Renting vs. Owning in Lehi: What You’ll Pay
When evaluating the cost of living in an apartment vs house in Lehi, the first factor to consider is the base monthly payment. According to recent data, the average rent for a 2-bedroom apartment in Lehi is around $1,800 per month. In contrast, the average rent for a 3BR house in Lehi is $2,450/month. Of course, this can vary significantly based on the unit’s age, location, and amenities.
For those looking to purchase a home, the median sale price in Lehi is currently $550,000. Assuming a 20% down payment and a 30-year fixed mortgage at 6.5% interest, the monthly payment would be approximately $2,800 (not including taxes, insurance, or HOA fees). This is notably higher than the average rent for either an apartment or house.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Lehi:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities (gas, electric, water) | $120 | $250 |
| Internet | $60 | $80 |
| Renters/Homeowners Insurance | $15 | $80 |
| Maintenance/Repairs | $0 | $150 |
| HOA Fees | $200 | $50 |
| Total | $2,195 | $3,060 |
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 very different utility costs. Some key differences in Lehi include:
- Water/sewer is often included in apartment rent but paid separately for houses
- Houses have higher heating and cooling costs due to larger square footage
- Older houses may have less efficient appliances and windows, increasing utility bills
- Houses require more electricity for additional lights and outlets
- Lawn care and snow removal are handled by apartment complexes but not homeowners
In Lehi, many homes use swamp coolers which can help reduce summer A/C bills compared to central air. Newer apartment complexes often include trash collection and sometimes even internet service in the base rent. Understanding what is and isn’t included is crucial when comparing total monthly costs.
Lifestyle Tradeoffs
Of course, monthly costs are just one part of the equation. Apartments and houses offer very different lifestyles, especially in a suburban area like Lehi. Houses provide more space, both indoors and out, making them appealing to families with children or pets. They also offer greater privacy and the freedom to customize the property.
However, this comes with added responsibilities like yard work, snow removal, and general upkeep. Apartments offer a lower-maintenance lifestyle, which is ideal for busy professionals or frequent travelers. They are often located closer to city centers and may provide better walkability. Many Lehi residents choose apartments for convenience, while families prefer houses for more space.
Which Is Cheaper Long Term in Lehi?
While renting is almost always cheaper than owning on a monthly basis, the long-term costs are more complex. Assuming a 5-year timeframe, here’s how the costs compare in Lehi:
- Renting a 2BR apartment: $2,195/month x 60 months = $131,700
- Renting a 3BR house: $3,060/month x 60 months = $183,600
- Owning a $550K house: $2,800/month mortgage + $330/month taxes and insurance + $200/month maintenance and repairs = $3,330 x 60 months = $199,800
This assumes a 3% annual increase in rent and a 2% increase in other housing costs. It does not account for the opportunity cost of a down payment, tax deductions for mortgage interest, or potential appreciation of the home’s value. Ultimately, owning becomes more cost-effective than renting after about 7 years in Lehi.
FAQs About Housing Costs in Lehi
Q: How much more does a house cost per month?
A: On average, a house in Lehi costs about $865 more per month than an apartment when accounting for rent/mortgage, utilities, insurance, and maintenance.
Q: Do houses always have higher utility bills?
A: In most cases, yes. Houses are larger and have more complex systems like irrigation and HVAC that drive up monthly utility costs compared to apartments.
Q: Are apartments still cheaper with pet fees?
A: Usually, even with a monthly pet fee of $25-50, apartments offer significant monthly savings over houses. However, houses provide more space for pets and private outdoor areas.
Making the Right Housing Choice in Lehi
Ultimately, the decision between an apartment or house in Lehi is a blend of budget and lifestyle priorities. For those looking to minimize monthly expenses, apartments offer savings of $800+ per month compared to renting a house. They also provide a simpler, lower-maintenance way of life. Houses come with higher monthly costs but provide more space, privacy, and control.
For a deeper dive into budgeting as a renter or homeowner in Lehi, check out these resources:
Whether you choose to rent or own, you can enjoy all that Lehi has to offer, from stunning mountain views to a thriving local economy.