Cost Comparison: Living in a House vs Apartment in La Vergne

Renting vs. Owning in La Vergne: What You’ll Pay

When deciding between renting an apartment or buying a house in La Vergne, TN, the cost is often the biggest factor. On average, renting a 2-bedroom apartment in La Vergne costs around $1,450 per month, while a 3-bedroom house typically rents for $2,100 monthly. For those looking to buy, the median home price in La Vergne is $415,000, with most new buyers opting for a 3BR house. While mortgage payments can vary based on your down payment and interest rate, expect to pay around $2,450 per month for a mid-range house, including property taxes and insurance.

Of course, these are just averages. You can find more affordable apartments in neighborhoods like Lake Forest, where 2BR units start around $1,200. Houses also span a wide price range, from older 2BR homes under $300K to spacious new builds over $500K. The key is understanding your budget and what you’re willing to compromise on. As a general rule, renting tends to be cheaper in the short term, while buying can be more economical long-term – especially with La Vergne’s rising rents, which have increased 8% in the last year alone.

Table: Cost Comparison – Apartment vs House

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

*Maintenance is typically covered by the landlord for apartments. Estimates are for mid-range units with typical usage.

As you can see, while base rent for a house is about $1,000 more than an apartment, the total cost difference is closer to $1,500 when you factor in utilities, insurance, maintenance and HOA fees. Of course, these are just estimates – your actual costs will depend on the specific property, your usage habits and the terms of your lease or mortgage. For a more personalized breakdown, check out our guide to average monthly expenses in La Vergne, TN.

Utility and Upkeep Differences

In addition to higher base rent or mortgage payments, houses in La Vergne also come with steeper utility and maintenance costs. Some key differences to budget for:

• Electricity and gas. Cooling a larger space, especially an older house, can lead to eye-popping summer electric bills. Many La Vergne homes still use less efficient HVAC systems or window units.
• Water. From more bathrooms to outdoor irrigation, houses simply use more water than apartments. And in La Vergne, you’ll pay for every gallon, with an average monthly water bill of $70 for houses vs. $30 for apartments.
• Maintenance and repairs. As a homeowner, you’re on the hook for every leaky faucet, squeaky floorboard and aging appliance. Setting aside 1-2% of your home’s value each year for upkeep is wise.
• Lawn care. Unless you love mowing, factor in at least $100/month for basic lawn maintenance. Apartments, in contrast, typically cover all outdoor upkeep.

These added expenses can quickly eat into any savings on the base rent or mortgage. And they’re not always predictable – a major repair like a new roof or HVAC system can cost thousands. As a renter, your monthly bills are much more stable and manageable, which many find worth the premium.

Lifestyle Tradeoffs

Of course, it’s not all about the money. Your housing choice also shapes your daily lifestyle in La Vergne. Apartments are popular with young professionals who prefer a low-maintenance, walkable setting close to shops and restaurants. You’ll sacrifice some square footage but gain back time not spent on yardwork and repairs.

Houses, on the other hand, offer the space and privacy that many families prefer, with room for kids to play and the freedom to paint, renovate and truly make your space your own. You’re more likely to have private outdoor space for grilling, gardening and letting pets roam. And while you may not be right downtown, many La Vergne neighborhoods offer a tight-knit community feel, with block parties, park access and great schools.

Parking is another consideration – houses typically include a private driveway or garage, while apartments may have assigned spots or first-come, first-served parking. And don’t forget commute times – while La Vergne has solid bus service, you’ll likely still need a car to get around, so factor in both your drive and potential traffic.

Which Is Cheaper Long Term in La Vergne?

While renting is almost always cheaper than buying on a monthly basis, the long-term math is more complex. Let’s say you’re deciding between a $1,450 apartment and a $415,000 house (with 20% down). Here’s how the costs would break down over 5 years:

• Renting: $1,450 x 60 months = $87,000 in rent payments. After 5 years, you’ve paid nearly $90,000 to your landlord but own no property.
• Buying: $2,450 x 60 months = $147,000 in mortgage payments. But you’ve also built nearly $45,000 in equity and your home has likely appreciated in value.

So even though buying is more expensive month-to-month, owning can be a better deal long-term. This is especially true in a growing city like La Vergne, where home values have risen steadily. Of course, this assumes you stay in the home for several years – if you need to move sooner, the upfront costs of buying (down payment, closing costs, etc.) can outweigh any equity gains.

The other big variable is rent increases. While your mortgage payment is fixed, landlords can hike rent every year, especially in a hot market. La Vergne has seen rents rise 3-5% per year recently, which can really add up. A 5% annual increase means your $1,450 rent would be over $1,800 after 5 years – suddenly much closer to that mortgage payment.

FAQs About Housing Costs in La Vergne

How much more does a house cost than an apartment per month?
In La Vergne, expect to pay around $1,000 more per month for a house vs. a comparable apartment, factoring in higher utilities, insurance, maintenance and taxes. Of course, this varies based on the property size, age, location and amenities.

Do houses always have higher utility bills?
While every home is different, houses in La Vergne typically have 20-30% higher utility costs than apartments, due to more space to heat and cool, higher water usage, and less efficient appliances and systems. Upgrading to energy-efficient features can help, but will require an upfront investment.

I have pets. Is it still cheaper to rent an apartment?
This depends on the pet rent and fees charged by your apartment. Many La Vergne apartments charge $20-$50 per month per pet, plus a few hundred in upfront fees. For one or two pets, this usually still works out cheaper than the added monthly costs of owning a house. But for multiple large dogs, a house with a yard may be more economical.

Making the Right Housing Choice in La Vergne

As you can see, both renting an apartment and buying a house have their perks and drawbacks in La Vergne. If your top priorities are affordability, flexibility and convenience, renting is likely the better bet. You’ll pay a premium compared to owning long-term, but will avoid the hassles and expenses of repairs, yardwork and homeowner headaches.

If you’re ready to put down roots and have the savings and stability to commit long-term, buying a house can be a great investment. You’ll build equity over time and lock in a fixed payment while rents continue to rise. Plus, you’ll have the space, privacy and freedom to truly customize your home.

Ultimately, the right choice depends on your unique budget, lifestyle and goals. But whether you opt for an apartment or house, you can find a comfortable, affordable home in a thriving community like La Vergne. For more info on budgeting for your dream home, check out our guide to understanding property tax and HOA fees in La Vergne, TN.