Renting vs. Owning in Las Vegas: What You’ll Pay
When comparing the cost of living in an apartment vs house in Las Vegas, the first factor to consider is rent or mortgage payments. According to Zillow data from May 2023, the average rent for a 2-bedroom apartment in Las Vegas is $1,595 per month. The average rent for a 3-bedroom house in Las Vegas is $2,195 per month. Mortgage payments on a median-priced home, assuming a 20% down payment and 6.5% interest rate, would be around $2,400 per month before taxes, insurance and HOA fees.
While rent is often cheaper than a mortgage payment, there are other costs to factor in. Utilities, maintenance, and lifestyle preferences can tip the scales. Let’s break down the key differences between renting an apartment and owning a house in Las Vegas.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Las Vegas:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,595 | $2,400 |
| Electricity | $120 | $180 |
| Water/Sewer | Included | $80 |
| Internet | $65 | $65 |
| Renters/Home Insurance | $15 | $80 |
| Maintenance/Repairs | $0 | $200 |
| HOA Fees | $0 | $50 |
| Monthly Total | $1,795 | $3,055 |
Estimates are for mid-range units with typical usage.
As the table shows, apartments are generally cheaper on a monthly basis, with a difference of over $1,200 per month compared to a house. However, this doesn’t factor in the long-term equity gains of homeownership. It’s also important to note that these are averages – individual properties and lifestyles can vary significantly.
Utility and Upkeep Differences
In addition to the base rent or mortgage, apartments and houses have very different utility costs and maintenance needs. Some key differences in Las Vegas include:
- Water/sewer is often included in apartment rent but paid separately for houses
- Houses have 50-100% higher electricity bills due to more space and direct billing
- Newer Las Vegas apartments often include internet, while houses require a separate plan
- Houses have additional upkeep costs like landscaping, pool care, and appliance repairs
- Many Las Vegas homes use efficient swamp coolers which can reduce summer A/C bills
The extra space of a house comes with higher utility usage and more maintenance responsibilities compared to an apartment. Apartments offer a more predictable, controlled cost of living but with less flexibility and space to personalize.
Lifestyle Tradeoffs
Choosing between an apartment and a house in Las Vegas is about more than just the monthly cost. Lifestyle fit is equally important. Houses provide more privacy, space for families, yards for pets, and the ability to customize the property. However, they also mean more yardwork, repairs, and less walkability.
Apartments work well for singles, couples and those who want amenities close by. Many Las Vegas apartment complexes offer pools, gyms, security and social events that appeal to young professionals. Parking and guest policies can be a downside, along with noise from neighbors. Many Las Vegas residents choose apartments for convenience and walkability, while families prefer houses for space and privacy.
Which Is Cheaper Long Term in Las Vegas?
While apartments are cheaper on a monthly basis, houses can be a better deal long-term thanks to fixed mortgage payments and home equity. Assuming a 2% annual rent increase, a $1,595 apartment would cost $103,000 over 5 years. The same period in a $2,400 mortgage house would cost $144,000 – but $36,000 would be paid toward the principal loan balance.
After 5 years, the homeowner would have an asset worth the purchase price (or more with appreciation) while the renter walks away empty-handed. Even with maintenance costs, property taxes and HOA fees, owning can be cheaper than renting by year 6 in Las Vegas. Of course, this assumes the owner can afford the down payment and upfront costs.
FAQs About Housing Costs in Las Vegas
How much more does a house cost per month?
In Las Vegas, a typical house costs $1,260 more per month than an apartment when factoring in mortgage, utilities, insurance and upkeep. The exact difference depends on the size, age and location of each property.
Do houses come with higher utility bills?
Yes, houses in Las Vegas have utility bills around 50% higher than apartments on average. The extra space requires more electricity for cooling and most homes are billed for water/sewer separately.
Are apartments cheaper even with pet fees?
For most Las Vegas renters, apartments are still cheaper than houses even with pet rent factored in. A $50 per month pet fee adds $600 per year – not enough to close the $15,000 annual cost gap between the average apartment and house.
Making the Right Housing Choice in Las Vegas
Ultimately, choosing between an apartment and a house in Las Vegas is a blend of budget and lifestyle. Apartments offer a lower monthly cost of living, included amenities and less maintenance. Houses provide more space, privacy and control – but with added costs and responsibilities.
For help with budgeting in either scenario, check out these monthly budget examples for Las Vegas residents. The right choice depends on your stage of life, income, family size and long-term goals. Weigh not just the financial factors but also the lifestyle fit to find the most comfortable option within your means.