Renting vs. Owning in Irving: What You’ll Pay
When deciding whether to rent an apartment or buy a house in Irving, the cost of living is a key factor. The average rent for a 2-bedroom apartment in Irving is around $1,450 per month, while the average rent for a 3-bedroom house is closer to $2,200 per month. Of course, prices can vary significantly based on location, age of the property, and amenities.
Buying a house comes with additional costs like property taxes, homeowners insurance, and maintenance. In Irving, property taxes average 2.3% of the home’s assessed value annually. For a $350,000 house, that’s over $650 per month. Homeowners insurance adds another $100-200 monthly. Apartments have lower insurance costs, but may require renter’s insurance.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Irving:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,450 | $2,200 |
| Utilities | $180 | $280 |
| Internet | $65 | $65 |
| Insurance | $15 | $150 |
| Maintenance | $0 | $250 |
| HOA | $0 | $50 |
| Total | $1,710 | $2,995 |
Estimates are for mid-range units with typical usage and are expressed in gross monthly figures (pre-tax).
Utility and Upkeep Differences
Houses typically have higher utility costs than apartments due to larger square footage. In Irving, expect to pay more for electricity and water in a house, especially if it has a yard. Apartments are more compact and efficient. Some key differences:
- Houses have individual water heaters and HVAC systems, while apartments often share these, reducing per-unit costs.
- Older houses may have less efficient appliances and insulation compared to newer apartments.
- Lawn care and pest control are often included in apartment rents but fall on the homeowner.
In Irving, many homes use energy-efficient heat pumps which can reduce heating and cooling bills compared to traditional A/C and furnace systems. Upgrading to a smart thermostat can also help control costs.
Lifestyle Tradeoffs
Choosing between an apartment and a house involves more than just the monthly cost. Consider your lifestyle needs and preferences:
Apartments offer convenience, flexibility and amenities. They require less upkeep and are often located in more walkable areas near dining and entertainment. However, you’ll have less space, more noise from neighbors, and pet restrictions. Parking may be limited.
Houses provide more privacy, space and control. You can decorate, renovate and entertain more freely. Houses are better for pet owners and families who want a yard. However, they come with more maintenance, less convenience, and often a longer commute. Many Irving residents choose apartments for urban perks, while families prefer houses for space to spread out.
Which Is Cheaper Long Term in Irving?
While renting is cheaper month-to-month, owning can be more cost-effective long term. Let’s compare total costs over 5 years for a typical Irving apartment vs house:
Renting a $1,450 apartment for 5 years, with 3% annual increases, would cost around $95,000. That assumes the landlord covers all maintenance and repairs.
Buying a $350,000 house with 10% down and a 3.5% mortgage rate would cost $132,000 over 5 years, including the down payment. That factors in property taxes, insurance, maintenance, and modest appreciation.
So while the house is around $37,000 more over 5 years, the owner has also built nearly $45,000 in equity. The longer you stay, the more financially advantageous owning becomes, especially if the home value rises. But renting is still cheaper if your timeframe is under 4-5 years.
FAQs About Housing Costs in Irving
How much more does a house cost per month?
In Irving, a typical house costs $1,000-1,500 more per month than a comparable apartment when you factor in the full cost of ownership.
Do houses come with higher utility bills?
Yes, houses usually have higher utility costs due to more space and systems to heat, cool and power. Expect to pay 30-50% more for utilities in an average Irving house vs apartment.
Are apartments cheaper even with pet fees?
Most apartments are still cheaper than houses even factoring in pet rent and deposits. However, some large pet deposits can add significant upfront costs. Be sure to ask about breed restrictions and recurring pet fees when comparing options.
Making the Right Housing Choice in Irving
The cost difference between renting an apartment and owning a house in Irving is significant, with houses costing $1,000+ more per month on average. Renting is more affordable short term, while owning can be cheaper long term but with more upfront costs.
Ultimately, the right choice depends on your budget, lifestyle and goals. Be sure to consider the full picture, including monthly costs, maintenance, amenities, space needs, and pet policies. Our monthly budget examples for Irving residents and guide to property taxes and HOA fees can help you crunch the numbers.
Whether you rent or buy, you can find a great place to call home in Irving with proper planning. Weigh the tradeoffs, get pre-qualified, and happy house hunting!