy-efficient homes can help reduce the difference. Upgraded HVAC, appliances, and windows make a big impact.

Are apartments still cheaper with pet rent?
Even with a $35 per pet monthly fee, apartments tend to be more affordable than houses in Gresham. However, houses offer more space for larger dogs and litter boxes. Some apartments restrict dog breeds and sizes.

Making the Right Housing Choice in Gresham

When comparing the cost of living in an apartment vs a house in Gresham, apartments offer lower monthly expenses, while houses provide more space and long-term value. Apartments are ideal for those who prioritize location, amenities, and flexibility. Houses appeal to those ready to put down roots and build equity.

The right option depends on your life stage, goals, and budget. For help deciding how much to spend on housing, read our guide to Monthly Budget Examples for Gresham Residents. And don’t forget to factor in Property Tax and HOA Fees in Gresham when setting your homebuying budget.